Now Mongolia News Today

Pro test movement that ended communist rule in his country, now leading mongolia into a new era, drawing on the spirit of genghis kahn. >> i think genghis kahn had certain negative image in this world because i think he didnt have any person, pr person. >> reporter: president tsakhia elbegdorj is mongolias best public relations man. he leads a country where a third of the people are below the poverty line, yet on the cusp of great riches. mining companies are lining up to do business. rich deals...

The countrys communist rule. hes the son of a goat herder but he views himself as a son of genghis kahn. as he told stan grant, he sees the late u.s. president ronald reagan as a role model. >> theres another interesting book here. keith richards, "alive." . >> hes certainly a man of contrast, born a nomad, son of a goat herder and rock n roll fanatic. tsakhia elbegdorj is indeed a modern leader, schooled in soviet euro russia but inspired by an american president, ronald reagan. >> when he talk...

They are the folk there ringing the bell from renn renn. thats chinas answer to facebook. it head its debut on the exchange wednesday. shares in the country were offered for sale at $14 apiece. that was at the top end of expectations and it raised just less than $750 million for the country. at the sloclose, it was up $4.0. we spoke to joseph chen about renrens success going forward. >> we 50 using a quarter of a user base. we have a lot of room to grow. in the days to come. and most importantly...

We have a few little problems there. so lets just pick up from what nina was saying. in mongolia, it may not seem like a place thats high on the average investors list. some say it ought to be. the country that game birth to gaini genghis kahn, its sitting on a treasure trove of natural resources that include copper, gold, coal and iron ore. now mongolias leaders are hoping to raise $25 billion in foreign investment over the next five years to develop its mining industry and to raise its peoples...