In resource-rich countries, specifically developing ones, the main determinants of foreign direct investment (FDI) inflows are the availability of minerals for exploitation and the investment climate. As the availability of minerals is an unchangeable factor, countries try to improve their investment climate to attract foreign investors.

The aim of this study is to analyze the investment environments of other comparable countries to develop a set of recommendations which could be implemented in Mongolia based on the best practices of these countries. The countries chosen for comparison are Mongolia, Kazakhstan, Peru and Zambia. These three countries share a number of common aspects with Mongolia. First, they are all considered middle-income countries. Second, the economies are heavily reliant upon the mining and extractive industries. Third, the emergence and development of their mining sectors only began within the past 2-3 decades. Kazakhstan and Peru tend to be well regarded for investments as noted by their rankings on international indices such as Doing Business, Corruption Perception and Investment Attractiveness. Thus, a look at how these countries are able to overcome similar obstacles could provide available insight for Mongolia in improving its investment climate.