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BCM HIGHLIGHT
WORLD EXPORT DEVELOPMENT FORUM B2B SURVEY FOR ICT SECTOR
Dear colleagues,
I am writing to you on behalf of our programme lead, Ms. Natalie Domeisen, to request your assistance in disseminating a questionnaire prepared by ITC experts, Ms. Beatriz Rodriguez, and Mr. Martin Labbe (in a copy). The questionnaire aims to evaluate the capacity of Mongolian ICT companies to sell digital services and products internationally, and it has already been shared by MNCCI and ITC. However, the response rate has been low, and we would greatly appreciate your help in reaching more companies. The main sources, from where the Mongolian ICT companies were collected were Mindgolia and the list of companies, provided by MNCCI.
As you may already know, the World Export Development Forum (WEDF) is an annual event that provides a platform to talk trade, do business, and drive development. This year's theme is "Diversify with Green Trade: Organic, Digital, Sustainable," and one of the possible components of WEDF is a B2B event focused on a specific sector that aligns with the host country's trade priorities. To determine whether a B2B event focused on the information and communication technology (ICT) sector can be organized during WEDF 2023, we need to better understand the capacity of the sector in Mongolia to sell digital services and products internationally. With regards to B2B, the priority is given to the companies, which have their promotional materials (websites, catalogues) in foreign languages and can communicate in English.
Please find attached the information about WEDF and the survey. If you have any questions or require further information about WEDF, please do not hesitate to contact us. We can also arrange a brief online meeting with our colleagues to discuss this matter. Also, please visit our WEDF Webpage to find more information about registration procedure, etc.
Click here to take the survey
Thank you in advance for your support!
Sincerely yours,
Olya
Ms. Olha Krylova
Communications and Events Consultant
Office of the Executive Director
International Trade Centre
Palais des Nations, 1211 Geneva 10, Switzerland
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel. +41 79 876 82 31
BCM NEWSWIRE SURVEY
Dear valued members,
The Business Council of Mongolia sincerely appreciates its members and always tries to progressively improve the services it provides. With that being said, we would appreciate it dearly if you could kindly take 2-3 minutes of your day to fill out the following survey on our Weekly Friday Newswire. We would like to receive your feedback to ameliorate the content of our newswire.
Please find the questionnaire here.
Thank you in advance for your kind participation. Your contribution is highly valuable to us.
ECONOMY
EXPORT INCREASES BY 8.2 PERCENT M/M, TRADE TURNOVER UP 55 PCT Y/Y
According to the National Statistics Office of Mongolia, in the first two months of 2023, Mongolia traded with 118 countries from all over the world, and the total trade turnover reached USD 3.4 billion, of which USD 2.2 billion were exports and USD 1.2 billion were imports.
The total foreign trade turnover increased by USD 1.5 billion (55.2 percent), where imports increased by USD 160.5 million (15.5 percent) and exports increased by USD 1.1 billion (90.1 percent) compared to the same period of the previous year.
In February 2023, exports increased by USD 88.1 million (8.2 percent) and imports decreased by USD 177.8 million (25.8 percent) compared to the previous month.
The foreign trade balance was in surplus of USD 1 billion, an increase of 7.3 times compared to the same period of the previous year. In February 2023, the trade balance surplus increased by USD 265.9 million from previous month.
Source: Montsame
MONGOLIA’S ECONOMY IS FORECAST TO GROW 7 PCT IF CHINA HITS ITS ANNUAL GDP TARGET
Mongolia's economy can grow 7 percent this year on the condition that China achieves its target for a 5 percent expansion in gross domestic product, according to Mongolia's vice prime minister.
China's rapid economic growth is very beneficial for Mongolia as it promotes the country’s exports, which are crucial for the economy, Chimed Khürelbaatar, who is also economy and development minister, told Yicai Global yesterday on the sidelines of the annual Boao Forum for Asia that began the same day.
China is Mongolia's biggest trading partner. Mongolia’s trade with its neighbor jumped to a record USD13.6 billion in the 12 months ended Dec. 31 from the year before, data from its National Statistics Office showed, making up 64 percent of its total foreign trade last year.
The fast recovery of China's economy leads the country to buy more of Mongolia's products and increase investment, Khürelbaatar said, adding that Mongolia will keep exporting coal products to China.
Source: YiCaiGlobal.com
MONGOLIA FEB RAIL COAL SHIPMENT DROPS; IRON ORE KEEPS RISING
Mongolia's coal shipment through railway was registered at 1.26 million tonnes in February, up 32.21% compared with the preceding year but falling 14.58% from a month earlier, snapping the sixth straight month of increase, showed data from Mongolian statistical authority.
Rail-carried iron ore shipment stood at 398,300 tonnes, surging 45.21% from the preceding year and rising 8.23% from a month earlier, marking the third month of increase, data showed.
Mongolia's rail coal shipment totaled 2.73 million tonnes during the first two months of 2023, up 28.96% from the preceding year. Iron ore shipment was 766,300 tonnes, up 144.38% year on year.
Source: sxcoal.com
MONGOLIA OFFERS LOW-INTEREST MORTGAGES TO REDUCE URBANIZATION
Mongolia started to offer low-interest rate housing mortgages to reduce urbanization, local media reported on Monday, citing the country's Finance Ministry.
Citizens who have moved from the capital city of Ulan Bator to other parts of the country and citizens living in rural areas can apply for a housing mortgage with an interest rate of 3 percent, the ministry said.
According to the ministry, seven commercial banks started receiving requests for the low mortgage rate late last week.
The move aims to reduce urbanization and promote rural development, it said.
In 2020, the Asian country lowered mortgage rates from 8 percent to 6 percent to help more people purchase houses.
Source: Xinhua
BANKS HAVE ENOUGH EQUITY TO SUSTAIN THE MAIN ECONOMIC SECTORS
Mongolian Bankers’ Association held a press conference on March 28. “Consumer goods prices are cheaper in Mongolia than in other countries. It could be a leverage for our country to improve competitive advantages.”, N. Sosorburam, Economic Researcher, informed at the press conference.
The real rate of return on deposits was negative during the pandemic, leading people to withdraw their deposits and choose other types of investments, like cryptocurrencies and real estate. With the tendency for interest rates of deposits to increase this year, people are getting interested in traditional and risk-free deposits again.
The foreign trade balance increased by 60 percent last year, compared to 2021. Exports, which were declining in 2022 due to difficulties in transport logistics, started increasing from the middle of that year. As a result, we have gained profitable trade balance. Imports are increasing as well. Overall, a recovery of the mining sector is playing an important role in economic growth.
Source: Montsame
48.9 BILLION MNT KEPT DOMESTICALLY THROUGH THE “AMAR BAINA UU 2023” TRADE FAIR
The meeting of the Council of Governor of the capital city, chaired by First Deputy Governor in charge of Economy and Infrastructure J.Sandagsuren, was held on March 23. At the meeting, the results of the trade fair "Amar baina uu 2023" were presented.
According to a study, Mongolians spend 1.3 trillion MNT for Lunar New Year needs and 70-80 percent of it is spent on imported products. Therefore, in order to keep this money domestically, to increase economic cycle, and to support national manifacturers and to create conditions to cooperate, the "Amar baina uu 2023" trade fair including investment and cooperation was organized by the initiative of the Governor of the capital city.
For the first time, more than 1,000 small and medium-sized business owners from 21 aimags of Mongolia and nine districts of the capital city participated in the "Amar baina uu 2023" trade fair without paying any rent.
