| EuroChamber is pleased to welcome Intermed Hospital as a Corporate Plus member.
Established in 2014, Intermed Hospital adheres to European hospital standards. With 15 outpatient clinics, the hospital provides quality services and can accommodate up to 91 inpatients at any given time.
We look forward to our cooperation in the years to come. |
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| EuroChamber is proud to announce that our member Well Bee LLC has upgraded its membership to Corporate Plus category.
Wellbee LLC has been operating since June 7, 2016, within the framework of its mission to be a trusted partner of its customers and consumers in the field of health and beauty.
We are looking forward to our mutually beneficial cooperation. |
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EuroChamber is grateful Khurgatai Khairkhan LLC for extending its membership.
"Khurgatai Khairhan" LLC is a national eco-friendly company dedicated to implementing sustainable development projects in Khuvsgul province. The company is committed to contributing to the social, economic, and environmental well-being of the local area where it operates, aiming to become a cornerstone of sustainable development in the region.
We look forward to our continued collaboration. |
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| Dive into the world of banking and finance with EuroChamber Spotlight's FIRST-EVER video edition! This episode is a must-watch featuring Mr. Uurtsaikhbaatar Battsengel, the CEO of Capitron - the fastest-growing bank in Mongolia!
Please click here to watch the video. |
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| Mongolia Economic Outlook 2024 |
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On January 10, 2024, EuroChamber organized a joint discussion-event with Capitron Bank on the topic "Mongolia Economic Outlook 2024." EU Ambassador to Mongolia H.E. Axelle Nicaise opened the discussion.
Mr. B. Lkhagvasuren, the Governor of the Bank of Mongolia, delivered a presentation on "Mongolia's Economic Outlook in 2024," predicting a 6.2 percent growth in the economy for this year. He also highlighted Mongolia's current account has been in a surplus after 16 years. According to the Governor of the Bank of Mongolia, economic recovery is anticipated to persist in 2024, driven by factors such as growth in the mining sector and its favorable spillover effects on other industries. Additionally, there is an expansion of domestic demand propelled by the implementation of an expansionary fiscal policy.
Mr. B. Lkhagvasuren provided detailed information about the monetary policy implemented by the Bank of Mongolia to reduce inflation in 2024 and answered participants' questions.
Mr. B. Uurtsaikhbaatar, the CEO of Capitron Bank, introduced "Real Estate Investment Trust" and underscored its significance in Mongolia.
Mr. Hannes Takacs, the Head of EBRD Mongolia, and B. Munkhsoyol, an economist, participated in the discussion, sharing their perspectives on the economy. Mr. Takacs introduced the EBRD's projection on GDP growth, predicting that the Mongolian economy will grow by 7.2 percent. His projection is attributed to the increasing exports of commodities and the potential growth of the tourism industry in Mongolia.
All the participants expressed a positive outlook on Mongolia's economy for this year and engaged in detailed discussions on risks that need to be considered. Unstable government policy, geopolitical tension, and election-related costs can pose risks to the anticipated positive economic growth in 2024.
EuroChamber is grateful for Capitron Bank for sponsoring the event. |
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| EuroChamber supports deliberation of draft Investment Law in the Parliament |
| EuroChamber Mongolia participated in a joint press conference organized by AmCham Mongolia on January 11, 2023. Delegates from peer organizations, including the Mongolian National Chamber of Commerce and Industry, BritCham Mongolia, and Ulaanbaatar Chamber of Commerce, were present to collectively deliver a statement on on behalf of the business community regarding the upcoming discussions on amendments to the Investment Law.
The press conference was held open to all media outlets, including: |
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| Mongolia and the Benelux Countries Agree to Visa-Free Travel for Official Passport Holders |
| Mongolia and Benelux countries (Belgium, the Netherlands, and Luxembourg) have signed an agreement on the exemption of visa requirements for diplomatic and official passport holders.
Ambassador Extraordinary and Plenipotentiary of Mongolia to the Kingdom of Belgium L. Bold, the State Secretary for Asylum and Migration of Belgium Nicole de Moor, Consul of the Ministry of Foreign Affairs of the Kingdom of Luxembourg, Director of Consular Affairs and International Cultural Relations Jean Claude Kugener, the Ambassador of the Kingdom of the Netherlands to Belgium, Pieter Jan Kleiweg de Zwaan, signed the agreement on January 9, 2024 in Brussels.
According to the agreement, diplomatic and official passport holders of the countries will be able to travel without a visa for up to 90 days. The agreement shall come into force when the parties meet their national legal requirements to approve the agreement.
Source: montsame.mn |
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| An International Standard "Zamyn-Uud Dry Port" to be Established |
| It was decided to use the "Regional Logistics Center" in Zamyn-Uud soum of Dornogobi aimag to build an international standard "Zamyn-Uud Dry Port".
The Deputy Prime Minister and Minister of Economy and Development Ch.Khurelbaatar and the Minister of Finance B.Javkhlan were tasked to prepare an estimate of the capital required for the development of the technical and economic basis and design of the dry port, and Minister of Road and Transport Development S.Byambatsogt has been instructed to complete the feasibility study and design within the second quarter of this year.
The relevant members of the government were instructed to negotiate with foreign and domestic partners in the field of investment and joint use of the port.
Source: montsame.mn |
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| Mongolia's Foreign Trade in 2023 |
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The General Authority of Mongolia presented the preliminary performance of foreign trade in 2023 based on 665,273 export and 309,431 import customs declarations and other sources.
In the preliminary performance of 2023, Mongolia engaged in trade with 160 countries worldwide, and the total turnover of foreign trade reached US$24.4 billion, reflecting an increase of US$3.2 billion or 15 percent from the same period in 2022. The value of exports exceeded that of imports by US$5.9 billion, resulting in a positive foreign trade balance.
Last year, Mongolia exported goods and raw materials worth US$15.2 billion, marking a 21.1 percent increase compared to the same period in the previous year.
Examining the categories of goods where the shift in export is most evident, there was a notable increase in the export of mineral products by US$2.6 billion or 24.7 percent. Additionally, the export of live animals, animals, and animal products witnessed a substantial growth, increasing by US$134.5 million, effectively tripling.
In the preliminary performance report for 2023, 98.4 percent of mineral product exports include coal, copper concentrate, molybdenum concentrate, fluoride, iron ore, zinc ore, and crude oil.
Mongolia conducts exports to 81 countries, with the majority, 91.2 percent, directed to China, followed by 4.4 percent to Switzerland, and 1 percent to South Korea.
Source: ikon.mn |
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| The housing price has been increased by 8.1 percent in Ulaanbaatar |
| As of December 2023, housing prices in Ulaanbaatar have increased by an average of 8.1 percent compared to the previous year, as reported by the National Statistics Office of Mongolia .
Consequently, the average price of apartment per sq/m in Ulaanbaatar has reached MNT 4.02 million. Regarding location, Sukhbaatar district commands the highest price at MNT 4.32 million, while Songinohairkhan has the most affordable price at MNT 2.68 million.
Conversely, old apartments are being sold at an average price of MNT 3.59 million.
Source: ikon.mn |
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| The autumn session of the Parliament will be adjourned next Thursday |
| During the session on January 12, 2024, Speaker of the Parliament G. Zandanshatar announced that the autumn session of the Parliament is set to be adjourned on Thursday, January 19. The existing parliament, formed after the 2020 parliamentary elections, will go on a break following its last autumn session, allowing members to engage with their constituencies.
This period offers an opportunity for members to report on the fulfillment of their promises over the past four years and present their achievements. |
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Our mailing address is: info@eurochamber.mn |
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