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10 April. Meeting with MP and Head of State Committee for Port Revitalization (Minister) Kh. Bulgantuya
11 April. International Trade Working Group meeting
12 April. Sustainability Working Group meeting
18 April. Wines & Spirits Working Group meeting
24 April. Banking &Finance Group meeting
|EuroChamber's meetings with European Ambassadors
During the meeting with the Ambassador of Slovak Republic Peter Lizak, the followings were discussed:
Slovakia has expertise in public transportation, forestry and car production. Currently there are shortages in labor in car plants, therefore sending labor from Mongolia to Slovakia could be an area to explore.
During the meeting with the Ambassador of Iceland Thorir Ibsen, the followings were discussed:
Iceland has expertise in geothermal energy and would be interested in exploring opportunities In Mongolia in this area.
Iceland's government provides scholarships for international students in 4 main areas:
2) land restoration program
3) sustainable fisheries
4) gender equality.
45 Mongolian students studied there with Iceland's government scholarship.
During the meeting with the Ambassador of Finland Leena-Kaisa Mikkola, the followings were discussed:
Finland sees opportunities to work in energy, sustainable mining and forestry sectors in Mongolia. Digital technology might have potential too. One of the largest start-up events Slush happen in Helsinki.
During the meeting with the Ambassador of the Kingdom of Denmark Østrup Møller, the followings were discussed:
Denmark is currently discussing with Mongolian government on ger redevelopment, and they are interested in projects in energy sector.
During the meeting with Ambassador of the Republic of Austria Andreas Riecken, the followings were discussed:
Franchising, FMCG, agribusiness technologies, education in tourism and hospitality could be areas for exploration.
|Slush'D 2023 in Helsinki (November 30- December 1)
Slush brings the global startup ecosystem under one roof. In cold, dark November, a curated group of speakers from across the globe, showcases, and unique networking opportunities are all in Helsinki.
With hundreds of Side Events happening across the city throughout the Slush Week, the fun flows out of Messukeskus and into the streets.
The event details are availablehere
|Ivan Chak has appointed as the CEO of Mandal Life
"Mandal Life" is a life insurance company licensed by the Financial Regulatory Commission of Mongolia, established to develop life insurance in Mongolia. The fact that major international and Mongolian group companies have invested in the company and are working together is a significant factor in ensuring the company's stable and good governance in the long term.
Mandal Life has formed a professional team to provide high-quality life insurance products and services that meet international standards.
In this regard, Mr. Ivan Chak has appointed as the CEO of Mandal Life and started his duties from March 2023. Mr. Ivan Chak is an experienced CEO with experience of managing companies in Asia, such as AIA, Great Eastern and Prudential. In the past 30 years, he has personally participated in developing the life insurance industry in Asian countries such as South Korea, India, Indonesia, and Macao SAR, China, as well as providing essential life insurance services to the people.
Mr. Ivan Chak is an Internationally Qualified Actuary .
Mandal Life provides the following insurance products and services to individuals and organizations.
- Term and whole life insurance
- Group life insurance for company employees
- Credit life insurance
- Endowment products
For more information about Mandal Life products and services, call 7277-3000, https:// mandallife.mn/ and contact us by following email: firstname.lastname@example.org
|Two members of the Parliament of Mongolia are stripped of their immunity
On March 30, 2023, the State Great Khural (Parliament) revoked the parliamentary immunity of two of its members T.Ayursaikhan and D. Bat-Erdene whom Mongolian justice authorities wants to question for their alleged involvement in coal "theft" scandal.
Regarding this matter, Member of Parliament N. Enkhbold said, "Voting was conducted with paper ballots. Most of the members thought it was right to suspend the immunity of T. Ayursaikhan and D. Bat-Erdene. However, there is no need to suspend the immunity of N. Naranbaatar."
If the members whose immunity has revoked are found guilty, by-elections will be held.
