At least according to the CEO of the exchange:
The passage of a Mongolian securites law allowing dual listings would boost the value of the nation's stock exchange by 33-fold to $40 billion within five years, said the bourse's chief executive officer.
The legislation may be passed during the spring session of Parliament, which runs from April till July, Khangai Altai said in an interview in Ulan Bator yesterday. The bourse, which has a capitalization of $1.2 billion, has been waiting for regulatory changes for more than a year, he said.
"We have just laid down the fundamentals and imposed the rules. Now what we need are the legal changes," he said. "The new securities law will connect the Mongolian market with international markets. Many internationally listed companies that do business have an interest in listing."
I don't know about 33-fold but one thing is certain the government realizes that it needs foreign investment and that it screwed up last year with its knee jerk reaction to the attempted takeover of SouthGobi by Chalco. From what I can see they the government of Mongolia is moving to a more accommodative stance which I believe will reflect itself in higher share prices later this year in Mongolia. The MSE is just plain cheap.