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ECONOMY
GDP EXPANDS BY 3.7 PCT IN FIRST 3 QUARTERS
By production approach, Mongolia`s Gross Domestic Product (GDP) totaled MNT 35.2 trillion (over 10.3 billion U.S. dollars) in January- September period, which increased by MNT 5.3 trillion (17.7%) from the same period of the previous year.
GDP at 2015 constant price was MNT 20.3 trillion, which is increased by MNT 730.0 billion (3.7%) compared to the same period of the previous year.
The National Statistics Office reported that GDP at 2015 constant prices decreased by 6.7% in the first nine months of 2020, but increased by 3.7% in the first nine months of 2021 and 2022. In the third quarter of 2022, seasonally adjusted GDP at constant 2015 prices increased by 1.0% compared to the previous quarter.
The increase was mainly attributed to significant growth of the agricultural and mining sectors, Erdene-Ochir Myagmarkhand, a senior expert of the NSO said in a statement.
Source: Montsame
TAPAN MISHRA: GLOBAL CRISES AFFECTING MONGOLIAN SOCIETY AND THE ECONOMY AS A WHOLE
The United Nations Resident Coordinator Office, the United Nations Development Programme, and the Ministry of Economy and Development of Mongolia jointly organized the “Socio-Economic Impact of Global Crises in Mongolia” seminar at Novotel Hotel on November 21, 2022.
It was raised during the seminar that the global shocks to commodity prices, food, energy, and financial markets are making Mongolians more vulnerable, especially at a time when the country is all set to mobilize its New Revival Policy.
The geopolitical issue involving Russia and Ukraine, according to the United Nations Resident Coordinator in Mongolia, Tapan Mishra, has a severe impact on Mongolia's economy by driving up the cost of food and consumer products. The availability of goods such as bread, vegetable oil, and gas has an impact on vulnerable populations, particularly single women and families with three or more children, in addition to price increases.
Source: Montsame
MORTGAGE REPAYMENT CONTINUES FROM JANUARY 1
D.Togtokhsuren, Head of the MPP Group in the Parliament, made a report.
- Mortgage repayments were deferred for two years according to the Law on Pandemic. According to this, citizens would start paying their mortgages from January 1, 2023. But the working group of the Parliament said that it is studying the possibility of delaying mortgage payments until July 2023. The working group of the Government and the Parliament discussed and decided to continue the repayment of mortgage loans normally from next year.
Deferring repayment of the mortgage loan is having a negative impact on next loans. Therefore, the Parliament approved to make mortgage payments starting from January 1, 2023 when it approved the Monetary Law.
Source: GoGo News
TRANSFORMATIVE SOLUTIONS AND GREEN FINANCE IN CHINA AND MONGOLIA
We examine and compare three Asian Development Bank (ADB) projects in two member countries of the Central Asia Regional Economic Cooperation: one in the People’s Republic of China (PRC) and two in Mongolia that relate to sustainable green development and use innovative financial mechanisms, and behavior-changing nudges. We provide comparative analyses and aim to demonstrate effective, innovative, and sustainable green finance and green transformation approaches in these two countries to address these pressures.
In Mongolia, ADB and the Government of Mongolia have developed two large-scale transformative projects using integrated design and innovative green financing mechanisms to leverage private sector investment: (i) Aimags and Soums Green Regional Development Investment Program, which aims to promote green urban–rural linkages, green agribusiness development, natural capital, rangeland regeneration, and soil carbon sequestration through the (ii) Ulaanbaatar Green Affordable Housing and Resilient Urban Renewal Project, which aims to transform Ulaanbaatar’s vulnerable and substandard peri-urban areas into low-carbon, resilient eco-districts that provide access to green affordable housing.