Source: Mayor's Office
FITCH RATINGS: DEVELOPMENT BANK OF MONGOLIA LLC - UPDATE
Development Bank of Mongolia LLC's Issuer Default Ratings and Government Support Rating are equalised with the IDRs of the Mongolian sovereign (B/Stable). This reflects Fitch's assessment that the state has a strong propensity to provide support for the bank, if required, based on DBM's policy role, full state ownership and close linkages with the government. The Mongolian state remains the sole shareholder and the Ministry of Finance chairs the bank's board, overseeing its operation. Policy Role to Support Economy: DBM, as the only policy financial institution in Mongolia, has a specific mandate to finance projects in key sectors to support the economy, as per the Development Bank of Mongolia Act. DBM plays an important role in financing development projects initiated under the government's New Revival Policy to improve Mongolia's transport infrastructure and enhance its energy capacity in the medium to long term.
Source: Fitch Ratings
1.1 MILLION CHILDREN OF 993 THOUSAND HOUSEHOLDS RECEIVE CHILDREN ALLOWANCE
As of today, 1.1 million children from 993,725 households are receiving children allowance.
The Ministry of Social Welfare and Labour has digitized 110 services out of 160 services in the sector and connected 18 services to the E-Mongolia electronic system.
The main systems of the industry such as ehalamj, ejob, ezuvshuurul and etuslamj have been presented during the meeting. E.Batshugar, Chairman of the Standing Committee of the Parliament, emphasized the "ejob" platform, which provides employment mediation services of public and private sector employers.
E.Batshugar also mentioned that citizens are able to check their information and apply through the e-mongolia and e-halamj systems.
The Ministry of Social Welfare and Labour plays an important role in forming human resources in the field of information technology. Therefore, the operations at the policy level of the ministry have been presented.
Source: GoGo News
MONGOLIA WILL SECURE ENDURING CONSERVATION IN THE "LAND OF ETERNAL BLUE SKY"
Today, the Ministry of Environment and Tourism (MoET) and The Nature Conservancy (TNC) Mongolia co-organized Kick-off Workshop to introduce the planning stages of the Project Finance For Permanence (PFP), a sustainable financial tool to protect lands and water and support local communities’ livelihoods.
Mongolia’s grasslands are increasingly threatened by climate change, overgrazing, and development pressures such as mining. As a result, approximately 70 percent of our country’s grasslands are degraded to some degree. That’s why the Mongolian government pledged to protect and sustainably manage 120 million acres, or 30 percent of the country, by 2030. To achieve this goal, the government of Mongolia is working to implement the PFP in collaboration with the Enduring Earth Partnership.
“It is my honor to co-lead the PFP initiative in Mongolia,” said Uranchimeg.Ts, Director General of the Natural Reserve Policy and Coordination Department in MoET. “The PFP approach is a great opportunity for Mongolia to accelerate large-scale conservation efforts rapidly and reach environmental goals. “
Source: GoGo News
CRYPTO-COINS AND MONETARY POLICY - EDITORIAL
There are two ways to get people to act on their own. The first is to encourage or promise them a reward for taking a certain step. The second is to control or punish them based on fear. Crypto-coin investors are affected in both ways. First, there is the naive expectation that the coins they buy will grow and generate huge profits. Some may have even planned an expensive vacation to the tropics. Second, is the fear of being left empty-handed when everyone says you can buy and sell coins and make lots of dollars.
This is observed not only in Mongolia. And it is not for the first time either. This is the nature of human behaviour . You could say that this phenomenon has always occurred in financial and capital markets, in every period of economic overheating. In the world, this phenomenon is known as FOMO (Fear Of Missing Opportunity). Only this time the FOMO field was coins.
Source: Mongolian Mining Journal
BREATHING EASY FOR THE FUTURE: MONGOLIA NEEDS BETTER LONG-TERM MEASURES AGAINST AIR POLLUTION - EDITORIAL
One anti-pollution measure already well established elsewhere is the Euro-5 standard. Its adoption in Mongolia could be of benefit, in particular its specifications for the quality of petrol and diesel fuel used in private vehicles. The government has made some moves in this direction, but progress is slow and obstacles remain.
There is no doubt about the urgency. In the 10 years to 2018, rates of respiratory infections in the city increased 2.7 times. That year a report found that children in one part of central Ulaanbaatar had 40 percent lower lung function than those in a rural area. It also predicted that, if air pollution is not significantly reduced, the cost of treating related diseases in children would increase by 33 percent by 2025, equivalent to an additional 4.8 billion MNT (US$ 2 million) annually. Related risks to children include stillbirth, preterm birth, lower birth weight, pneumonia, bronchitis, asthma and death.
Source: Friedrich Ebert Stiftung
POLITICS
MINISTER OF ENERGY: RUSSIA FILED A COMPLAINT TO UNESCO REGARDING EG RIVER HYDRO POWER PLANT
B.Choijilsuren, the Minister of Energy, gave the following information during the presentation of the decisions made at the regular meeting of the cabinet.
Russia has filed a complaint to UNESCO regarding Eg River Hydro Power Plant. According to this, we hired an external company to conduct an environmental impact assessment, and the assessment has been made. The assessment will be delivered to UNESCO, and it has been delivered to Russia. After this issue is resolved, we will begin the intensification of the work on Eg River Hydro Power Plan.
As for the Tavan Tolgoi Hydro Power Plant, a draft resolution was submitted at last week's Cabinet meeting to create a legal environment for bidding. The Ministers made several proposals. Therefore, it was necessary to postpone it for one more week and ministers to consolidate their proposals. Therefore, it will be resolved at the Cabinet meeting on April 4 and 5, and then the bidding will be announced.
Source: GoGo News
BILL ON LIQUIDATION OF AGRICULTURAL SUPPORT FUND SUPPORTED
During its plenary session on March 23, Parliament supported to discuss a draft amendment to the Law on Special Government Fund.
In order to increase the income of agricultural operators and create an accessible distribution system for products based on the real market demand and needs, the bill sponsors believe that it is appropriate to establish a state-owned enterprise. The draft amendment includes provisions for the liquidation of the Agricultural Support Fund.
During the session, Minister of Agriculture and Light Industry Kh.Bolorchuluun reported, “The Agricultural Support Fund has become a place of debt and charity. The amount of the fund’s receivables and payables is 200 billion MNT. It’s really not possible to go on like this. In any case, we view that people’s tax cannot be spent inefficiently as a fund. Therefore, the fund needs to be converted into a corporation. Management members will be selected through a selection process. We will change its staff and structure.
Source: The UB Post
MONGOLIA'S DEMOCRATIC PARTY ELECTS GANTUMUR AS NEW LEADER WITH FOCUS ON 2024 ELECTIONS
Mongolia's opposition Democratic Party (DP) has elected Luvsannyamyn Gantumur, a former Education Minister and member of the centrist faction, as its new Chairman. The selection process involved extensive internal dialogue and negotiations to reconcile the party's divisions.
Gantumur, a veteran of government and civil society, has pledged to prioritize electoral reform and restore democracy in the country through fair and transparent processes. He is expected to lead the party towards a more moderate, liberal stance and focus on a liberal agenda for the 2024 election in Mongolia.
Fluent in Japanese and educated in Japan, Gantumur also aims to improve Mongolia's relations with Tokyo.
However, Gantumur's selection was not without controversy. His main rival, former Finance Minister Sangajavyn Bayartsogt, was seen as representing big business interests and had ties to multinational corporations. There were also concerns raised about his purported Chinese origin.
Source: Mongolia Weekly
CABINET SUGGESTS 50 PERCENT WOMEN PARTICIPATION IN 38 PARTY-LIST CANDIDATES FOR PARLIAMENTARY ELECTIONS
The Cabinet discussed more than 30 proposals it developed for the draft law on amendments to the Law on Parliamentary Elections initiated by some Parliament members.
