The Business Council of Mongolia organized its "Knowledge Sharing Session" on 29 January 2024 at the Shangri-La Office under the topic of "Responsible Investment Landscape" presented by Khulan Bat-Erdene, founder and CEO of of Adepa Investment Solutions.

The purpose of this Knowledge Sharing Session (KSS) was to provide detailed insights into the Responsible investment landscape, including considerations and its integration with traditional financial analysis and portfolio construction techniques. The session aimed to address the diverse objectives of responsible investors, highlighting that some concentrate solely on financial returns while taking into account environmental, social, and governance (ESG) issues that could influence these returns. This KSS also covered various responsible investment approaches tailored for different asset classes. Overall, the goal was to enhance understanding and knowledge about responsible investment practices and their implications.

The BCM would like to express gratitude towards B. Khulan for the great and insightful presentation and B. Javkhlan, Special Advisor of the BCM, for opening the session. Thank you for all the attendees for their active participation.

The BCM celebrated its Annual New Year Party on 14 December at Shangri-La Ulaanbaatar. This event was more than a celebration of last year's achievements; it was a night to expand connections to diverse individuals into the year 2024. Our heartfelt gratitude goes out to our esteemed members, generous sponsors, and honored guests, whose presence illuminated the event's importance. Thank you for making it an unforgettable evening, underscoring our role in shaping Mongolia's business and diplomatic landscape.

As we bid farewell to the year gone by, grateful for the milestones achieved and lessons learned. The BCM is wishing everyone a prosperous New Year filled with success, growth, and shared accomplishments ahead!

Sponsors:
BRB Agency
Bishrelt Beauty 
World Wine Tranding LLC

The Business Council of Mongolia organized its "Knowledge Sharing Session" on 25 December 2023 at the Shangri-La Office on the topic of "Sustainability and Data: Insights from projects with Fortune 100 companies". Led by Dr. Reuben Ng an expert in data analytics, insights, and design thinking, the session explored the transformative integration of sustainability with data. Attendees gained practical knowledge and best practices from impactful projects with Fortune 100 companies, addressing strategies to reduce environmental impact and foster positive social change.

The BCM would like to express gratitude towards Dr. Reuben Ng for the great and insightful presentation. Thank you for all the attendees for their active participation.

5 December 2023 (Ulaanbaatar). In accordance with the Charter of the Business Council of Mongolia (BCM) the following members were appointed to the BCM Board of Directors to serve in 2024-2025.

Khenchbish Amarjargal, CEO of Rio Tinto Mongolia

Bayanjargal Byambasaikhan, Managing Partner of NovaTerra

Begzjav Dulamsuren, CFO of Oyu Tolgoi

Dugar Jargalsaikhan, Chairman of Gund Investment

Randolph Koppa, Chairman of Trade and Development Bank

Jon Lyons, Chief Development Officer of Erdene Mongol

Nyamandeleg Manduul, President of Ondo Holding

Marc Meleard, Executive Director of Badrakh Energy 

Enkhtsetseg Orchlon, Founder & CEO of URECA 

Khurelbaatar Solongo, Chair of the Board of Monos Cosmetics, COO of Monos Group

Bayaraa Temuulen, Founder of Equity Lab

Tsevegmid Tumentsogt, President of Project Management Institute Mongolia Chapter

Agvaanluvsan Undraa, President of Green Building Council of Mongolia

Tserendorj Uuganbayar, CFO of AND Global, and CEO of LendMN NBFI JSC

Neil Young, Managing Director of Elixir Energy

The BCM Board of Directors’ held its inaugural meeting on 5 December 2023 and appointed the Executive Committee and the following board officers:

Ts. Tumentsogt as chair 

Kh. Amarjargal as vice chair

R. Koppa as vice chair

B. Byambasaikhan as vice chair

B. Dulamsuren as treasurer

The BCM Board thanked the board members who served through 2022-2023 and and provided valuable contributions to the vision and mission of the council and its members. 

The BCM was established in 2007, and currently comprises over 200 active businesses in Mongolia. The BCM aims to equip members with an information platform that provides up-to-date policy and business research, training and knowledge sharing, and to provide networking and other services that support doing business in Mongolia.

The Boao Forum for Asia (BFA) hosted the 2nd Global Economic Development and Security Forum (GEDS) on 29-31 October 2023. On 29 October, the “China-Mongolia Business Dialogue” co-hosted by Boao Forum for Asia (BFA) and the Business Council of Mongolia (BCM) was held during the forum.

Previously in 2019, the BCM worked as co-organizer of the BFA Ulaanbaatar Conference held that year. The BCM is willing to deepen cooperation with BFA by jointly organizing conferences and activities in the fields including energy transformation and sustainable development in the future.

More than 60 entrepreneurs from China and Mongolia gathered in Changsha to discuss the cooperation space and precise cooperation areas between China and Mongolia through face-to-face exchanges. H. E. Ms. Shen Minjuan, Chinese Ambassador to Mongolia, H. E. Mr. Tuvshin Badral, Mongolian Ambassador to China, Mr. Chen Gang, Chairman of the Changsha Municipal Committee of the Chinese People's Political Consultative Conference, and Mr. Wu Shuguang, Vice Chairman of China Council for the Promotion of International Trade Hunan Sub-Council, delivered speeches. The Dialogue was co-moderated by Ms. Yu Xiayuan, President of China Council for the Promotion of International Trade Changsha Branch and Mr. Bayanjargal Byambasaikhan, BCM Vice-chair.