Due to the suspension of the immunity of the above two members, this Parliament will work with 73 members. In last week's plenary session, the Parliament discussed and accepted the request of former Member of Parliament J. Munkhbat, who is being investigated by the Independent Authority Against Corruption (IAAC), to resign from the position of a member of Parliament in connection with coal "theft" scandal.
|Studies indicate that Mongolia's "shadow" economy was 32 percent for 13-20 years
Factors such as tax pressure and corruption are the reasons for the shadow economy.
Between 2000 and 2020, the size of the shadow economy in Mongolia was 32 percent of GDP on the average for 13-20 years as measured by monetary approach. The overall average size of the shadow economy in developing countries is between 30-40 percent.
When the size of the shadow economy was listed by country on average from 1991 to 2015, Georgia was at the top with 64.87 percent, and Switzerland was the lowest at 7.24 percent.
Mongolia's informal economy has been increased by taxes, especially the Windfall profit tax of 2006 and the Value Added Tax Law in 2016.
The researchers also believe that the level of corruption and activities related to money laundering may have contributed to the increase in the size of the shadow economy.
|Meat exports from Mongolia to Russia have declined
Mongolia's meat exports reached 66,000 tons in 2017-2018, or the highest level, but in the last two years, it fell down from 57.5 to 39.9 thousand tons, and as of last year it was 22.1 thousand tons.
It is estimated that the annual domestic consumption of meat is 629.4 thousand tons, the production or meat processing capacity is 343.0 thousand tons, and the capacity of authorized processing plants eligible to exports is 174.6 thousand tons. Among them, there are 36 companies authorized to export to Russia, 20 companies authorized to export to China, and 5-10 companies authorized to export to countries in Middle East and Japan. Judging from the statistics, it can be concluded there are many companies exporting meat from Mongolia to Russia, but in reality, the size of exports to Russia is not significant.
According to Executive Director of Mongolian Meat Association N.Batsuuri, Russia used to be the main market for Mongolian meat. As of today, Russian laws and regulations stipulate that "meat imported from Mongolia shall be used only for industrial raw materials or for processing", so it has become difficult for Mongolia to be a player in the Russian market on a large scale. However, Russian meat companies have proposed to cooperate in selling Mongolian meat to their market.
|European Ambassadors Present Their Letters of Credence
President of Mongolia Ukhnaagiin Khurelsukh received Letters of Credence from new Ambassadors Extraordinary and Plenipotentiary of friendly countries, with residence in PRC, the Republic of Korea, and the Russian Federation to Mongolia.
New Ambassadors Extraordinary and Plenipotentiary to Mongolia as follows:
- Thorir Ibsen, Ambassador Extraordinary and Plenipotentiary of Iceland, with residence in PRC, to Mongolia
- Hannes Hanso, Ambassador Extraordinary and Plenipotentiary of the Republic of Estonia, with residence in PRC, to Mongolia
- Thomas Østrup Møller, Ambassador Extraordinary and Plenipotentiary of the Kingdom of Denmark, with residence in PRC, to Mongolia
- Leena-Kaisa Mikkola, Ambassador Extraordinary and Plenipotentiary of Finland, with residence in PRC, to Mongolia
- Ponomarenko Dmytro, Ambassador Extraordinary and Plenipotentiary of Ukraine, with residence in the Republic of Korea, to Mongolia
- Ričardas Šlepavičius, Ambassador Extraordinary and Plenipotentiary of the Republic of Lithuania, with residence in the Republic of Korea, to Mongolia
- Helena Sångeland, Ambassador Extraordinary and Plenipotentiary of the Kingdom of Sweden, with residence in PRC, to Mongolia
- Maija Manika, Ambassador Extraordinary and Plenipotentiary of the Republic of Latvia, with residence in PRC, to Mongolia
- Andreas Riecken, Ambassador Extraordinary and Plenipotentiary of the Republic of Austria, with residence in PRC, to Mongolia
- Peter Lizak, Ambassador Extraordinary and Plenipotentiary of the Slovak Republic, with residence in PRC, to Mongolia
While expressing his willingness to strengthen the relations with the aforementioned countries within the framework of the UN and other international organizations, the President congratulated Ambassadors on their appointments and wished them success in their future endeavors.
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