Speaking at a news conference after the cabinet meeting, D. Amarbayasgalan, Chief of the Cabinet Secretariat, said the Government has proposed to increase the quota for women in the draft law on amendments to the Law on Parliamentary Elections. Specifically, the Cabinet has suggested that the proportion of one gender in the total number of candidates should not be less than 30 percent. He added that when the parties list the names of 38 party-list candidates, they should alternate between male and female candidates, ensuring 50 percent participation of female candidates.
Source: Government of Mongolia
INTEGRATED PLATFORM TO ENCOURAGE WHISTLEBLOWING
The Government of Mongolia declared 2023 the “Year to Combat Corruption." Accordingly, the Government is striving to eradicate corruption through its five “W” Operations.
In connection with the “Whistleblowing” Operation, the Ministry of Digital Development and Communications has launched a website shilen.gov.mn. Today, the Minister of Digital Development and Communications N. Uchral briefed the press on this integrated platform.
“Currently, license holders’ information has been made public on this platform. The platform will bring numerous advantages for stakeholders.
1. For citizens, it will allow citizens to oversight Government’s activities;
2. For the press, they will be able to rely on more credible sources;
3. For the non-government organizations, they will be provided with reliable information;
4. For businesses, it will foster fair competition;
5. For the Government, it will help improve its transparency.
Source: Montsame
HUMAN RIGHTS AND FREEDOM REPORT SUBMITTED
On March 29, the 22nd Report on Human Rights and Freedom in Mongolia was submitted to Speaker of Parliament G.Zandanshatar by Chairman of the National Human Rights Commission J.Khunan and other members of the Commission.
The 22nd Report developed 43 proposals within the following seven topics:
• Issues related to arrest and detention within the framework of the right to immunity and freedom,
• Implementation of the freedom of speech, association, demonstration, and peaceful assembly within the framework of the legal regulation of civil participation,
• Implementation of the right to work of special government and public service employees within the framework of some issues of the right to work,
• Within the framework of some issues of children's rights, issues related to the protection of children's rights and implementation of the right to live and develop in a healthy and safe environment in boarding schools, and protection of the rights and legal interests of children involved in crimes…
Source: Montsame
L.OYUN-ERDENE: WE MUST EXPOSE THE COAL MAFIA IF WE WANT TO DEVELOP MONGOLIA
L.Oyun-Erdene, the Prime Minister of Mongolia, gave information at the cabinet meeting on March 24.
Coal and copper are two of the four main mining products, accounting for 93% of Mongolia's exports. Mongolia has two big groups: coal and copper. It is no secret that there is a group of people who want to buy all of them and hold politics hostage through banks. In the past, funds have been raised and court appointments have been made.
A coal mafia must be exposed if Mongolia wants to develop in the future. Look at the economic growth and budget outperformance associated with the package of measures in Tavan Tolgoi. It means that there was a large amount of hidden economy. There are many hidden problems. It is hard to discuss justice and politics if the transparency of coal and copper is not established in the next 10-20 years. Therefore, we are going to change this situation.
Source: GoGo News
MONGOLIA'S LAND REGULATORY SYSTEM: A QUEST FOR TRANSPARENCY AND EFFICIENCY
With a whopping 70% of the country's land dedicated to livestock grazing, reforms in this area carry significant political weight, as they directly impact the lives of herders in rural areas, a critical voting bloc for politicians seeking reelection in 2024.
The proposed reforms aim to modernize Mongolia's land regulatory system through digitalization, streamlining land acquisition and permit issuance through an electronic system.
This move is expected to make land management more transparent and effective.
Additionally, the reforms seek to create a centralized and professionalized system for land allocation through the creation of a Land Professional Organization. The organization would be responsible for managing the allocation of land through open auctions and project selection principles.
However, the reforms have encountered opposition from various groups, with some expressing concern about land acquisition by foreigners and the potential for exploitation. Others have criticized the proposed 5-year tenure for privileged farming households, stating that it is too short to generate meaningful results.
Source: Mongolia Weekly
UNDP IN MONGOLIA STRENGTHENS ITS PARTNERSHIP WITH CIVIL SOCIETY
UNDP in Mongolia formed the Civil Society Advisory Committee today to further enhance its partnership with civil society organizations. Civil society plays a crucial role in Mongolia’s development by promoting accountability and transparency while empowering citizens to participate in decision-making processes.
Established in 2000 at the global level, the UNDP Civil Society Advisory Committee (CSAC) is an advisory body of the UNDP to systematize the consultation process between UNDP and civil society actors.
UNDP in Mongolia has maintained a robust collaboration with civil society actors over the years including the designing of its new Country Programme Document for 2023-2027 and the creation of this group is a testament to UNDP’s strong commitment to an inclusive and participatory approach in Mongolia, recognizing that civil society plays a critical role in promoting inclusive sustainable development.
Through the CSAC, UNDP is seeking to foster an open dialogue, engage in meaningful consultations, and work collaboratively with civil society organizations.
Source: UNDP
PM: WE SHOULD CREATE A LEGAL FRAMEWORK THAT EQUATES YEARS OF SERVICE IN INTERNATIONAL ORGANIZATIONS TO PUBLIC SERVICE
L. Oyun-Erdene, Prime Minister of Mongolia, met with the representatives of staff working at international organizations, exchanging views on government policy and the cooperation with international organizations.
Mentioning that he started his career at an international organization, gaining knowledge and experience, the Prime Minister gave a speech on the New Revival Policy.
After elaborating on the geopolitical situation, he stressed the economic climate in Mongolia. Pointing out that 93 percent of our country's total exports consist of mining products, the Prime Minister noted that the government is focusing on exposing the underground economy related to mining.
Expressing his gratitude to the staff working at international organizations in Mongolia for their knowledge, experience, and contributions to the country's development, the Prime Minister said it is possible to create a legal framework that equates years of service in international organizations to public service.
Source: Government of Mongolia
MONGOLIA’S TRADE HAS DOUBLED SINCE CHINA’S BELT AND ROAD INITIATIVE’S LAUNCH, MINISTER SAYS - VIDEO
Chimed Khurelbaatar, Mongolia’s deputy prime minister and minister of economy and development, discusses how China’s Belt and Road Initiative has benefited the country.
Source: CNBC
IMPLICATIONS OF DALAI LAMA IDENTIFYING NEW HEAD OF TIBETAN BUDDHISM IN MONGOLIA - EDITORIAL
The 14th Dalai Lama, the highest spiritual leader of Tibetan Buddhism whom China sees as a “dangerous separatist,” appears to have outsmarted the communist-ruled country by quietly announcing the new head of Tibetan Buddhism in Mongolia, a position for which China wanted Mongolia to seek its consent.
The announcement happened on March 8 during an event in India, and the media picked up the news on March 23. However, as of March 28, there has been no response from China, which in 2017 had warned Mongolia against allowing the Dalai Lama to meddle in the identification of the heir to the highest position in Mongolia’s Buddhist hierarchy. There has been no official response from Mongolia either.
“We have the reincarnation of Khalkha Jetsun Dhampa Rinpoché of Mongolia with us today,” the Dalai Lama said, indicating a small boy sitting next to him, while addressing a gathering of about 5,000 monks and nuns and 600 Mongolians on March 8.
Source: The Diplomat
KHOVD PROVINCE GOVERNOR: OUR GOAL IS TO BECOME AN ECONOMICALLY INDEPENDENT AIMAG - INTERVIEW
E. Bolormaa, Governor of Khovd aimag, discussed local development issues, challenges, solutions, and planned activities.
What is the current situation and future plans for energy supply in the western region?
Khovd is an aimag with abundant resources of renewable energy. For example, Khovd has two energy sources: the Durgun hydropower plant (HPP) and the Myangad solar power plant. The construction of the Erdeneburen HPP is currently being discussed at the government level and is expected to begin soon. The Durgun hydropower plant has a capacity of 9 MW. The capacity of the solar power plant in Myangad is 10 MW. Together, the two plants produce a total of 19 MW of electricity. The annual consumption of the Khovd aimag is 17 MW on average. However, since these investments and construction works are financed from the state budget, we have to supply the energy we generate to the power system of the western region and share the losses and profits.
Source: Mongolian Mining Journal
L.BYAMBAKHAND: AS RESEARCHER, I WOULD SAY THAT MONGOLIA IS TAKING STEP TOWARDS FEMINIST FOREIGN POLICY - INTERVIEW
In the following interview, international relations researcher L.Byambakhand delved into her research on feminist foreign policy and the measures taken by the government in this field.
You conducted research on feminist foreign policy and the government policies and activities, as well as the measures that can be implemented in the future. What is a feminist foreign policy?
Gender equality is being talked internationally. This concept was first created in 2014 by Swedish Minister of Foreign Affairs Margot Wallstrom. She proposed the principle of 3Rs: rights, representation and resources. Rights refer to achieving gender equality by combating gender-based violence and discrimination. Representation means supporting women’s participation at all levels of decision-making. Using all resources is also the principle of implementing projects and programs aimed at eliminating gender inequality. In general, the issue of creating equality will be placed at the center of foreign policy. Canada launched its Feminist International Assistance Policy in 2017.
Source: The UB Post
JAPAN AND MONGOLIA: HOW ECONOMIC GIANTS ARE STRENGTHENING SMALL STATES - EDITORIAL
Mongolia is increasingly in the sights of most major geopolitical players, according to modern experts in the field of international relations. For example, the United States intends to establish an Indo-Pacific region in which Mongolia will play an important ideological and political role. Mongolia is regarded as an important East Asian “dialogue partner” by South Korean and British politicians. Investment cooperation is intensifying everywhere, numerous business forums are being held, and the participation of extra-regional economic agents in the development of deposits on the country’s territory is expanding.
Japan is also looking to expand its presence in Mongolia. It is constructing road infrastructure, re-equipping thermal power plants, and constructing and jointly operating a new international airport in Mongolia. Despite its small population, the Japanese are becoming increasingly interested in Mongolia’s natural resources and labor force.
Source: New Eastern Outlook
AMBASSADOR OF ESTONIA MR. HANNES HANSO: I HAVE A VERY STRONG PERSONAL FEELING FOR MONGOLIA - INTERVIEW
On March 28, 2023, Montsame interviewed Mr. Hannes Hanso, Ambassador Estonia, with residence in PRC, to Mongolia. Just before giving interview to us, he had presented his credentials to President of Mongolia Ukhnaagiin Khurelsukh. Honorary Consul of the Republic of Estonia in Mongolia L. Khulan and Political Counselor of Embassy of the Republic of Estonia Ingvar Arst were present at the meeting.
We know that Mongolia has been introducing the know-how, technology, and experiences of Estonia in the IT sector, specifically in developing E-Mongolia. Could you comment on the largest achievements in IT sector cooperation? How can this cooperation be developed further?
Estonia is a quite small country. But I think we are strong in Innovations, such as adopting innovative methods for governance and running different services to cut off bureaucracy. It saves the country a lot of money, makes Government Services more efficient, and eliminates corruption.
Source: Montsame
BUSINESS
COMPANIES SPEND THE RAISED CAPITAL ON EXPANDING THEIR OPERATIONS
Companies that have issued shares and bonds must report to the Mongolian Stock Exchange (MSE) the spending of their capital, raised through selling their shares, on an annual and semi-annual basis. In the event that the spending is not on the intended or planned purpose, they are held accountable in accordance with relevant regulations.
D. Nyamdorj, a Capital Market Analyst, presented how the companies, that participate in the capital market and have issued their shares and bonds, are spending their raised capital. According to him, the spending can vary, depending on the nature of their products, services, and operations.
For instance, the MSE is spending MNT 11.9 billion, which was raised during its IPO in January 2023, mainly on its technological improvements, digitalization of the operations, and training and service center updates.
“Invescore” Non-Banking Financial Institution (NBFI) is planning to spend the capital of MNT 50 billion, which will be raised through the issuance of its bond, on financing its loan portfolio.
Source: Montsame
‘GAZAR SHIM UILDVER’ LTD LAUNCHES IPO
The trading ceremony of publicly issued securities on the primary offering market by ‘Gazar Shim Uildver’ LTD was held. The company has 24 years of experience in the food industry. The event was attended by prominent officials, including H. Bolorchuluun, Minister of Food, Agriculture and Light Industry, D.Bayarsaikhan, Chairman of FRC, T.Khasherdene, Director of the Business Development Department at Mongolian Stock Exchange, Ts.Ganbat, Director of Gazarshim Uildver LTD, D.Angar, Chairman of the board at Novel Investment LLC and other relevant dignitaries.
During his opening speech, D.Bayarsaikhan, Chairman of FRC emphasized the significant activity in the domestic stock market in recent years, with its ratio to GDP consistently increasing year after year. This indicates the successful coordination and collaboration between the policies of the FRC, infrastructure organizations, and professional participants. To enhance the opportunities for companies to attract funds from the capital market through IPOs and corporate bonds, we have recently approved…
Source: FRC
E-BUSINESS PLATFORM TO OBTAIN 230 PERMITS BE OPENED ON APRIL 6
N.Uchral, the Minister of Digital Development and Communications, gave the following information.
- Let's announce the transparent index every month when conducting external evaluations that meet the criteria because the government has decided and there is a part-time council that the government has already decided. Furthermore, the organizations that have made their information transparent will be presented to the government by differentiating them by color.
We consider that external evaluation of disclosed information should be carried out by professionals and NGOs, and an arbitral monitoring council should be established. The council will include representatives of journalists, civil society organizations, professional experts, scientists, and researchers. As a result, we can completely solve the problems related to corruption in today's society.
Citizens will cooperate and create a system that controls the government. Every month, the Ministry of Digital Development and Communications will announce the transparent index.
Source: GoGo News
MONGOLIA EMBRACES IMPACT INVESTING FOR INCLUSIVE GROWTH
Mongolia is embracing impact investing as a means of promoting inclusive growth and financial inclusion. Impact investing, a rapidly growing industry that generates positive social and environmental impact alongside financial returns, is an approach that aligns investment strategies with the United Nations Sustainable Development Goals (SDGs).
Impact investing has the potential to raise trillions to address the world’s most pressing development needs, from preventing and mitigating climate change to delivering the health and education services needed for lasting prosperity.
According to the latest report by The Global Impact Investing Network (GIIN), the worldwide impact investing market size is $1.2 trillion.
The challenges and risks of impact investing include difficulties in measuring and reporting impact, balancing financial and social returns, finding suitable deals and exits, and managing integrity and authenticity.
These challenges can be addressed by developing clear strategies, standards, frameworks, and tools for impact investing.
Source: Mongolia Weekly
MONGOLIA-RUSSIA BUSINESS FORUM HELD IN ULAANBAATAR
Russia has exported goods worth USD 2.6 billion to Mongolia, while Mongolian export to Russia has amounted to around USD 91.6 million. It clearly shows that the balance in trade between the two countries has been lost.