Source: ADB
PHOTO ESSAY: PROTECTING MONGOLIA’S BLUE PEARL
Khuvsgul Lake is part of the Khuvsgul Lake National Park in northern Mongolia. The park encompasses a vast expanse of stunning snow-capped mountains and forests surrounding Khuvsgul Lake. Known as Mongolia’s Blue Pearl and revered locally, the lake’s deep blue waters are almost pristine. Khuvsgul Lake is the largest freshwater lake in Mongolia. It is a critical water source for local and downstream communities. The lake supports unique fish and other aquatic animals, and the surrounding forests support important populations of plants, mammals, and birds. The park is also an international UNESCO Biosphere Reserve.
Small rural communities (less than 7,000 people) live in the park. People have lived here for centuries, long before the park was established. Livestock herding is the main livelihood activity to produce meat, dairy, and leather products. Poverty rates in the park are among the highest in Mongolia, and poverty-stricken households account for most residents in some settlements.
Source: ADB
See also: Permanent working group for the protection of Khuvsgul Lake held meeting
19.9 MILLION LIVESTOCK TO BE PUT INTO ECONOMIC TURNOVER THIS YEAR
Kh.Bolorchuluun, the Minister of Food, Agriculture and Light Industry, reported “This year, 71.2 million livestock counted at 188.6 million households nationwide, and it equals to 122.5 million livestock by transferring to sheep counting. And there is an advance calculation that 19.9 million of them will be put into economic turnover.
As of November 17, 2022, 2.9 thousand tons of horse meat, 3.4 thousand tons of raw sheep and goat meat, totaling 6.3 thousand tons of meat were exported. At the same time, as of November 10, 2022, a loan of 46.0 billion MNT was granted to four meat processing enterprises through the KHAN Bank and the Trade and Development Bank with the purpose of reserving spring meat for the urban population. In addition, MNT 1.1 billion has been budgeted for reserving 2.5 thousand tons of meat according to information from the provinces.
Source: GoGo News
GOVERNMENT DECISION TARGETING ERDENES TAVAN TOLGOI - EDITORIAL
That there is a balance of payments crisis is evident from the imposition on 26th October of a six-month special regime by JSC Erdenes Tavantolgoi. This was unexpected. The company’s director-general, B. Gankhuyag was dismissed from his post and an investigation into the group’s alleged stealing from coal exports that Prime Minister L.Oyun-Erdene mentioned last spring, has been launched. The government believes that the special regime imposed by Government Decree No. 362 of 2022 will help increase the flow of foreign currency into Mongolia. The government states that the core business, management, organization, and balance of payment of Erdenes Tavantolgoi JSC will be improved, and revenues increased. The Ministry of Finance will be in charge for this work.
Journalist Ts.Elbegsaihan describes in his article how Mongolia’s balance of payments crisis is developing for the third time. In any case, D. Amarbayasgalan, Chief Cabinet Secretary, has clearly expressed his position that all the offtake contracts of Erdenes Tavantolgoi JSC will be made public.
Source: Mongolian Mining Journal
D.ZULGEREL: PEOPLE’S LIFESTYLE LEADS TO ARTHRITIS - INTERVIEW
In the following interview, Head of Department of Rheumatology of the Mongolian National University of Medical Sciences and consultant doctor of the Mongolia-Japan Teaching Hospital Dr. D.Zulgerel delved into the causes, treatment and prevention of inflammatory joint diseases that are common among Mongolians. In particular, osteoarthritis is common and the number of people undergoing joint replacement surgery is high in our country.
Inflammatory joint diseases are common among Mongolians. What is the reason for this?
Rheumatology is a very broad field. Osteoarthritis is the most common disease among people. This includes knee arthritis. The primary cause of this disease is aging. Mostly middle-aged and older people suffer from the disease. However, it mainly occurs in young people after an accident or injury. The disease is also related to heredity. Another major factor, especially the main reason for the recent increase, is people’s lifestyle.
Source: The UB Post
COAL IS OUR ONLY FRAGILE HOPE FOR THE NEXT YEAR - EDITORIAL
The ruling party is arguing internally about “who will own the coal”. Anyone who understands politics realises that the winner of this “war” will not be Mongolia, but some government official or group with self-interest. That the winning side will continue to steal coal is as certain as ever. Xi Jinping, “leader” of the global trade war and chief author of the Wolf Warrior (Xi Defangs the Wolf Warrior) policy, will surely retain his seat while our leaders pursue petty interests by waging an internal “coal war”. That the powerful policies of a neighboring country are defined in “wolf warrior” terms is evidently obvious from the ongoing trade war. As soon as Mr Xi was re-elected as President of China, he made the statement, “We will continue our zero-COVID policy”. It became clear that the trade war would also continue. The Oyun-Erdene government should therefore pay attention to Mr. Xi’s statement and calculate its next foreign policy moves…
Source: Mongolian Mining Journal
POLITICS
CHINA EXPECTS MONGOLIAN PRESIDENT'S VISIT TO ELEVATE TIES: FOREIGN MINISTRY
China looks forward to taking the upcoming visit of Mongolian President Ukhnaa Khurelsukh as an opportunity to deepen strategic mutual trust and practical cooperation with Mongolia, according to a Chinese foreign ministry spokesperson.
At the invitation of Chinese President Xi Jinping, President Khurelsukh will pay a state visit to China from Nov. 27 to 28, it was announced on Tuesday.
"China looks forward to working with Mongolia to take this visit as an opportunity to deepen our strategic mutual trust and practical cooperation and set an example in neighborly relations to elevate China-Mongolia relations to a new height," said Zhao Lijian, the spokesperson, at a press briefing.
During the visit, the two presidents will hold formal talks, and jointly witness the signing of cooperation documents, Zhao said.
Premier Li Keqiang, and Li Zhanshu, chairman of the Standing Committee of the National People's Congress, will meet with President Khurelsukh respectively, he said.
Source: Xinhua, Montsame, GlobalTimes.cn
See also: Chinese, Mongolian transport ministers aim to deepen infrastructure cooperation
MONGOLIA AWARDS ORDER OF GENGHIS KHAN TO FOREIGNER FOR FIRST TIME
Mongolian President Ukhnaa Khurelsukh conferred Thursday the Order of Genghis Khan, the country's highest state award, to American author Jack Weatherford for his contribution to the studies of Genghis Khan.
Weatherford, who is well known for his book released in 2004, Genghis Khan and the Making of the Modern World, became the first foreigner who received this order. He once served as a professor of anthropology at Macalester College in Minnesota.
In addition, the president conferred the Order of Genghis Khan to Dechingungaa Dorjgotov, academician and leading researcher at the Institute of Geography and Geoecology of the Mongolian Academy of Sciences, who has laid the foundation of the field of soil science in Mongolia on a scientific basis and made a great contribution to the development of the field.
In previous years, the order was presented to only one person, but this year it was given to two people for the first time.
Source: Xinhua
See also: Jack Weatherford: This is the century that Mongolia can help the world move closer to the dream of Chinggis Khaan
LAND BILL TO ALLOW CITIZENS TO OWN LAND THROUGH DIGITAL EXCHANGE
During its plenary session on November 17, Parliament reviewed the draft revision of the Land Law and other corresponding bills.
Since its enactment in 2003, the Land Law has been amended 32 times. More than 60 laws and about 200 land regulations regulate land relations, which create duplications, gaps and conflicts in the legal framework. Therefore, bill initiators believe that there is a need to create a unified legal framework to regulate land relations.
In accordance with the bill, new land allocation will be planned in line with long, medium and short-term policy documents for Mongolia’s development. Line ministries, agencies and citizens will be able to submit their comments and recommendations on land management planning documents.
The draft revision stipulates that inter-sectoral coordination will be ensured through integrated land planning and registration. The bill will protect the legal rights of citizens and legal entities with land ownership rights and permits granted by the state.
Source: The UB Post
MONGOLIA’S SECOND NATIONAL VOLUNTARY REVIEW ON THE SDGS IMPLEMENTATION KICKS OFF
Today, the Government of Mongolia, represented by the Ministry of Economic Development (MED) and the United Nations in Mongolia launched the Second National Voluntary Review (VNR) on the implementation of the Sustainable Development Goals in Mongolia.
Batjargal Khandav, the State Secretary of the MED, who is the chairperson of the multistakeholder working group for VNR preparation stressed that effective policies and decisions can be achieved for effective implementation of SDGs in Mongolia only with a broad representation and involvement of all relevant stakeholders.
Ensuring to bring the voices of all key players, including the Government, civil society, academia, and the private sector, this initiation workshop laid the groundwork for the rigorous process of the elaboration of the VNR, as elaborated in the roadmap below:
This review aims to assess and present national progress made in implementing the 2030 Agenda at the UN’s High-level Political Forum on Sustainable Development in July 2023.
Source: UN Mongolia
FORMER PRESIDENT ELBEGDORJ TSAKHIA ON MONGOLIA’S DEMOCRACY AND SECURITY - EDITORIAL
Elbegdorj Tsakhia is a giant in Mongolia’s democratic history. He helped lead the 1990 democratic revolution and co-drafted the resulting constitution that made Mongolia a democracy. A leader of the Democratic Party, he also served as Mongolia’s prime minster from 2004 to 2006 and president from 2009 to 2017.
While he no longer holds office, Elbegdorj has been active over the last five years, most recently making headlines for denouncing Russia’s invasion of Ukraine. And in October 2022 he became the latest member of The Elders, a group of global leaders founded by Nelson Mandela to advance peace, justice, and human rights.
In a written interview, The Diplomat’s Bolor Lkhaajav asked Elbegdorj for his thoughts on the current direction of Mongolia’s democracy and the uneasy security situation in Northeast Asia.
Source: The Diplomat
MNB WORLD SIGHTLINE: INTERVIEW WITH H.E. MS. AXELLE NICAISE, EU AMBASSADOR TO MONGOLIA - VIDEO
MNB World's Interview with Ms. Axelle Nicaise, EU Ambassador to Mongolia.
MNB World is the international broadcast service of Mongolian National Broadcaster, providing the latest information and a wide variety of programming on Mongolia.
Source: MNB World
MOST PUBLIC EDUCATIONAL INSTITUTIONS’ LAND ‘LOOTED’ - EDITORIAL
Minister of Education and Science L.Enkh-Amgalan made a shocking announcement last week at the State Palace, claiming that “70 to 80 percent of the land of state-owned schools and kindergartens have been stolen”. In other words, most of the land owned by educational institutions has been transferred to others, laying ground for misuse.
Land traders are “occupying” every vacant space around state-owned schools and kindergartens. The minister’s choice of the word, “stolen”, seems to be logically flawed. It would be more appropriate to say that these lands were “looted” in an organized manner.
This year, specialists from the Investment Department of the Ministry of Education and Science and the Department of Education conducted a nationwide land survey. They found that in the last seven years, 15.19 hectares of land of state-owned schools and kindergartens have “disappeared”.
Source: The UB Post
CAN MONGOLIA RESIST RUSSIA? - EDITORIAL
Repercussions of the Russian invasion of Ukraine were a major topic of conversation during my visit to Mongolia this August. I had arrived with a sense of frustration that the MPP government wouldn’t publicly take a stance to defend Ukraine, but was persuaded through several conversations to see Mongolia’s abstention on UN resolutions as a version of sticking their neck out as far as they feel they can.
I wrote an article for Foreign Policy on this general geopolitical challenge that Mongolia is facing. I found much of my conclusions confirmed by conversations in Ulaanbaatar in November.
This is the question I would like to ask here today: how was Mongolia able to resist Russian pressure in 2009 and what can we conclude about the current situation from understanding that example?
One of my conversations produced a very graphic version of what Mongolia’s geopolitical position is and feels like.
Source: Mongolia Focus
BUSINESS
RIO TO PURSUE TURQUOISE BID AFTER ENDING TALKS WITH MINORITY SHAREHOLDERS
Rio Tinto Ltd said on Friday it would plough ahead with a $3.3 billion bid to buy the 49% of Canada's Turquoise Hill Resources that it does not already own, after it ended separate talks with dissenting minority shareholders.
The Anglo-Australian miner is seeking to simplify its management of the giant Oyu Tolgoi copper mine in Mongolia that it operates, but shares ownership through Turquoise Hill and the Mongolian government.
Rio needs two-thirds of voting Turquoise Hill shareholders to back its bid, including its own 51% stake, and a simple majority of the rest of the voting shareholders.
It has raised its offer for Turquoise Hill twice to C$43, but that has failed to satisfy Pentwater Capital and SailingStone Capital, two of its biggest minority shareholders, which own stakes of 15.2% and 2.2%, respectively.
Source: Reuters
CLIMATE TECH START-UP URECA CLOSES USD 1.5 MIL PRE-SEED ROUND, ALLOWS 'VIRTUALLY ANYONE' TO TRADE CARBON OFFSETS
Singapore-headquartered climate tech start-up URECA has closed a pre-seed funding round from undisclosed investors at US$1.5 million ($2.05 million).
The round exceeded the company’s original target of US$1 million, says URECA in a Nov 22 press release.
Originating from Mongolia and based in Singapore, URECA has built a marketplace platform that allows “virtually anyone” to trade high-quality carbon offsets. The latest funding will be used to scale URECA’s operations across Southeast Asia and to accelerate the launch of its marketplace, planned for early-2023.
On the hardware front, URECA’s digital MRV (measurement, reporting and verification) technology consists of three components: a tamper-proof smart-meter, a verification system and a blockchain-based trading platform, which were designed and built in collaboration with the Mongolian University of Science and Technology.
This will enable individual households and SMEs to produce and sell carbon offsets, says the company.
Source: The Edge Singapore
TATSUYA HAMADA, CHAIRMAN OF THE BOARD OF MOBICOM CORPORATION WAS AWARDED AS "THE OUTSTANDING LEADER IN ASIA"
We are sharing the remarkable news that Tatsuya Hamada, the Chairman of the Board of Mobicom Corporation has been awarded as "The Outstanding Leader in Asia" from Asia Corporate Excellence & Sustainability Awards (ACES), which honors the leaders and companies that have made high contributions to Asia based on their leadership and sustainability.
This year the ACES Awards ceremony was held on 18th of November in Kuala Lumpur, Malaysia, presenting awards to 23 most inspiring leaders, businesses, corporations and brands, in total.
The ACES Awards have been organized by MORS Group, which implements research and development programs to ensure sustainable growth in Asia, since 2014. The winners are selected based on the high criteria which makes the award more respected year by year.
“The Outstanding Leader in Asia" award is presented to individuals, who made great impact and special contribution to the growth and development of their companies and have set an excellent role model for the society, bringing practical changes to their countries.
Source: Mobicom Corporation
GOLOMT BANK STARTS ITS PRIMARY MARKET TRADING
The trading ceremony of securities - issued as a public on the primary offering market by Golomt Bank LLC – took place. In his opening speech, T.Tserenbadral (Deputy Chairman, FRC) highlighted that the company’s offer of its shares to the public will means:
- the number of products and services on the stock market will increase;
- the activities of the company will be transparent and open;
- business activities will expand. It is the basis for long-term growth and development. Policymakers agree that one of the ways to achieve sustainable and accessible growth is to increase the number of companies open to the public or to increase the number of companies that issue new IPOs because of the high benefits that cover the entire economy, from the capital market to the labor market. On the other hand, the capital market, including the stock market, becomes the face of the financial market and business environment by making the activities of business organizations open and transparent.
Source: FRC
MESSAGE FROM FRC CHAIRMAN
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