Mongolia closely associated with Soviet Union, experienced serious difficulties after it the collapse of the in 1991. The USSR was the main investor in the Mongolian economy during 70 years (1920s-1980s). The industry of Mongolia, which was actually built in the post-war period, was laid as part of a single economic complex with the Soviet Union. The pinnacle of the Soviet-Mongolian economic cooperation was built in 1978, the largest in Asia ore-dressing plant Erdenet. The Government of Mongolia had to urgently look for new ways of development for the country's economy after 1991. It was decided to attract foreign investors to the country as much as possible. The development of new legislation, in particular, the Law on Foreign Investments, which was first adopted in 1991, was then subordinated to this. Then, taking into account economic practice, new versions of this law were adopted in 1993, 2001 and 2002. The paper shows the difficulties that Mongolia had to face on this path, in the conditions of fierce competition in world financial markets. Since the beginning of the 2000s Russian-Mongolian economic ties began to grow again. Despite the fact that Mongolia is now striving to develop harmonious relations with all countries of the Far East, Russia has always been and is a priority, strategic alliance partner with which is the key to the future for this Asian country.