In this case, one of the gateways to increase Mongolian export to Russia could be the re-export, according to the attendees at the Mongolia-Russia Business Forum which was held on March 23 in Ulaanbaatar. In this regard, the President of the Mongolian National Chamber of Commerce and Industry Mr. Amartuvshin underlined the importance of developing the free trade zones in Mongolia and ensuring their readiness to increase the re-export.
Over 40 companies’ representatives from Russia, headed by the Governor of Irkutsk province Mr. Igor Kobzev, and the President of the Chamber of Commerce and Industry of Eastern Siberia Mr. Alexey Sobol participated in the Forum. Due to the proximity of location, Irkutsk province is the main bridge for trade and economic cooperation between the countries.
Source: Montsame
YOUR E-VISA TO BE READY IN 3 STEPS
In connection with the declaration of 2023-2025, the “Years to Visit Mongolia” by the Government of Mongolia, the list of countries whose nationals are eligible to apply for Mongolian e-visa has been revised, covering 99 countries.
Citizens of the countries on this list, including European countries, Australia, and New Zeland, can apply for three types of e-visas, which are Tourist /K2/, Participant in cultural and sports competition /K4/ and Transit /K6/ from anywhere in the world.
Only three simple steps are required to apply for a Mongolian e-visa:
1. Go to https://evisa.mn/ ;
2. Fill out the application form accurately and completely;
3. Pay the e-visa fee online.
Your e-visa will be sent to your e-mail address within 48 hours.
Since October 2021, the Immigration Agency of Mongolia has issued over 9000 e-visas.
Source: Montsame
FRC: PANEL DISCUSSION ON "MANAGING COMPLIANCE RISK"
The Financial Regulatory Commission (FRC), in partnership with the Bridge Association of Real Estate, the Financial Information Unit of the Bank of Mongolia, and the "Financial Education Hub", facilitated an open discussion on "Compliance Risk Management" for participants in the real estate industry. The purpose of this event was to promote compliance best practices and risk management strategies. During his address at the open discussion, T. Jambaajamts, Chief Executive, FRC, emphasized the significance of collaboration between the public and private sectors in order to elevate the real estate brokerage industry and cultivate competent professionals in the field. He further emphasized the importance of fortifying the national system to prevent money laundering and terrorism financing, and establishing a clear and accountable regulatory framework that restricts criminal activities. These efforts would contribute to creating a more transparent and responsible business environment.
Source: FRC
JADE GAS GENERATES GAS FLARE DURING EXTENDED TESTING
ASX-listed Jade Gas Holdings has commenced extended testing of the Red Lake-5 and Red Lake-7 wells in the Red Lake area of its TTCBM Project permit, in the south Gobi region of Mongolia.
Jade Managing Director and CEO Chris Jamieson said the commencement of the extended testing of the wells is a crucial phase in terms of data gathering for the company’s pilot production program later in the year.
“It was pleasing to see a flare generated from gas pressure build up in Red Lake-5 yesterday, and while the flow was brief and un-metered, it was an encouraging early sign.
“Red Lake-5 and Red Lake-7 will provide key information regarding permeability of the coals and water quality that will assist in the design of our horizontal pilot production wells, the laterals of which are expected to be around one kilometre in length.
Source: PetroleumAustralia.com.au
View the Jade Gas release
ELIXIR ENERGY REPORTS “STRONG PRESSURE BUILD-UP” DURING PRODUCTION SHUT-IN AT NOMGON
After shutting-in production at its Nomgon-8 and 9 wells, Elixir Energy Ltd has reported strong down-hole pressure build-up it says shows good reservoir support.
As part of the wholly owned Nomgon IX Coal Bed Methane (CBM) production-sharing contract (PSC) in Mongolia’s South Gobi Basin, the wells were successfully drilled in October last year by Major Drilling. The necessary down-hole and surface facilities were then installed, and gas began flowing in early November as part of a pilot production program.
Since then, Nomgon has continued to hit various milestones, most recently at the start of March when the two wells passed 200,000 standard cubic feet per day (scfpd) for the first time.
Following the completion of the shut-in period, Elixir intends to remove and replace all gauges in the two wells, clean and wash all cuttings from the wellbore, change and lower all down-hole pumps, and recalibrate all surface equipment.
Source: Proactive Investors
UNITEL GETS THE IPV6 BALL ROLLING IN MONGOLIA
Earlier this year while compiling the latest IPv6 deployment data for our Pulse Enabling Technologies page my attention was drawn to a dramatic rise in levels of IPv6 traffic emanating from Mongolia. Interested to learn more, we set about making contact with Unitel, the largest digital service provider in Mongolia and the source of the sudden dramatic increase in IPv6 adoption in that country.
Although we only detected the growth in IPv6 adoption recently, it’s been 7 years since 2016 when Unitel started researching IPv6 deployment in earnest as their projected growth in subscriber numbers and data volumes indicated IPv6 would be a vital technology for them in the near future. Unitel decided to adopt a phased deployment approach and, starting in 2018 with their core network elements, they gradually progressed to IPv6 enable all of their network infrastructure.
Source: InternetSociety.org
AIVAZ OMORKANOV: ICE HOCKEY WILL FIT INTO THE MONGOLIAN ATMOSPHERE AND CULTURE - INTERVIEW
I talked with the Vice President of the International Ice Hockey Federation, Aivaz Omorkanov about Mongolian ice hockey development and the Ice Hockey U18 Asia and Oceania Championship which was recently held in Mongolia. He was elected as Regional Vice-President Asia & Oceania on 25 September 2021. Before being elected into the IIHF Council he served as General Secretary as well as Public Relations Manager for the Ice Hockey Federation of the Kyrgyz Republic. When he was visiting Mongolia, he received the honor “The Medal of Friendship” from the president of Mongolia, Ukhnaa Khurelsukh on March 17.
What was the reason for organizing this tournament in Mongolia?
Our federation discussed a lot about organizing this tournament in Mongolia. I have received amount of requests from the MIHF. We have Asia and Oceana Committee Member who is from Mongolia. He is A.Mergen, an expert. Having the Steppe Arena in Mongolia opened the possibility for MIHF to organize this tournament.
Source: The UB Post
ARANJIN RESOURCES EYES PARTNERSHIP WITH CHINA FOR MONGOLIA COPPER PROJECTS - VIDEO
“Until you can shift the manufacturing hub of the world from China, China is going to continue to require those resources,” said Ali Haji, president and CEO of Aranjin Resources.
Aranjin Resources will consider potential partnerships with China as it moves to advance its copper assets in Mongolia.
“China, today, is the largest consumer of the vast majority of raw materials on the planet. And of course, our proximity to that country is one that cannot be ignored,” said Ali Haji, president and CEO of Aranjin Resources, which is based in Toronto.
Aranjin Resources owns two copper assets in Mongolia: the Sharga copper project and the Bayan Undur copper project, located in the provinces of Gobi-Altai and Bayankhongor, respectively.
Haji cited Rio Tinto’s Oyu Tolgoi mine in Mongolia, which currently ships concentrate to China, where it's melted into copper cathode.
Source: InvestingNews.com
GLOBAL AND REGIONAL NEWS
BRITAIN EXPECTED TO REACH BROAD AGREEMENT ON JOINING PACIFIC TRADE PACT SOON
The 11 members of a trans-Pacific trade pact which includes Japan and Australia are expected to soon reach broad agreement with Britain on it joining the partnership, two sources familiar with the matter told Reuters on Wednesday.
An announcement is expected to be made soon, the sources added, declining to be identified because the information has not been made public.