After the meeting, a “Mongolian Business Cocktail” was held.

On 30 October 2023, the Business Council of Mongolia’s Board hosted a roundtable meeting with the UK Minister Nusrat Ghani. The roundtable meeting aimed to facilitate a dialogue between BCM Board Members and Nusrat Ghani MP. During the meeting, the BCM Board members discussed vital topics such as bilateral trade, renewable energy, and critical minerals with Minister Nusrat Ghani.

The United Kingdom Member of Parliament Nusrat Ghani was appointed Minister of State at the Department for Business and Trade and as the Minister of State responsible for the Investment Security Unit at the Cabinet Office on 7 February 2023.

She was previously Minister of State at the Department for Business, Energy and Industrial Strategy from 27 October 2022 to 7 February 2023, and Parliamentary Under Secretary of State at the Department for Transport from January 2018 to February 2020.

Nusrat was a Government Whip between July 2019 and December 2019, and an Assistant Government Whip from January 2018 to July 2019. Nusrat was the first woman in her family to be formally educated. She attended state comprehensive school before studying at Birmingham City University (BA Government and Politics) and Leeds University (MA International Relations).

The following experts participated in the roundtable:

Ms. Nusrat Ghani, Minister of State for Industry and Economic Security at the Department for Business and Trade and Minister of State for the Investment Security Unit at the Cabinet Office

Ms. Fiona Blyth, HM Ambassador

Mr. Elbegsaikhan Ayush, Head of Mining & Infrastructure, British Embassy Ulaanbaatar

Ms. Caoimhe Brady, Senior Private Secretary to the Minister of State for Industry and Economic Security and the Minister of State for the Investment Security Unit at the Cabinet Office Nusrat Ghani MP

Mr. Tsevegmid Tumentsogt, Chair of the BCM Board

Mr. Dugar Jargalsaikhan, BCM Board Member, Chair of Economic Freedom and Competitiveness Working Group,

Chairman of Gund Investment LLC

Ms. Deirdré Lingenfelder, BCM Board Member, Vice Chair of Economic Freedom and Competitiveness Working Group, CEO of Oyu Tolgoi

Mr. Jon Lyons, BCM Board Member, Chair of Mining and Extractives Working Group, Vice President of Regulatory Affairs and Strategy, Chief Development Officer of Erdene Mongol LLC

Mr. Tsagaan Munkhtuvsin, BCM Board Member, Vice-Chair of Digital Transformation WG, Founder & CEO of Steppe Link Holding LLC

Dr. Agvaanluvsan Undraa, President of Green Building Council of Mongolia

The BCM would like to extend its gratitude to all the BCM Board Members, the Embassy of UK, and the Minister Nusrat Ghani for taking the time and participating to our roundtable meeting.

On 18 October 2023, the Business Council of Mongolia and the Bank of Mongolia held a signing ceremony for a Memorandum of Understanding between the two organizations, with BCM Chairman Ts. Tumentsogt and Bank of Mongolia Vice President G. Enkhtaivan signing the document. The MoU entails cooperation between the BCM and the Bank of Mongolia on improving the banking and investment sectors, information exchange to reduce sectoral risks, and research cooperation.

After the signing of the MoU, the BCM and the Bank of Mongolia held a roundtable on 2024 monetary policy. The purpose of this meeting is to discuss the government's draft monetary policy with policymakers from the Parliamentary Economic Standing Committee and officials from the Bank of Mongolia. Officials also sought feedback and comments from the business community.

The following officials participated in the roundtable:

- Ch. Undram, Member of Parliament, Head of Working Group
- G. Enkhtaivan, Vice President, Bank of Mongolia
- D. Gan-Ochir, Chief Economist, Bank of Mongolia
- B. Bayardavaa, Director, Monetary Policy Department, BoM
- E. Anar, Director, Payment Systems Department, BoM
- N. Ariunbat, Banking Resolution and Policy Department, BoM
- R. Sarangerel, Director, Currency Department, BoM
- D. Ayush, Director, Legal Department, BoM
- B. Batbaatar, Head, Financial Information Department, BoM

A lively Q&A was held for the majority of the meeting, with the discussions continuing well past the planned adjournment of the meeting. The BCM would like to thank the Bank of Mongolia and all those who attended.

On 12 October 2023 the Business Council of Mongolia organized a Panel Discussion on "Mining Businesses as ESG Stewards” during Mining Week 2023. This panel discussion was moderated by Tsevegmid Tumentsogt, Chairman of the BCM Board of Directors, and featured high-profile panelists from the top mining companies. The BCM would like to extend our gratitude to all the panelists who participated in the discussion, as well as attendees who came to the discussion, and the Mongolian National Mining Association, Ministry of Mining and Heavy Industry, and Oyu Tolgoi LLC for organizing the Mining Week. Panelists are:

Phillip Abraham, General Manager, Health Safety, Environment, and Security, Oyu Tolgoi LLC

Marc Meleard, Executive Director, Badrakh Energy LLC

Jon Lyons, Chief Development Officer, Erdene Mongol LLC