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EuroChamber newsletter
5 May 2023
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Upcoming events
9 May. International Trade Working Group meeting
25 May. Launching Event for "Trade and Investment Climate Statement" by EuroChamber
29 May. Banking and Finance Working Group meeting
EuroChamber's Banking and Finance Working Group Meeting
EuroChamber's Banking and Finance Working Group Meeting
Eurochamber has organized its regular Banking and Finance working group meeting on May 1. The working members shared their views on challenges for the economy in general and potential campaign on financial literacy.

We thank Golomt Bank for providing the office space.
EuroChamber's Sustainability and Energy Working Group Meeting
EuroChamber's Sustainability and Energy Working Group Meeting
EuroChamber’s “Sustainability and Energy” Working Group held its monthly meeting on 4 May, 2023. The working group's "ESG & Energy Leader" series featured Ms. Annaka Peterson, Country Representative of Global Green Growth Institute (GGGI) in Mongolia to deliver a presentation titled "Collaborating for a Greener Economy".

We are also grateful to Mandal Daatgal for providing a conference room and allowing us to take a tour at its "Financial museum".
EuroCham Discusses the Investment Climate
EuroCham Discusses the Investment Climate
On May 4, EuroChamber's CEO B. Zandan pariticipated as a panelist in the Economic Club of Mongolia's breakfast meeting, FDI: Attract or Push? Other panelists included CEO of Ulaanbaatar Chamber B. Khash-Erdene and Policy Director of AmCham Mongolia G. Javkhlantugs.

In her remarks, B. Zandan stressed flexible valuation of minerals licenses when imposing tax in the minerals transfer deters exploration companies which are important in attracting future investment in mining. She also said, "mismatch between central and local governments is a significant impediment in doing business - many companies with mining licenses are being held back by local governments. The government needs to honour the contracts - currently there are issues in the renewable energy sector".
EuroChamber is looking for a FDI Working Group Chair
EuroChamber is looking for a FDI Working Group Chair
EuroChamber is looking for a chair for its one of the dynamic working groups: Foreign Investment Working Group.

The FDI Working Group is an advisory and advocacy group whose role is to represent the voice of EuroChamber’s members.

The objectives of the FDI Working Group are to:
  • Represent and promote the voice of EuroChamber’s members;
  • Provide a platform for businesses to advocate on priorities that are important to their businesses;
  • Provide opportunities for businesses to influence policy-making;

The position of Working Group Chair is a voluntary position. Anyone from EuroChamber's members, who is keen to shape a positive environment for FDI, is highly encouraged to apply for the position.

The interested and eligible candidates can send their expression of interest at policydirector@eurochamber.mn.

FDI Working Group Chair role descriptions:

The key responsibilities and duties of a Working Group Chair are to:
  • Chair all Working Group meetings in collaboration with EuroChamber's Policy Director;
  • Facilitate the development of ideas within the Working Group by encouraging all members to contribute;
  • Work with Working Group members to develop meeting agendas;
  • Perform the role of the lead spokesperson for the Working Group;
  • Prepare for meetings by reviewing materials and working with EuroChamber’s executive team to establish a plan, priorities and/or direction prior to each meeting;
  • Involve all members in the decision making
  • Use the working group’s mandate and objectives to guide work of working group
Time commitment:
  • Time for making arrangements for working group to meet (1.5 hour per month)
  • Time for working group to discuss business and make recommendations
  • Time to conduct activity/event if part of the working group role
  • Time to draft proposed resolutions for inclusion in written reports
  • Time to produce written reports using the needed templates

Benefits of serving a working group chair:
  • Provide/expand leadership experience
  • Increase personal visibility within the business community
  • Work closely with decision-makers in the government
  • Interact with diverse stakeholders including local and international individuals.
Macbeth at the Opera House
Macbeth at the Opera House
The English School of Mongolia in conjunction with the Mongolian State Academic Theatre of Opera & Ballet are staging Shakespeare’s Macbeth.

There will be two performances this coming weekend.

