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EuroChamber newsletter
24 March 2023
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Upcoming events
Working Group meetings
Working Group meetings
27 March. Banking and Finance Working Group meeting
1-day-training including your personal analysis (42-52 pages) on April 4, 2023
1-day-training including your personal analysis (42-52 pages) on April 4, 2023
EuroChamber is pleased to share that our partner chamber German-Mongolian Business Association DMUV is to offer recognized and scientifically validated opportunities for talent recognition and potential development at special conditions in cooperation with Sparkassenstiftung Mongolei on April 4, 2023.

INSIGHTS MDI® is an integrated diagnostic tool for talent identification and potential development. It comprehensively analyzes and explains human behavioral and value preferences: An individual’s behavior, motives and emotional intelligence. The tool allows businesses worldwide and in Mongolia to put their recruitment and talent management on a solid scientific basis. As a participant, the training will help you to better understand yourself and in cooperation with others. Starting point of the training will a 50-page detailed feedback based on a questionnaire that will give our coach value-free insights of you, your management and communication style. This report gives a profound insight into an individual’s strengths and weaknesses, behavioral preferences, motives, values and driving forces. Moreover, it shows which way of communicating and work environment the person requires in order to be successful.

Further information, including the training agenda you can find here.

Registration: Click here.

For further information: +976 7011 6011
Mongolia Updates
Implementations of Mongolia's medium and short-term development policies were discussed
Implementations of Mongolia's medium and short-term development policies were discussed
At the plenary session of the State Great Khural of Mongolia (Parliament) on March 23, 2023, the 2022 implementation of the Mongolia's five-year development guidelines for 2021-2025, the 2022 implementation of the Action Plan of the Government of Mongolia for 2020-2024, and the implementation of the Development for Mongolia for 2022 were discussed.

In general, 67.5 percent of 300 projects and measures under 23 goals included "Mongolia Development Plan for 2022" was implemented according to the implementation evaluation report issued by Mongolian National Audit Office, as presented by Deputy PM and Minister of Economy and Development Ch.Khurelbaatar.

On average, the policy to overcome the economic and social difficulties caused by the pandemic showed 89.3 percent of implementation performance, Green Development Policy 69.0 percent, Human Development Policy 66.5 percent, Economic Policy 61.2 percent, Governance Policy 70.2 percent, Capital City and Regional and Local Development Policy 84.6 percent, respectively.

328 of 1031 measures (in duplicated numbers) included in the "Action Plan of the Government of Mongolia for 2020-2024", and 75 of 252 measures included in "Mongolia's five-year development guidelines for 2021-2025" were integrated to the "Mongolia Development Plan for 2022".

In terms of the evaluation of the implementation of 276 measures, out of the total 300 projects and measures included in the "Mongolia Development Plan for 2022", which correspond to the 328 measures included in the "Action Plan of the Government of Mongolia for 2020-2024", 57 measures were "effective" or implemented in full, 83 measures showed "certain results" with the implementation rate of 70-99 percent, 32 measures "needed to be intensified" with the implementation rate of 31-69 percent, 100 measures were "ineffective" with the implementation rate of 0-30 percent, and four measures classified as state secrets were considered as "impossible to be evaluated".

In accordance with Article 17, Section 17.3 of the Law on the Oversight of the Great Khural of Mongolia, the National Audit Office evaluated that Mongolia Development Plan for 2022 showed 60.1 percent of implementation, or that the target results were not achieved. In particular, when evaluating the implementation and results of the goals, objectives, projects and measures of the "Mongolia Development Plan for 2022", 82 or 27.3 percent were evaluated as effective, 71 or 23.7 percent achieved certain results, 88 or 29.3 percent needed to be intensified, 59 or 19.7 percent were ineffective or did not meet the target criteria and achievement levels.

Source: parliament.mn
Joint Mongolia-Austria Bilateral Commission for Economic Cooperation
Joint Mongolia-Austria Bilateral Commission for Economic Cooperation
The 8th meeting of the Joint Mongolia-Austria Bilateral Commission for Economic Cooperation was held on March 21, 2023 in Vienna.

