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EuroChamber is happy to welcome its new members:
- CRM as Corporate Plus
- Capitron Bank as Corporate Plus
- LendMn as Corporate Plus
- Nomadic Powerbox as Start up
We thank our following members for their membership renewal:
- Khan Bank as Premium member
- Finep SE as Premium member
- Golomt Bank as Corporate Plus
- Mandal Daatgal as Corporate Plus
- Noyon-Uul (World Wine) as Corporate
- DEM NBFI as SME
|EuroChamber welcomes a new leadership
With a Board meeting on April 5th, 2023, Mr. Oliver Thirlwall, Managing Director of WeLend Capital NBFI, stepped down from the position of President of EuroChamber.
EuroChamber's Board elected Ms. Klaartje Genbrugge, Founder of Madame Seguine, as a new President and Mr. S. Nasantulga, CEO of CRM LLC as a new Vice President.
We congratulate Mr. J.Ariunjargal, CEO of Arinet Associates for remaining as a Treasurer.
EuroChamber wishes luck to newly-elected office bearers.
|EuroChamber thanks Mr. Thirlwall
We thank Mr. Oliver Thirlwall for his valuable contribution as the President of EuroChamber.
He will stay with us as a Board Member and the Chair of FDI Working Group.
13 April. Sustainability and Energy Working Group meeting
18 April. Wines & Spirits Working Group meeting
24 April. Banking & Finance Group meeting
|Ulaanbaatar-International Investment and Partnership Forum 2023
EuroChamber is pleased to inform that the "Ulaanbaatar-International Investment and Partnership Forum" will be organized in Ulaanbaatar on April 20th 2023, with the objective not only introduce the city's major infrastructure and development projects but also to provide a platform that connects foreign and domestic entities with investors to further encourage and strengthen partnerships.
Further information and registration details can be on www.ubif.mn and registration is available until April 12th, 2023.
|Member Insight: EuroChamber's Interview
|Interview with Dulamjav O'Brien, Country Manager, S&O IPR
What is your company’s most significant accomplishment in the past year? What is your company’s priority for this year?
S&O IP teams in offices across the world have over 25 years of experience on the ground, with over 120 IP-dedicated team members. We speak over 11 different languages and have people from over 16 different nationalities. We are a big family. The firm combines international experience and local knowledge to provide clients with effective criminal, civil and administrative solutions to their IPR issues. Our practice covers all elements of intellectual property, including trademarks, patents, industrial designs, copyrights, domain names, trade secrets, and unfair competition.
Our company also protects the intellectual property rights of world-renowned brands in Mongolia and abroad. In addition, we are cooperating with high-quality Mongolian brands to enter the global market. One great example is the luxury GOLD CASHMERE which is obtaining IP protection in more than 20 countries.
What is a good experience at your company that you would like to share with others?
Today’s society and technology are advancing rapidly, and inventors and manufacturers helping us move forward need the proper IP protection. Intellectual property is a creation of the mind. We work with creative people who invented, designed, produced, composed, designed, etc., it is a great experience to work with brands and people who understand the benefit of protecting their intellectual property, how their business can grow, and why intellectual property needs to come before your business.
Please describe yourself in 5 words.
I would describe myself as trustworthy, open-minded, enthusiastic, friendly and, of course, who loves to laugh.
Please tell us what kind of book/ movie/ drama or any other arts that made the deepest impression on you recently.
Although I am not an artistic person, I have always loved art. Art gives a feeling of joy and boosts a good mood. Artwork fosters the feeling of relaxation, creativity, and inspiration. I recently took an interest in oriental arts, specifically created by Japanese female artist/painter Shoen Uemura.
What has been the most significant benefit of being a member of EuroChamber Mongolia?
Our company joined EuroChamber Mongolia in 2022. It has been a great year. We participated in networking events which give us opportunities to develop new relationships and make new business contacts through events and workshops. Also in 2022, EuroChamber Mongolia gave us the opportunity to promote our service and successfully co-organized a seminar on Intellectual Property rights for the members. We hope to expand our cooperation in the future.
|T. Badamjunai to be detained for a month
On April 7th, Sukhbaatar District Court made a decision to detain Former Minister of Food, Agriculture and Light Industry T. Badamjunai for a month on the grounds that "reasonably grounded evidence or information about probable crime has been provided" as stipulated in Article 14.9, Section 1, Clause 1.3 of the Law on Criminal Procedure.