Britain said negotiations with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) had been going well. Prime Minister Rishi Sunak's spokesperson said ministers were due to discuss CPTPP with their counterparts later this week and there would be an update at the "earliest possible opportunity".
Britain has been looking to build global trade ties following its departure from the European Union, and began negotiations in June 2021 to join the CPTPP grouping as it also looks to pivot toward geographically distant but fast-growing economies, especially in the Indo-Pacific.
Source: Reuters
See also: CPTPP: UK set to join Asia's trade club but what is it?
WPIC EXPECTS UP TO USD 300BN OF INVESTMENTS IN GREEN HYDROGEN BY 2030
Hydrogen will play a pivotal role in efforts to reach net zero, and investment, collaboration and the roll-out of supportive government policies are intensifying to achieve this, directly benefiting platinum demand, says the World Platinum Investment Council (WPIC).
The council expects more than $300-billion worth of hydrogen investments to occur through to 2030 and demand for hydrogen to rise by seven times by 2050, with two-thirds of production coming from electrolysis.
Added to this, the WPIC anticipates China will have more than one-million fuel cell electric vehicles (FCEVs) on its roads by 2035 and that one in eight newly registered commercial vehicles globally will be powered by hydrogen fuel cells by 2030.
As 30 countries have developed or are in the process of developing hydrogen plans central to their decarbonisation strategies, the yearly global export market for green hydrogen is also expected to be worth $300-billion by 2050.
Source: Mining Weekly
RUSSIA MARCH FUEL OIL EXPORTS TO SINGAPORE AND MALAYSIA HIT RECORD-TRADERS, DATA
Russia has sent record volumes of sea-borne fuel oil and vacuum gasoil (VGO) to Singapore and Malaysia in March, adding to oversupplied Asian markets, traders said and Refinitiv data showed. The European Union's full embargo on Russian oil products came into effect on Feb. 5 and the bulk of Russia's fuel oil and VGO was redirected to other regions, mostly Asia, long before the deadline. According to Refinitiv data, in March fuel oil and VGO shipments from Russian ports to Singapore and Malaysia could exceed 1.1 million tonnes, in line with loadings from the United Arab Emirates (UAE). In total, Russian fuel oil and VGO exports could be at their highest since October, 2022, and reach more than 4.5 million tonnes, as traders look to get rid of surplus volumes after loading delays in February due to storm weather. Source: Reuters
See also: Russia's Rosneft signs deal to boost oil supplies to India
PRIVATE EQUITY DEALS IN ASIA PLUNGED 44 PCT IN 2022. MORE UNCERTAINTY MAY BE AHEAD
Asia-Pacific’s private equity market plummeted last year — as investors’ appetite for risk fell in the face of inflation and geopolitical tensions, according to Bain & Company.
The total deal value for the region plunged by 44% to $198 billion in 2022, the global management and consulting firm said in a Tuesday report. That’s compared to $354 billion in 2021, the analysts said adding that nearly 70% of surveyed fund managers expect the negative trend to continue into 2024.
Lingering macroeconomic uncertainties alongside rising costs and worsening company performance that dampened investor sentiment, Bain said in its Asia Pacific Private Equity Report 2023.
“Investors, sensing a new era of slower growth, mounting inflation, and greater uncertainty, took time out to recalibrate their strategies, recognizing that what worked well in the past may not be the right approach for 2023 and beyond,” a group of authors from Bain’s Private Equity practice including Kiki Yang said in the report.
Source: CNBC
US, JAPAN SIGN TRADE DEAL ON ELECTRIC VEHICLE BATTERY MINERALS
The United States and Japan on Tuesday signed a trade deal on electric vehicle battery minerals that is key to strengthening their battery supply chains and granting Japanese automakers wider access to a new $7,500 U.S. EV tax credit.
The swiftly negotiated agreement prohibits the two countries from enacting bilateral export restrictions on the minerals most critical for EV batteries, according to senior Biden administration officials. The minerals include lithium, nickel, cobalt, graphite and manganese.
The deal also aims to reduce U.S.-Japanese dependence on China for such materials by requiring collaboration to combat "non-market policies and practices" of other countries in the sector and on conducting investment reviews of foreign investments in their critical minerals supply chains.
Minerals-focused trade deals are one way that the Biden administration hopes to open up access for trusted allies to the $7,500 per vehicle EV tax credits in last year's climate-focused Inflation Reduction Act.
Source: Reuters
ASIA IS AN AREA OF CERTAINTY AMID GLOBAL VOLATILITY, SAYS CHINA’S BOAO FORUM OUTLOOK
Asia, especially China, is an area of certainty amid global uncertainty, according to an annual economic outlook report released Tuesday at the high-profile Boao Forum in Hainan province.
“Deepened financial integration in Asia has made regional economies more resilient against negative impacts from international capital flows,” according to the executive summary of the report.
The Boao Forum outlook did not go into detail about recent banking turmoil in the U.S. and Switzerland, but said the banking sector is expected to remain stable. It was not clear whether it was referring to the global financial sector or the banking sector in Asia or China.
Instead, the report spent more time discussing the negative impact of aggressive U.S. Federal Reserve interest rate hikes on Asian economies.
It said it expected weighted real GDP in Asia to grow 4.5% this year — up from 4.2% in 2022, according annual outlook report released Tuesday.
Source: CNBC
VIETNAM POSTS 3.3 PCT GDP GROWTH IN Q1
Vietnam’s gross domestic product (GDP) has grown about 3.32% year on year in the first quarter of 2023, according to the General Statistics Office (GSO).
The expansion is only higher than the 3.21% recorded in Q1 of 2020 during the 2011 - 2023 period, the GSO told a press conference on March 29.
In particular, the agro-forestry-fishery sector expanded 2.52% and contributed 8.85% to the GDP growth. Meanwhile, industry and construction contracted 0.4%, leading to a 4.76% decline in the growth, and the service sector increased 6.79% to contribute to 95.91% of the overall expansion.
In the agro-forestry-fishery sector, agriculture saw a year-on-year increase of 2.43% in added value, forestry 3.66%, and fisheries 2.68%.
The added value of construction dropped 0.82% in Q1, the sharpest fall in the first three months of the years since 2011.
Source: Vietnam Plus
See also: Vietnam’s economy shows signs of revival
COPPER PRICE RISES TO NEARLY USD 9,000
Copper prices rose on Monday, supported by lowered global supplies. Copper for delivery in May on the Comex market in New York touched $4.09 per pound ($8,998 per tonne), up 0.5% compared to Friday’s closing. The most-traded May copper contract on the Shanghai Futures Exchange was up 0.2% to 69,250 yuan ($10,073.61) a tonne. Copper inventories in warehouses monitored by the Shanghai Futures Exchange were down 11.6% last Friday, falling for a fourth consecutive week. Stocks have declined 36.2% so far to 161,152 tonnes, from a peak in late February. “Funds have dumped their bets on higher copper prices as the turbulence triggered by the collapse of Silicon Valley Bank continues to roil financial markets,” wrote Andy Home, a columnist for Reuters. “Early-year enthusiasm for copper as a proxy for China’s re-opening from stringent lockdown has succumbed to the contagious fear spreading from the banking sector to other risk asset classes.” Source: Mining.com
See also:
PERU'S ANTAMINA MINE LIFE EXTENSION COST HIKED TO USD 2 BILLION, CEO SAYS
Peru’s largest copper mine, Antamina, will spend $2 billion to extend the useful life of the deposit through 2036, up sharply from $1.6 billion previously planned, the company’s chief executive officer told Reuters on Wednesday.
