Membership Update
We are thrilled to announce Proliance LLC as a Corporate plus member of EuroChamber Mongolia. |
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Since its establishment in 2006, Proliance LLC has been developing its operation in 3 business fields of medical industry: importing of medical equipment, importing of pharmaceutical products, and retail pharmacies. |
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With a focus on community engagement and innovation, the Green Mongolia Hub for Experience Exchange aims to cultivate a culture of sustainability by providing a platform for dialogue, knowledge sharing, and hands-on experiences, empowering individuals and organizations to take meaningful action towards a greener, more sustainable future, reflecting the global imperative for environmental stewardship.
Their vision is to create a dynamic Sandbox Environment where individuals, households and organizations can explore, experiment, experience and test different strategies for reducing carbon emissions, adopting renewable energy sources, implementing energy-efficient technologies, and exploring innovative solutions for sustainability. |
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| EBRD Sustainability Report 2023 |
| The EBRD’s Sustainability Report for 2023 looks at a year in which the Bank continued to deliver on the sustainability goals set by the shareholders, against a backdrop of alarming geopolitical tension, inflationary pressures and environmental challenges.
EBRD investments in the green economy reached a record level of €6.5 billion in 2023. They also made significant progress on promoting economic inclusion, with our share of “gender SMART” projects increasing to 44 per cent.
Source: ebrd.com |
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Golomt Bank has expanded its services by opening its first "Leasing Center," aimed at providing comprehensive financial solutions tailored to customer needs. The new center allows customers to purchase brand-new cars, heavy-duty vehicles, and equipment from authorized suppliers through financial leasing, with flexible payment options.
The Leasing Center promises quick processing times: car leasing applications are processed within one business day, while applications for heavy-duty vehicles and equipment are resolved within 3-5 business days. Golomt Bank is collaborating with 19 organizations, including well-known companies in the automotive and heavy equipment sectors like MSM Group, Transwest Mongolia and Hera Equipment.
Cars: MSM Group · Bavaria Motors · Bridge Motors · Global Motors · Monnis Motors · Munkhada GHK · StarChase Automotive Limited · Tavan Bogd · Top Motors
Heavy-duty vehicles and equipment: AODE · Barloworld Mongolia · Transwest Mongolia · Grand Mining Equipment · ZAMine Services · Petrotrack · Hera Equipment · Everdigm Mongolia · Yuli Equipment · Niseech-International
The center operates Monday to Friday, from 09:00 to 18:00, providing convenient access to financial leasing services for its customers.
Source: itoim.mn |
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Catherine West, the UK's Minister for the Indo-Pacific Region, will highlight the UK's commitment to supporting women's and girls' rights globally at the Global Women's Summit during her visit to Mongolia on August 22-23. She will discuss the importance of education in empowering women and announce a £500,000 scholarship program aimed at training local English teachers in Mongolia.
During her visit, West emphasized Mongolia's significance as a partner for the UK, noting that her first overseas trip as Minister for the Indo-Pacific starts in Mongolia. She underlined the role of education in enabling Mongolian youth to compete globally and mentioned the UK's focus on teaching English in resource-limited schools. West also plans to meet with Mongolian Foreign Minister B. Battsetseg and Education Minister P. Naranbayar to discuss cooperation, including Mongolia's energy transition and experiences from the UK's renewable energy sector. Additionally, she will visit a solar energy project in Ulaanbaatar's ger district.
The visit will further strengthen UK-Mongolia relations by addressing gender equality, climate change, and other global issues.
Source: ikon.mn |
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Capitron Bank has launched its new "Daily" MNT credit card, designed to cater to the everyday financial needs of individuals. With a credit limit ranging from 100,000 to 400,000 MNT, the card offers flexibility and convenience, even for those with existing loans or credit applications at other banks.
Key features include: - No Income-Debt Ratio Calculation: The card is available even if you have loans with other banks.
- No Collateral Required: Customers can receive a credit limit of up to 400,000 MNT without needing to provide collateral.
- Employment Verification: Employed individuals can confirm their salary via e-Mongolia, while self-employed users can verify income through bank statements.
- Open to All Bank Clients: You don't need to be a Kapiton Bank client to apply.
- Interest-Free Period: Enjoy 50 days of interest-free non-cash transactions if payments are made on time.
An added incentive is that customers who acquire the card by September 18, 2024, will be exempt from the annual card fee.
For more information or to apply, visit your nearest branch or contact 1800-2020.