T. Badamjunai was arrested and repatriated from the Philippines on April 4th, 2023.
He was involved in corruption in 2018. But when he was not investigated, he left the country through Zamyn-Uud port.
|Mongolia’s Growth to Rise in 2023 to 5.4% Before Accelerating in 2024 — ADB
In its latest flagship economic report, Asian Development Outlook (ADO) April 2023, ADB projects Mongolia’s economic growth to expand to 5.4% in 2023 compared to 4.8% growth in 2022, before climbing to 6.1% in 2024, supported by exports, recovery in mining, and its positive spillover to transport and other pursuits.
Average inflation will moderate to 10.9% in 2023 and 8.7% in 2024 as supply shocks and trade disruption risks wane. However, it will still exceed the central bank target of 6%, mainly on pass-through of local currency depreciation and revived domestic demand. More aggressive fiscal consolidation will support macroeconomic external balance and reduce crowding out impacts on the private sector. The current account deficit is projected to diminish, mainly as merchandise exports increase and the service deficit narrows with lessened trade disruption, lower risk premiums for shippers, and lower transportation service charges.
Downside risks to the outlook stem from a worsening situation regarding the Russian invasion of Ukraine, new COVID-19 variants or waves, a significant commodity price correction, domestic political risks, and the adverse implications of offtake barter agreements.
|The average price of a new apartment is 3.7 million MNT per m²
As of April, the average sale price of a new apartment for per m² in Ulaanbaatar costed MNT 3.46 million on average, which is a slight decrease from the beginning of 2023.
As of the end of last February, housing prices in the capital city went up by 11.3 percent from the same period last year and by 0.2 percent from the previous month.
Currently, the average sale price of a new apartment in Khan-Uul district is MNT 3.77 million for per m², and the lowest sale price is 2.47 million MNT in Songinokhairkhan district.
The prices of old apartments went down slightly from February, with an average price of MNT 3.3 million per m². The average price of old apartments in Sukhbaatar district was MNT 3.97 million, or the average price of new apartments in Khan-Uul district.
|List of equipment to be exempted from the customs duties
With the approval of Government Resolution No. 107 dated March 22nd, 2023, new equipment for the processing of food and agricultural raw materials which are registered as the fixed assets of the plant will be exempted from the customs duties imported goods.
The list of new equipment for the processing of food and agricultural raw materials which are exempted from the customs duties of imported goods is available here.
|Khan Bank announces the launch of an initial public offering
Khan Bank LLC has officially started initial public offering of its shares on April 5th, 2023.
In accordance with the Banking Law, Khan Bank has been preparing to become public with the launch of an initial public offering since February 2021, within the timeframe specified in the relevant laws and regulations. On December 9, 2022, the Financial Regulatory Commission approved the listing of ordinary shares of Khan Bank LLC as securities for an initial public offering.
Khan Bank, the nation’s largest bank and a leader in the banking and financial sector, plans to raise 183.4 billion MNT by offering 191,219,800 (10 percent of Khan Bank’s total shares) shares at 959 MNT per share. Proceeds from the offering will be used for the Bank’s digital transition, information technology investment, environmentally friendly green projects, and long-term mortgage financing within the Bank’s medium-term strategy.
The Bank’s lead underwriter is BDSec LLC, Tavan Bogd Capital LLC is the assistant underwriter, MJL Attorneys LLP and KhanLex Partners LLP are legal advisors, BDO Audit LLC serves as an external evaluator, and EY Mongolia Audit LLC is the IPO’s financial auditor.
Khan Bank’s total assets rose from 13.5 trillion MNT in 2021 to 15.0 trillion MNT by December 31, 2022. The Bank’s loan portfolio went from 7.0 trillion MNT to 8.0 trillion MNT, total funds rose from 12.0 trillion MNT to 13.3 trillion, and total net profits increased from 291.5 billion MNT to 449 billion MNT, the highest figure in the nation’s banking system.
By becoming a publicly traded company, Khan Bank has started a new chapter of development, and our customers have the historic opportunity to grow with us as shareholders.
The primary market trading of shares is scheduled to be held on the Mongolian Stock Exchange between April 13-19, 2023.
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