Antamina CEO Victor Gobitz said the new investment figure for Antamina, co-owned by Glencore PLC, BHP Group Ltd, Teck Resources Ltd and Mitsubishi Corp, was due to higher and additional costs.
“It was due to costs on the one hand, and on the other hand because there are recurrent investments that the authorities believe should also be included in the investment figure,” Gobitz said in an telephone interview, adding he expected approval by mid-year.
Peru is the world’s second-largest producer of copper.
The lifespan of Antamina, which produced 467,905 tonnes of copper last year, is currently set to expire in 2028.
Source: Reuters
ALIBABA WILL SPLIT INTO SIX UNITS, RESHAPING JACK MA’S BUSINESS EMPIRE
Alibaba on Tuesday said it plans to split its business into six separate units, in a move that promises to radically reshape the sprawling Chinese e-commerce firm that Jack Ma founded nearly 25 years ago. Each new business unit will be overseen by its own chief executive and board of directors, the company said. Five of the new business groups “will also have the flexibility to raise outside capital and potentially to seek its own IPO,” according to a company statement on Tuesday. The major restructuring at one of China’s most iconic companies comes one day after Ma made a rare public appearance in the country and as Beijing has signaled that its regulatory pressure on the internet industry may be coming to an end. Ma, once an outspoken billionaire in the country, has kept a very low profile since the Chinese government began a fierce crackdown on the tech sector more than two years ago. Source: CNN
See also: Alibaba is splitting its empire into six business divisions
BCM SUBMITS POLICY PAPER
The Business Council of Mongolia (BCM) Secretariat has submitted a Policy Paper to the Government of Mongolia on 13 October 2022.
BCM Secretariat has submitted summary of issues and proposed solutions on newly adopted Corporate Income Tax law drafted by the Chair and Vice-Chairs of the Tax & Regulatory Working group (lead by Ms. Kh.Amarjargal, Country Director Mongolia-Rio Tinto, Mr.B.Battushig - Founding Partner of DB>S LLP and Mr.R.Khishignemekh -Senior Partner of Ernest and Young TMZ).
The 42 pages of findings and recommendations was submitted to the Cabinet Secretariat of the Government of Mongolia, to the Minister of Finance, to the Minister of Mining and Heavy Industry; to Secretariat of the State Great Khural (Parliament); Standing Committee on the Economic Affairs; Ministry of Justice and Internal Affairs; Standing Committee on the Budget; Economy and Development Ministry. In collaboration with Mongolian National Chamber of Commerce and Industry, American Chamber of Commerce in Mongolia, Ulaanbaatar Chamber of Commerce and Mongolian National Association.
BCM would like to thank Mongolian National Chamber of Commerce and Industry, American Chamber of Commerce in Mongolia, Ulaanbaatar Chamber of Commerce and Mongolian National Mining Association and BCM Regulatory & Tax Working Group for their efforts to protect legal interests and rights of business entities in Mongolia.
Source: BCM
THE BCM APPOINTS RAPHAËL GOUÉ AS OFFICIAL BCM REPRESENTATIVE IN EUROPE
The Business Council of Mongolia is pleased to announce Mr. Raphaël Goué as an official BCM Representative in Europe.
Raphaël Goué is an expert in energy and banking, having spent more than 12 years in Asia as well as being involved in Europe-Asia cross-border projects since the mid-90s, with a focus on financial services, energy and telecommunications.
Mr. Goué has a wealth of experience in supporting global financial institutions and energy companies in their strategies in Asia, as well their development and M&A. He has previously held various positions in organizations such as Société Générale, Vivendi Universal, Booz & Co and Capital One in Europe, Africa and Asia. As a senior advisor of the global retail banking association EFMA, Raphaël has been supporting the development of banking’s leading association in selected Asian markets, and supporting EFMA in the fintech sector in Europe.
He holds an engineering degree from the École Nationale Supérieure de Géologie in Nancy, France, a master in material science from École de Mines de Nancy, and a MBA from HEC (Paris) he finalized at the Columbia Business School (New York).
The BCM is looking forward to expanding its reach to Europe with Mr. Goué’s leadership and assistance.
SDG INVESTOR MAPPING PROJECT SURVEY - IDENTIFYING BUSINESS CASES FOR INVESTMENT OPPORTUNITIES
The objective of this template is to collect data on businesses aligned with SDGs, and if selected, your provided data will be compiled into SDG Investor Map datasheet which will be eventually uploaded onto Global SDG Investor Platform managed by UNDP SDG Impact. The outcomes of the data will be aggregated to gather insights that will be presented in the form of a report along with other secondary research that we have conducted. Thus, we would like to seek your permission to use your data for business research and documentation purposes. For any individual information from your business, due permission will be sought before the publishing of the report. If you have any questions or concerns, please contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. and This email address is being protected from spambots. You need JavaScript enabled to view it..
UNICEF: GUIDANCE FOR EMPLOYERS ON FLEXIBLE WORK ARRANGEMENTS AND OTHER GOOD WORKPLACE PRACTICES IN THE CONTEXT OF COVID-19
A family friendly workplace or employer is one whose policies and practices make it possible for employees and/or workers to more easily achieving work-life balance, and to fulfil both their work and family obligations. These policies may include, but are not limited to, childcare, breastfeeding rooms, flexible work arrangements, paid leave, safe transport, parenting education and so on. In Mongolia and various other countries, authorities have enforced kindergarten- and school closure policies as part of the preparedness and response to contain the COVID-19 epidemic. In addition to the impacts on children’s education, there are concerns about children’s protection and well-being as children are left alone or without adequate care as many parents still need to go to work. COVID-19 may also have negative effects on mental health and wellbeing of patients (if any), caregivers, children and adolescents and the public, such as experiencing fear of the consequences of infection with a new virus, and triggering stigma. Those placed in quarantine (or self-isolated) may experience boredom, loneliness, and anger. By promoting flexible working arrangements such as adjusted working hours, working from home and/or support childcare, your employees will be in better position to address any childcare challenges and not be distracted by concerns about their children’s safety and wellbeing at home. Click here to view in English. Click here to view in Mongolian.
UNICEF: CALL FOR ACTIONS OF THE PRIVATE SECTOR TO REDUCE CHILDREN’S EXPOSURE TO AIR POLLUTION IN UB
Too many children are at risk of dying in UB due to air pollution each year. In addition to longer-term measures to reduce overall levels of air pollution in Ulaanbaatar, UNICEF recommends that companies address some of their CSR activities in the following ways:
- Provision of air purifiers to kindergartens, schools and clinics. Children spend a considerable amount of their time in school. Air purification systems are demonstrated to be effective in reducing air pollution levels within a home or classroom. Recent innovations have made these more affordable, durable and effective. Every classroom should have an air purifier.
- Provision of electric heaters to kindergartens, schools and clinics. Electric heaters can help to reduce ambient air pollution. Reducing financial barriers to access can also help improve use of electric heaters.
- Improved construction and insulation in kindergartens, schools and clinics. This can help reduce the amount of air pollution that enters facilities where children spend most of their time. It also saves considerably on heating costs. Studies show some improvements can decrease air exchange by up to 40%.
- Provision of air pollution monitoring devices in kindergartens, schools and clinics. Monitoring devices are often a first, major step to understanding one’s own risk to air pollution. It can not only inform improved practices to reduce exposure, but it is also an effective mechanism for communities to better understand what is causing air pollution, and when it is particularly harmful.
- Improved awareness and behaviour-change campaigns. Low awareness amongst communities about the impacts of air pollution on child health and how to respond is a key barrier to addressing the air pollution crisis. There is a need to influence policymakers, relevant government institutions, businesses, CSOs, development partners, and the general public (including families and children) about the risks that air pollution poses to their health, as well as provide guidance and recommendations on various ways to address some of the most immediate threats.
