AKIPRESS.COM - Burger King has opened its first store in Mongolia, joining companies from Pizza Hut to Porsche in anticipating an economic boom from the Oyu Tolgoi copper and gold mine, Sioux City Journal reported.

Mongolia has long been dependent on mining and animal herding and has begun to see an influx of foreign fast food and other brands. KFC came in 2013, then Pizza Hut last year, and now the world's second-largest burger chain.

The interest in the country of 3 million people comes despite a deep deceleration in growth rates to about 3 percent in the first half of this year from 17.5 percent earlier in the decade. However, after years of deadlock over taxes and royalties, a deal reached in May between the government and mining giant Rio Tinto over the $5.4 billion Oyu Tolgoi mine could help spur renewed growth.

On the edge of Chinggis Square in the capital Ulaanbaatar, luxury brands Louis Vuitton and Ermenegildo Zegna already have set up boutiques. While these stores are largely empty now, they and others are banking that better times will come.

International car brands that have trickled into Mongolia include Volkswagen and BMW. Porsche opened a showroom in Ulaanbaatar in February with models ranging in price from $70,000 to $300,000.

Jason Broome, in charge of Porsche's Mongolia business, said the local franchise now serves 30 customers.

Burger King has partnered with Mongolian franchisee, Max Group, one of the country's largest conglomerates, engaged in mining, food and beverage, agriculture and real estate. Meal prices range from about $2.5 to $5.5, less than 1 percent of the average monthly salary of $734.