Deloitte Touche Tohmatsu, the tax and financial advisory firm, has set up a new member firm in Mongolia in a bid to tap the country's wealth potential. 

Deloitte Onch, managed in partnership with local professional services firm Onch Audit, will offer a full range of services, including audit, tax, consulting and financial advisory to clients. 

The Deloitte Onch office presently employs 50 people and said it plans to hire 15 more over the next months.

The discovery of significant natural resources and the growing number of domestic enterprises in Mongolia prompted the move to open a local presence, the company said. 

What used to be a desert wilderness is now home to what is perhaps the biggest deposit of coking coal and gold in the world, among other precious metals, thus, earning it the nickname "Minegolia." 

According to the Asian Development Bank, Mongolia enjoyed a 6.7 per cent economic growth in 2011, at a time other economies were struggling with global financial uncertainty. For 2012, it said the country's growth could reach 14 per cent, with some forecasters even reportedly saying it could go as high as 20 to 40 per cent. As a result there is likely to be a surge in people's disposable incomes. 

"We are delighted to be expanding in what is fast becoming a critical market for the Asia-Pacific region and the global economy as a whole. [Our] network is well-positioned to help new and existing clients in Mongolia become leaders in their market or advance their existing leadership," said Barry Salzberg, global chief executive for Deloitte Touche Tohmatsu.