Considering joining EuroChamber? Please see more about us here, our membership information here and application here. |
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| Start-up Trade Mission: Slush 2023, Helsinki, Finland |
| We are pleased to invite you to join EuroChamber's Trade Mission to Finland. In Helsinki, you will be able to attend Slush, the world's largest gathering of VC, and EuroChamber will organize a dedicated program for attendees of the trade mission.
Please express your interest here by 20 October, 2023 and we will send you the details afterwards. |
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| Exporting Mongolian Textiles to Europe: What is Next? |
| EuroChamber is delighted to extend an invitation to you for the upcoming event, "Exporting Mongolian Textiles to Europe: What Comes Next?" scheduled for October 19, 2023. We are grateful for the generous support of the Italian Embassy in Mongolia, which has made this event possible.
Our event will showcase prominent figures within the industry, offering valuable insights and perspectives.
While this event is free for all attendees, please note that number of seats is limited. We encourage early registration to secure your seat. Early registrants will be given priority seats.
Your participation would be greatly appreciated, and we look forward to your presence on this occasion. |
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| Start World Cup Mongolia Regional |
| Startup World Cup is a global conference and competition that brings together the top startups, VCs, entrepreneurs and world-class tech CEOs in over +70 countries around the world. Beyond the competition, SWC offers networking with top-tier investors, corporate giants, and industry experts, setting the stage for potential investments and partnerships. The Startup World Cup Mongolia regional competition, organized in collaboration with Exponential Zaisan Partners and Pegasus Tech Ventures, offers grants worth MNT50,000,000 to winners and a ticket to Silicon Valley to compete for the global prize of $1 million.
Apply by October 16th, 2023, and set your startup on the path to global recognition and growth.
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| EuroChamber's Wines and Spirits Working Group Meeting held |
| EuroChamber held its Wines & Spirits Working Group Meeting on 28 September, 2023.
The working group discussed updated information on the meeting of the Fund to fight against alcoholism and potential campaigns on fighting against alcoholism in Mongolia. |
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| Mongolia Becomes First Country in Asia to Fully Implement 40 FATF Recommendations |
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The Financial Action Task Force (FATF) announced that Mongolia has fully complied with a total of 40 recommendations issued by the organization. As per this result, Mongolia is the first country in Asia.
In 2017 FATF reviewed the activities related to money laundering, combating terrorism, and illegal financing in our country. As a result, 15 of the 40 recommendations were insufficiently implemented, and Mongolia was included in the gray list of countries with strategic deficiencies.
In 2020, the country was removed from the above list by fulfilling six tasks that were underperformed. Now, Mongolia annually submits its report to FATF's branch organization in Asia and the Pacific Region. The last report was defended at the regional meeting in Canada in July this year. As a result, our report has been approved and published internationally. Now, Mongolia has improved the assessment of all 40 FATF recommendations and has become a country that has fully implemented them, says the Head of the Financial Information Service of the Bank of Mongolia B. Batbaatar.
Mongolia needed to improve the 8th rating of 40 recommendations, i.e., Mongolia had fulfilled 39 out of 40 recommendations of FATF. Monitoring the activities of non-profit organizations (NGOs) in relation to combating money laundering and terrorist financing was missing. In this regard, a working group headed by the Minister of Justice and Internal Affairs was established to improve the above activities.
Now, Mongolia pledges to establish an integrated risk database, a Compliance Council, a fintech association, and a digital platform within the framework of improving operations related to money laundering and combating terrorism.
Our country has also approved and implemented the Law on Virtual Asset Service Provider. Thus, we have become the first country in Asia to implement virtual regulation. It is officially announced that the rating of Mongolia has improved by doing these works. Constructive changes are expected in the monetary and financial sector of our country, which will positively impact the reputation of Mongolia.
Activities to combat money laundering and terrorist financing are based on cooperation. Mongolia has established two councils in this area, National and Cooperation Councils, to support FATF's activities in combating money laundering and terrorism. About 20 government organizations are engaged in this work.
Source: montsame.mn |
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| Representatives of political parties in the State Great Khural are currently active in Germany |
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From September 24 to 29, 2023, a delegation comprising representatives from parties in the State Great Khural of Mongolia is engaged in official activities in Germany.