These actions will reduce children’s exposure to air pollution, safeguarding them from the worst impacts at the same time as building momentum and creating an enabling environment for longer plans that reduce air pollution. UNICEF will provide guidance on these recommendations where possible. UNICEF can also help facilitate connections between actors, agencies and institutions, including schools/ clinics where children are particularly affected. However, in order to maximize efficiency, these projects should be planned, developed, implemented and monitored by the private sector company involved. Nor will any funding go through UNICEF. This helps enhance accountability, and allows private sector donors to be more actively involved in the solution of directly supporting children in UB to breathe cleaner, healthier air.
For more information and guidance, please contact UNICEF for (Amy Wickham, This email address is being protected from spambots. You need JavaScript enabled to view it.; and Sunjidmaa Jamba, This email address is being protected from spambots. You need JavaScript enabled to view it.)
BCM GUIDELINE FOR COMPANIES TO COMBAT AIR POLLUTION
Purpose: This Guideline document is to help CEOs and business leaders quickly identify possible actions they can implement in their organizations against air pollution.
Resources for information on Air Pollution
Specific ACTIONS that companies can take NOW:
Educate employees about air pollution; invite guest speakers; encourage employees to share information with friends and family; discuss possible solutions with employees
- Possible topics: damages and causes of air pollution, protection measures, energy consumption & efficiency; indoor air quality (smoking indoors); breastfeeding & healthy diet; vehicle idling; vehicle maintenance;
Work environment:
- Improve energy efficiency in building/office to reduce energy consumption;
- Plant & maintain trees; install air cleansing plants in the office;
- Install HEPA air filter and air purifiers to tackle indoor air pollution (For an affordable solution, visit http://smartairfilters.com/mn/en/;
- Install monitoring devices;
- Smart Air Mongolia masks
Work activities:
- Ensure company vehicles are well maintained to reduce pollution emissions;
- Drivers/employees instructed to not idle & to turn off vehicle engine when not moving;
- Implement carpooling activities;
- In polluted air, ensure employees wear pollution masks;
Social responsibility:
- Focus CSR (corporate social responsibility) initiatives to tackle air pollution
- Tackle air pollution in UB: UNICEF recommends focusing on areas where children are especially affected, and where urgent interventions need to be put in place to protect them as soon as possible. These include the provision of air filtration systems and electric heaters in kindergartens and schools in some of the worst-affected regions. For more information and guidance, please contact UNICEF for (Nicholas Rees, This email address is being protected from spambots. You need JavaScript enabled to view it.; and Sunjidmaa, This email address is being protected from spambots. You need JavaScript enabled to view it.);
- Run marketing/PR campaigns & contests that raise awareness about air pollution.
List of distributors for pollution masks:
- BRB – 70119967, 99658555
- BOX shop – 99062387, 75557007, 90878111 – Facebook: RZ утааны маск
- CATD LLC – 11327308, 99114346
- Mmarket – 75758001 – Facebook: Утааны Маск
- MONOS Pharmacy – 99190858
- Seven summits – 11317923
- 3M Mongolia Premier Service - 9400-3088, 9910-3335
- Utaanii Mask – 99906643 – Facebook: Утааны маск + Агаар шүүгч
- Cycling World Mongolia LLC authorized distributor of RESPRO pollution masks- 77110444
MEMBER-TO-MEMBER SPECIAL OFFERS & BENEFITS:
- Orchuulga 24 is providing a 15% discount on written translation services to BCM Members - Ombol LLC is offering free Hepatitis C medication to employees of BCM member organizations, provided that the individual pays into state health insurance. ECONOMIC INDICATORS
HISTORIC ANNUAL INFLATION
Year 2009 *4.2% [source: NSOM]
Year 2010 *13.0% [source: NSOM]
Year 2011 *10.2% [source: NSOM]
Year 2012 *14.0% [source: NSOM]
Year 2013 *12.5% [source: NSOM]
Year 2014 *11.0% [source: NSOM]
Year 2015 *1.9% [source: NSOM]
Year 2016 *1.1% [source: NSOM]
Year 2017 *6.4% [source: NSOM]
Year 2018 *8.1% [source: NSOM]
Year 2019 *5.2% [source: NSOM]
Year 2020 *2.3% [source: NSOM]
Year 2019 *13.4% [source: NSOM]
*Year-over-year (y-o-y), nationwide
CENTRAL BANK POLICY LOAN RATE
December 31, 2008 - 9.75% [source: IMF]
March 11, 2009 - 14.00% [source: IMF]
May 12, 2009 - 12.75% [source: IMF]
June 12, 2009 - 11.50% [source: IMF]
September 30, 2009 - 10.00% [source: IMF]
May 12, 2010 - 11.00% [source: IMF]
April 28, 2011 - 11.50% [source: IMF]
August 25, 2011 - 11.75% [source: IMF]
October 25, 2011 - 12.25% [source: IMF]
March 19, 2012 - 12.75% [source: Mongol Bank]
April 18, 2012 - 13.25% [source: Mongol Bank]
January 25, 2013 - 12.50% [source: Mongol Bank]
April 8, 2013 - 11.50% [source: Mongol Bank]
June 25, 2013 - 10.50% [source: Mongol Bank]
July 30, 2014 - 12.00% [source: Mongol Bank]
January 14, 2015 - 13.00% [source: Mongol Bank]
January 14, 2016 - 12.00% [source: Mongol Bank]
May 6, 2016 - 10.50% [source: Mongol Bank]
August 18, 2016 - 15.00% [source: Mongol Bank]
December 19, 2016 - 14.00% [source: Mongol Bank]
June 15, 2017 - 12.00% [source: Mongol Bank]
December 22, 2017 - 11.00% [source: Mongol Bank]
March 23, 2018 - 10.00% [source: Mongol Bank]
November 27, 2018 - 11.00% [source: Mongol Bank]
March 11, 2019 - 10.00% [source: Mongol Bank]
April 13, 2020 - 9.00% [source: Mongol Bank]
September 14, 2020 - 8.00% [source: Mongol Bank]
November 11, 2020 - 6.00% [source: Mongol Bank]
January 1, 2022 - 6.50% [source: Mongol Bank]
SOVEREIGN CREDIT RATING
| Moody’s |
Fitch |
S&P |
B3 – stable – 16 Mar 2021
B3 – negative – 8 May 2020
B3 – stable – 18 Jan 2018
Caa1 – stable – 30 Mar 2017
Caa1 – neg. watch – 15 Feb 2017
Caa1 – stable – 18 Nov 2016 |
B – stable – 9 Jul 2018
B- – positive – 17 Nov 2017
B- – stable – 22 Nov 2016
B – stable – 24 Nov 2015
B+ – negative – 13 Dec 2013 |
B – stable – 10 Nov 2018
B- – stable – 19 Aug 2016
B – stable – 03 Nov 2015
B+ – neg. – 29 Apr 2015 |
CURRENCY RATES – 30 March 2023
| Currency |
|
|
Rate |
| U.S. dollar |
USD |
|
3,520.67 |
| Euro |
EUR |
|
3,821.69 |
| Japanese yen |
JPY |
|
26.59 |
| British pound |
GBP |
|
4,348.38 |
| Hong Kong Dollar |
HKD |
|
448.50 |
| Russian ruble |
RUB |
|
45.65 |
| Chinese yuan |
CNY |
|
511.92 |
| South Korean won |
KRW |
|
2.71 |
|