Ticket are available at ticket.mn

The King's Coronation Eve at Steppe Inne Club on May 5th
The King's Coronation Eve at Steppe Inne Club on May 5th
This Friday eve Steppe Inne Club is pleased to invite you to get in the mood to celebrate an unrivalled world event last seen 70 years ago.

The coronation of His Majesty Charles III and Queen Camilla is to take place on Saturday, 6 May 2023, at Westminster Abbey.

Member Insight: EuroChamber’s Interview
Member Insight: EuroChamber’s Interview
Interview with Mrs. B.Erdenedelger, First Deputy CEO of Khan Bank

What is your company’s most significant accomplishment in the past year? What is your company's priority for this year?

Within the framework of the digital strategy, in recent years, we have set the goal of fully digitising banking products and services, and we have been working to create possibilities for customers to access e-banking services as easily as possible. As a result of this work, today we are leading in e-banking services in the banking industry in Mongolia, whereas 99 per cent of all transactions made through Khan Bank are executed online, and 1 per cent are done through branches. Bank services that meet customers' needs have been provided 24/7 online, and since last year, credit services have been transferred to online platforms step by step. In other words, our consumer loans are completely digitised. Now our customers can get salary loans, deposit-secured loans, green loans, and POS device transactions-secured loans online. We have even made it possible for retired customers to get a loan remotely without coming to a branch.

In 2022, Khan Bank not only fully achieved its business goals but also saw an increase in its main financial indicators and was able to advance its important projects to become online banking successfully. It was a productive and favourable year. As of December 31, 2022, the bank's total assets reached MNT 15.0 trillion, loan portfolio MNT 8.0 trillion, and deposits reached MNT 13.3 trillion, which is not only the leading indicator in the industry, but also constitutes one-third of the banking system alone.

Also, we were ranked fourth in Mongolia's "TOP-100 Enterprises" for the fifth time, we were recognized as the best taxpayer and "Best Enterprise of the Year", as well as won major international banking and finance awards. Perhaps it indicates that our bank's reputation, operations and scale are being recognized internationally.

The biggest event for this year is that Khan Bank, which has a history of more than 30 years, has offered its shares to the public and entered the stock market, giving all customers the opportunity to become the owner of the bank and benefit from it.

Moreover, we recently issued USD 60 million in green bonds from Mongolia to the international market for the first time. In the previous years, we had attracted a large amount of funds from the International Finance Corporation, whereas USD 90 million were taken for the purpose of financing green loans. Totally USD 150 million will be used only for the green loan financing. One-third of the investment to be raised within the framework of the IPO is also planned to be spent on green loans. So, by 2025, MNT 500 billion will be issued for green loans.

What is a good experience at your company you would like to share with others?

Employees of our bank have the opportunity to develop their skills, challenge themselves by joining a large team, become competitive specialists, and get promoted. I think that this is a great opportunity given to young people by the employer, as well as a feature that differentiates us from other organizations. In 2022 alone, in duplicated numbers, more than 5,300 employees received professional and leadership skills training, and 49,174 employees participated in online training through KB Academy.

Khan Bank not only integrates the goals of sustainable development into its financial products and services but also adheres to them in its daily operations and pays attention to the policy level. In this direction, one of the many activities implemented in the framework of sustainable activities is the concept of a shared office of Khan Bank. To ensure the work-life balance of its employees and to introduce new trends in labour relations in line with the current situations, Khan Bank approved the regulation on flexible work arrangements of Khan Bank employees, enabling its employees to work flexibly, remotely from home and in mixed conditions, by using from 12 to 20 floors of Khan Bank Tower as a shared office. This regulation has the advantage of bringing certain positive results for the employees, environment and society.

In line with our values of leading sustainable development, Khan Bank has supported and financed energy-efficient and environmentally friendly projects and programs to mitigate climate change. For example, we are financing business activities that reduce inefficient energy consumption by at least 20 per cent with green loans with a monthly interest rate of 1.2-1.3 per cent for up to 60 months. By the end of 2022, the amount of the green loan portfolio reached MNT 105 billion, and Khan Bank alone is making up about 33% of the total green loans of the banking industry in Mongolia. We offer nine types of green loan products to our customers.

In 2023, we set a goal to quadruple the amount of loans we provide in the direction of green development.

Please describe yourself in 5 words.

Defining yourself in five words is a very difficult question. Let me tell you the personalities that I think are good. Optimistic, hardworking, curious, friendly, straightforward.

Please tell us what kind of book/ movie/ drama or any other arts that made the deepest impression on you recently.

I gifted Iwata Matsuo's book “The Minor Differences Between those who eventually succeed” to our bank's mid-level executives.

This book explains in a very simple way how successful people approach work, relationships and thoughts, personality differences, money and time management, and why this leads to success. It was written that simple and easy things can make great changes. I want to recommend this book to people. In addition, the book's author said in his memoirs, "He used to write down his favourite words in a notebook and read them when he was in trouble to gain energy, inspiration, and insight." This was also good advice to implement.

What has been the most significant benefit of being a member of EuroChamber Mongolia?

Khan Bank is a member of international organizations in Mongolia and cooperates closely with them, actively participating in their operations and policy reforms. Since joining EuroChamber Mongolia as a Premium member in February 2022, we have been actively participating in meetings and events and expanding cooperation. As a member of EuroChamber Mongolia, we supported and sponsored some of the events organized by EuroChamber Mongolia last year, and these helped to effectively establish close relations between our bank and EuroChamber Mongolia’s member organizations and expand future cooperation bases.

Not only presenting the bank's strategy to our customers but also introducing the bank’s activities to business partners and sharing our best practices is most important for the bank's long-term growth. In this sense, we are always happy to share our bank's policy, direction and operational experience with EuroChamber Mongolia’s members. This year, we aim to act as a bridge between EuroChamber Mongolia’s members and our customers. I am confident that our cooperation will expand further.
Mongolia Updates
Public Consultation on Draft Revision on Investment law
Public Consultation on Draft Revision on Investment law
Ministry of Economy and Development organized a discussion on amendments to the Investment Law. The discussion was attended by representatives of international organizations, diplomatic missions in Mongolia, and representatives of investors.

An order to draft the revision of the Investment Law was given by the Minister of Economy and Development, and Deputy Prime Minister on April 5.

Head of the Investment Policy Department of the Ministry of Economy and Development B.Anar said, “The draft revision on investment law includes how to register foreign investment, how to attract investment and what kind of support and tax exemptions will be provided. It has characteristic that foreign investors clarify the mechanism of how to solve the problems in their activities. Also, issues related to land relations are still very unclear. If foreign investors want to come and set up a factory and use the land, there is a regulation on land use for a very short period of time in the Land Law. This is well coordinated with the law on land, or the regulation of land use has been reflected more clearly.”

According to the Investment Law, the functions of government institutions should be clear and the tax environment should be stable and dispute resolution should be open. Deputy Minister of Economy and Development G.Tuvdendorj said, “There should be less state supervision”.

EuroChamber's CEO B.Zandan said, "the draft revision of investment law looks positive but overall business environment is important in attracting investment. For example, we need a judicial reform, and EuroChamber proposes interest on judgements and allow judges award actual judicial costs to the losing party. Good to see clause on diplomatic missions - it is important that the new agency responsible for investment and trade promotion assigns their people mandated with a task of bringing tangible investment and increase exports, to the embassies abroad".

Source: theubposts.com and eurochamber.mn
Speaker of Hungarian Parliament László Kövér Visits Mongolia
Speaker of Hungarian Parliament László Kövér Visits Mongolia
A delegation led by Speaker of the National Assembly of Hungary László Kövér is paying an official visit to Mongolia on May 4-7, at the invitation of Chairman of the State Great Khural of Mongolia Gombojaviin Zandanshatar.

Chairman of the State Great Khural of Mongolia Gombojavyn Zandanshatar and Speaker of the National Assembly of Hungary László Kövér held official talks at the State Palace on May 4th.

