Remarks of Ambassador Richard L. Buangan at AmCham’s AGM 2025
U.S. Ambassador Buangan has made it clear: the private sector must be the driving force behind Mongolia’s economic future.
AmCham Mongolia convened its Annual General Meeting on November 25, 2025, at the Shangri-La Ulaanbaatar, bringing together representatives from member companies and honorary delegates. The meeting reviewed the past year’s key achievements and challenges, while also outlining the organization’s priorities, planned activities, and strategic goals for the year ahead.
"The investment climate is a promise between the government and the private sector—all the laws, all the regulations, all the dispute resolution procedures, any agreement the government legally strikes with businesses small and large—is a binding commitment to deliver a stable, transparent, predictable environment for businesses. In return, those businesses deliver development and jobs; you bring in technology and internationally aligned business practices. The private sector generates revenue for the government, while also creating wealth, higher standards of living, and more economic opportunity for all Mongolians, not just the few. That is the way it should work. I have said this repeatedly and it bears saying again: It is the private sector, not the government that grows the economy. Mongolia’s economic growth must be private-sector-led. The private sector must be able to enjoy a fair legal and regulatory framework, visionary but realistic policy proposals from the government, and a judicial system that protects consumers, employees, small business owners, investors, suppliers, contractors, subcontractors, all the way up and down the chain. All of that, my friends, is being threatened in Mongolia at this very moment."
We are pleased to share the full remarks of H.E. Richard L. Buangan, Ambassador Extraordinary and Plenipotentiary of the United States to Mongolia.
On behalf our members, we extend our deepest appreciation to Ambassador Buangan and the U.S. Embassy - Ulaanbaatar, Mongolia team for their continued support in 2025.