Mongols first came to prominence in the 13th century when, under Genghis Khan they conquered a huge Eurasian empire. After Khan's death, the territory was divided into several powerful Mongol states. These eventually broke up as the people returned to their steppes homelands, and the territory came under Chinese control until 1921 when the communist era began, under the umbrella of the Soviet Union. Mongolia underwent a peaceful transition from communism to become a democratically elected parliamentary republic in the early 1990s.

Since transitioning from a state-controlled economy in the early 1990s, Mongolia has made significant development strides, including: membership in the World Bank (since 1991) and World Trade Organization (1997); and - since 2002 - an international agreement on debt; the extension of a fibre optic cable network, providing internet and cellular telephone service in many areas (2002); and, implementation of an important new law on private land ownership.