This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Incumbent Wins Mongolia Presidential Election

"This means he did not receive all the public support. He should think about it," Odmaa said.

Along with fighting graft, Elbegdorj has promised to enact further legal reforms, increase public participation in government decision-making and boost Mongolia's participation in global institutions.

The White House released a statement from President Barack Obama congratulating Elbegdorj and praising him in advancing democracy. "I look forward to working with him to further strengthen the friendship and ties between our two countries," he said.

Mongolia's resource boom has created vast new wealth, but also fueled inflation and worsened inequality and corruption among the ruling class. While the terms of mining contracts with foreign multinationals remain a point of contention, Elbegdorj's re-election should offer reassurance to foreign investors that conditions will remain basically stable in the country, said Doljinsuren Densmaa, a sociologist and independent political analyst

"Elbegdorj's re-election ... is good news for foreign companies that have invested in the Mongolian mining sector," Doljinsuren said.

That is reinforced by having the presidency and parliament, known as the Great Hural, under the control of a single party, she said. "It means less shake-up in Mongolian politics and more stability, and political stability is what the investors want."

In contrast to Elbegdorj's progressive, urban supporters, Baterdene represented more conservative, urban voters who are wary of further reforms. The celebrated ex-wrestling champion's party represents the former communists who ran Mongolia as a Soviet satellite until the 1990 revolution led by young pro-democracy activists, including Elbegdorj.

Baterdene has successfully leveraged the respect ordinary Mongolians have for their traditional athletes to win three terms to the Great Hural, Mongolia's parliament.

Udval, a physician who serves as Mongolia's health minister, is a backer of former President Enkhbayar Nambar, now serving time in jail for corruption.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,949.59 -85.34 -0.47%
S&P 500 2,097.29 -3.11 -0.15%
NASDAQ 5,014.1020 +19.50 0.39%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs