Mongolian incumbent president Tsakhia Elbegdorj wins another term in office

The incumbent President Tsakhia Elbegdorj of Mongolia won a reelection by garnering 50 percent of the vote against two main opponents, according to preliminary polls released by the country's General Election Commission on Thursday.

The other two presidential candidates were Health Minister Natsag Udval and lawmaker Baterdene Badmaanyambuu of the opposition Mongolian People's Party.

Elbegdorj, who assumed office in June 2009, has been considered as the friendliest towards foreign investors. Under his pro-growth proposals, Mongolia's economy grew by 17 percent in 2011 and 12 percent last year, making it one of the world's five fastest- growing economies, according to the International Monetary Fund.