Source: ikon.mn |
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At the 35th extraordinary session of Parliament, amendments to Mongolia's 2024 budget law and the Government Action Program for 2024-2028 were discussed and approved.
The session, which began on August 15, 2024, and concluded on August 30, 2024, included seven general sessions, 35 standing committee meetings, and three sub-committee meetings.
Source: ikon.mn |
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The UNDP hosted a high-level event named "Policy Dialogue on Governance of the Future for Green Economic Transition," on 22 August 2024, bringing together key stakeholders to discuss Mongolia's shift towards a sustainable, diversified economy.
The event highlighted the need to reduce Mongolia's heavy reliance on coal, which currently accounts for 90% of its electricity, making it one of the most carbon-intensive economies globally. The government aims to increase renewable energy to 30% by 2030, a significant move towards sustainability.
The dialogue included discussions on the challenges and opportunities of green governance and economic reforms, with input from government, parliament, civil society, and international experts. The consensus emphasized the need for strategic foresight, stakeholder engagement, and investments in renewable energy and digitalization to drive Mongolia's green transition.
The dialogue concluded with a unified call for future-ready governance mechanisms aligned with Mongolia's green and inclusive economic goals.
Source: undp.org |
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| Moody's has retained Mongolian Mining Corporation's credit rating at B3, citing stable operations, low debt, and good liquidity as key factors. However, the company’s operations are heavily concentrated in Mongolia, exposing it to environmental and market risks. Moody's forecasts a 10% revenue decline this year due to falling coking coal prices and considers a near-term rating upgrade unlikely. Nonetheless, if the company can enhance liquidity, expand operations, and maintain financial stability, a future upgrade is possible. Conversely, deteriorating liquidity, operational issues, or a downgrade in Mongolia's credit rating could negatively impact the company's rating.
Source: Bloombergtv.mn |
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| On August 30, H.E. Ms. Axelle Nicaise, Ambassador of the European Union to Mongolia, was recently honored by Ministry of Foreign Affairs.
The meeting highlighted the strong and developing relationship between Mongolia and the European Union. State secretary Monkhtushig praised the cooperation over the past three years and acknowledged the EU's support in Mongolia's national development goals.
In recognition of her contributions, Ambassador Nicaise was reminded of the Ministry of Foreign Affairs' "Golden Agreement" symbolizing the valued partnership. Ambassador Nicaise expressed her gratitude for the continued support from the Mongolian government. |
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Oyu Tolgoi presented its performance report for Q2 2024, highlighting significant achievements: - Copper Production: The underground mine's copper output increased by 23% this quarter. The company extracted 1.5 million tons of ore with an average copper content of 2.02% from the underground mine and 9.3 million tons of ore with an average copper content of 0.37% from the open-pit mine. The long-term goal is to extract 500,000 tons of pure copper annually between 2028 and 2036.
- Safety: Safety remains a top priority, with a low accident and injury frequency rate of 0.12 per 200,000 work hours.
- Water Efficiency: Oyu Tolgoi is one of the most water-efficient copper mines globally, using only 0.33 cubic meters of water per ton of ore in Q2 2024, compared to the international average of 1.2 cubic meters.
- Employment: 97.2% of the workforce is Mongolian, and women make up 23.3% of the total employees.
- Economic Contribution: Since 2010, Oyu Tolgoi has paid 44 trillion MNT (17.9 billion USD) in taxes and fees, including VAT paid to national suppliers.
- Local Procurement: By the end of Q2, 889 suppliers were engaged, 588 of which were local. Notably, 90.7% of operational procurement was spent on these national suppliers.
Source: gogo.mn |
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During an extraordinary session of Parliament, discussions are focused on amendments to the 2024 State Budget Law, the government's 2024-2028 program, and other related bills. Notably, Members of Parliament Ch. Lodoysambuu and B. Enkhbayar have announced plans to propose the withdrawal of certain bills introduced alongside the budget draft, particularly amendments to the Tender Law.
Ch. Lodoysambuu expressed concerns that the proposed Tender Law amendments, introduced under the guise of budget amendments, could pave the way for significant corruption. He and Enkhbayar plan to propose returning these amendments to the government for separate and thorough discussion. Enkhbayar emphasized the need to resolve a 40 billion MNT tender project through transparent and open processes, rather than passing it through the budget with potentially corrupt methods. Both MPs urged their colleagues to support the withdrawal of these amendments to prevent the Parliament from being implicated in large-scale corruption.
Source: itoim.mn |
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Mail to communications@eurochamber.mnfor inquiry. |
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