The meeting was co-chaired by Minister of Digital Development and Communications of Mongolia N.Uchral and Director General for the Department of Foreign Economic Relations of the Ministry of Labor and Economy of Austria Franz Wessig.

During the meeting, the two sides discussed opportunities to expand bilateral ties in digital development, mining, finance, agriculture, tourism, environment, road transport and construction and urban development in detail.

On the sidelines of the meeting, the "Mongolian-Austrian Business Forum" was organized and representatives of more than 10 Mongolian and 40 Austrian companies participated in the forum.

In July, 2023, the 60th anniversary of the establishment of diplomatic relations between Mongolia and Austria will be celebrated, and in this context, representatives of Austrian businesses will visit Mongolia in upcoming September to facilitate trade and investment opportunities between the two countries.

Source: mfa.gov.mn
Mongolian Film "Trio" featured at UNOG
Mongolian Film
Following the adoption by the General Assembly of resolution A/RES/66/149 proclaiming 21 March as World Down Syndrome Day, on the sidelines of the 52nd regular session of the Human Rights Council and the 28th Session of the Committee on the Rights of Persons with Disabilities, the Permanent Mission of Mongolia and the Office of the High Commissioner for Human Rights featured the internationally recognized and award-winning Mongolian film “TRIO” at United Nations headquarters in Geneva on March 20.

The side event was opened by H.E Ms. Gerelmaa Davaasuren, Permanent Representative of Mongolia to the United Nations Office at Geneva and Mr. Francesco Pisano, Chief of the Library and Chair of the Cultural Activities Committee at UNOG.

Following the screening, a panel discussion was held with the movie's producer and experts to address and raise awareness of wrongly associating the name "Mongol" with Down syndrome and using it in a negative and discriminatory way.

Source: mfa.gov.mn
Revenue from copper increased by 22.4 percent
Revenue from copper increased by 22.4 percent
Since the beginning of the year, Mongolia has exported 285.3 thousand tons of copper concentrate.

The revenue collected in the state budget from the mining and extractive industry increased by MNT 7.2 billion or 2.4 percent compared to the same period last year. As of January 2023, the mining sector has collected MNT 306.2 billion in the form of taxes and fees to the state budget, and revenue from copper has generated MNT 185.3 billion.

Copper revenue collected in the state budget increased by 22.4 percent to MNT 53.4 billion.

Source: news.mn
Mongolian Chamber of Commerce opening in Brussels
Mongolian Chamber of Commerce opening in Brussels
The official opening of the Mongolia Chamber of Commerce in Brussels will take place on April 3, 2023. This new organisation is to play an important role in bridging businesses of European countries with Mongolia.

IFC Invests in Mongolia’s First Ever Green Bond in a Bid to Spur Climate-Smart Investments
IFC Invests in Mongolia’s First Ever Green Bond in a Bid to Spur Climate-Smart Investments
In a bid to spur green and renewable energy projects in Mongolia, IFC is investing in a green bond to be issued by the country’s largest commercial financial institution, Khan Bank, which is the first-ever green bond to be issued in the country.

IFC is investing $15 million in the $60 million, five-year bond and the offering has attracted another $45 million from international investors, including $35 million from Dutch entrepreneurial development bank (FMO), and $10 million from MicroVest Capital Management (MicroVest). This investment will allow the bank to grow its climate portfolio by funding projects that support renewable energy, energy efficiency, green buildings, green mobility, and climate-smart agriculture in Mongolia. IFC’s subscription will also contribute to improved sustainability of the country’s financial market.

Mongolia is a country facing significant environmental challenges. Air pollution levels in its capital Ulaanbaatar are among the highest in the world, with coal and wood burning in homes and coal power plants all contributing to the pollution. The country has also experienced significant climate change, with average temperatures increasing higher than the global average. Rainfall has also declined with more extreme climate driven hazards, including heat waves, droughts and river floods, all expected to put pressure on the country’s unique fragile ecosystem.

IFC’s investment in Khan Bank’s green bond is expected to support Mongolia’s goal to increase green lending from 1.4 percent at present to 10 percent of all banking sector lending by 2030. In addition, the project is expected to help mitigate climate change by avoiding tens of thousands of tons of greenhouse gas emissions annually.

Source: khanbank.com
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