The upcoming parliament, formed through the regular elections of the State Great Khural, will consist of 126 members, in accordance with recent amendments to the Constitution of Mongolia. To effectively plan the daily operations, structural organization, and session schedule of the parliament, it is essential to conduct a comprehensive study of countries with established parliamentary traditions. The objective is to harmonize these aspects with international best practices.
During their visit, the delegation engaged with relevant authorities and received comprehensive insights into various aspects, including:
- The structure of the parliament.
- The roles and authorities of both permanent and ad hoc committees.
- The mandates, membership numbers, and scope of responsibilities of special committees.
- Procedures for establishing parties and coalition groups after elections.
- The thresholds for minimum and maximum membership numbers required to form parties and coalition groups.
- Matters pertaining to the rights, responsibilities, discipline, and accountability of party and coalition groups.
- The rights and duties of members not affiliated with parties and coalition groups.
- The elements encompassing parliamentary debates, including the classical principles governing them, the regulations dictating their conduct,
- The investigative functions of a parliament, the establishment of ad-hoc committees for scrutiny, the procedures for conducting public hearings.
- Legal framework concerning parliamentary press.
Source: https://www.parliament.mn/ |
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| The Bank of Mongolia submits a draft of 2024 monetary policy directions |
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On September 25th, President of the Bank of Mongolia, B. Lkhagvasuren, submitted a draft resolution to Parliament Speaker G. Zandanshatar outlining the state's fundamental monetary policy directions for 2024.
According to the draft, next year's monetary policy will focus on supporting sustainable economic growth by achieving the target inflation rate and maintaining stability. While uncertainties persist in the external economic environment, the central bank remains committed to ensuring both external and internal economic equilibrium. The policy aims to bring inflation to a single-digit figure in the medium term and stabilize it around 6 +/- 2 percent.
When drafting the primary direction of the State's monetary policy for 2024, the Bank of Mongolia engaged in a comprehensive process that included public discussions to gather input, deliberations with the Monetary Policy Committee of the Bank of Mongolia, presentation to the Financial Stability Council, and ultimately submission to the Government.
Source: https://www.mongolbank.mn/ |
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| French Project Worth EUR 100 Thousand for Strengthening Food Security and Women Participation |
| The Government of the Republic of France, through its Embassy in Mongolia is to launch a project to be implemented by GERES NGO on September 27, 2023.
As crop production is insufficient in Mongolia, the Project worth of EUR 100 thousand aims to develop agricultural bioclimatic solutions by establishing solar greenhouses and underground eco-cellars, adapted to small Mongolian farms, and to strengthen the entrepreneurship in rural area, in particular capacity-building of women, who dominate in the crop production.
This project is part of the fight against climate change and the search for food security in the face of a strong dependence on imported food products. The project will focus on the reduction of the vegetable import of Mongolia and the contribution to a more diversified and nutritious diet. It will also support operations of small crop farms and cooperatives.
Source: montsame.mn |
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| The embrace of the halal market has unlocked fresh opportunities for Mongolian meat products on the global stage. |
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Mongolia currently exports halal processed meat to Kuwait, the United Arab Emirates, and Saudi Arabia. According to the Ministry of Agriculture and Food, the global market for halal processed meat is currently valued at three trillion dollars, and it is expected to expand to more than five trillion dollars by 2030.
The consumption of halal meat, driven by religious preferences, extends to 2.2 billion people in 57 countries. Notably, the market for halal processed meat in the Asia-Pacific region alone has reached a value of 2 trillion US dollars. The Ministry of Agriculture and Forestry emphasized that the growth of the halal meat market can have positive effects not only on the livestock sector but also on other economic clusters.
Starting in April 2023, Mongolia will officially supply halal meat to the UAE market. Additionally, in August of the previous year, a Mongolian mutton store was established in Dubai's largest food shopping center.
However, there are challenges to overcome, as highlighted by L. Nyamsuren, the Executive Director of "Agro Negtgel Trade" LLC. He explained that the export of halal meat to distant Uzbekistan and Gulf countries like Qatar, and Kuwait, which are 6,000-7,000 kilometers away, typically involves shipping frozen meat due to the lengthy transportation time. Frozen meat is generally more affordable than fresh meat. When the company transports its products by air, the return journey is often empty, leading to inefficiencies and increased costs. Nyamsuren pointed out, "There are no goods to load, and one side is empty. This is the main problem."
Source: gogo.mn |
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Our mailing address is: info@eurochamber.mn |
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