At the beginning of the meeting, Speaker G. Zandanshatar emphasized that Hungary is an important partner of Mongolia in Eastern Europe, and mutual cooperation has been incessantly active even in times of constraints and hardships.

Speaker of the National Assembly of Hungary László Kövér expressed his gratitude for the warm welcome and invited Chairman of the State Great Khural G. Zandanshatar and the members of the Mongolian-Hungarian Parliamentary Group in the State Great Khural to visit Hungary at their convenience. He noted the importance of expanding relations and cooperation between the two countries in the context of economy, and increasing trade turnover, and promised to focus on accelerating student exchange programs. The Hungarian Speaker expressed full support for the proposals and initiatives of his Mongolian counterpart to promote cooperation between the two countries and articulated his determination to facilitate cooperation in education, agriculture, tourism, and animal husbandry.

The parties expressed their confidence that Mongolian students studying in Hungary will become a bridge connecting the people of the two countries, and make a tangible contribution to the development of traditional friendly relations and cooperation. They pointed out that the fact that Hungarian citizens can visit Mongolia for 30 days without a visa has become an important impetus for the development of tourism.

Mongolia established diplomatic relations with Hungary on April 28, 1950. This visit is the second visit of the Head of the National Assembly of Hungary to Mongolia, and will be of considerable significance for the expansion of relations between the two countries and the development of inter-parliamentary cooperation.

Source: montsame.mn and gogo.mn
"Rural Revival - Open Dornogobi" Conference Highlights Competitiveness
Within the framework of the New Revival Policy being implemented by the Government of Mongolia, the "Rural Revival - Open Dornogobi " conference was held in Dornogobi province on April 28 - 29.

Lakshmi Boojoo, Director General of the Economic Policy and Competitiveness Research Center (EPCRC), gave a speech on "Competitiveness of Dornogobi Province and I ssues to be Considered" at the conference. She emphasized that "EPCRC has been conducting a survey on the competitiveness of the provinces since 2012, ranking 21 provinces with 174 indicators using international methods. And for the last two years, Dornogobi aimag has led the others. However, it does not mean that all 174 indicators are good for Dornogobi aimag. The most decreased indicator for the aimag is its business efficiency. Therefore, it is necessary to focus on management, finance, labor market, productivity, and human development. Human development includes training, education, health services, and food security. The improved competitiveness of Dornogobi aimag is the result of its long-term stable policy and its continuity. It is proof of the collaboration of the generations of aimag management and its team. Policy steps are not taken overnight and do not give its results in the short-term."

The conference was attended by employees of the government and public organizations, as well as representatives from 21 aimags.

Source: montsame.mn
Minister of Foreign Affairs visits China
Minister of Foreign Affairs visits China
Minister of Foreign Affairs B.Battsetseg, visited China on May 1 and 2, at the invitation of China’s State Council member and Vice Minister of Foreign Affairs Qin Gang. During the visit, the Ministers of Foreign Affairs held official talks in Beijing and exchanged detailed views on the relations and cooperation between Mongolia and China, as well as issues of mutual interest for other countries and regions.

During the state visit of Mongolian President U.Khurelsukh to China in November 2022, it was decided to implement the agreement reached by the heads of the two countries and to take the comprehensive strategic partnership between the two countries to a new level.

As result of the Foreign Affairs Minister’s visit, following arrangements are discussed and approved:
  • Within the framework of the goal of intensifying trade and economic cooperation between Mongolia and China and increasing the trade turnover to US$20 billion in the coming years, work to be conducted on the long-term and stable supply of our country’s mining products to the Chinese market and to increase the export of agricultural products;
  • To improve the infrastructure of the border ports of the two countries and to intensify the work of connecting them by rail, renew the 1955 Mongolia-China border railway agreement, and to intensify the construction work of the Gashuunsukhait-Gantzmod border port railway;
  • To advance the issue of adding the Hangi-Mandal railway port to the agreement between the Government of Mongolia andthe Government of China on the border ports of the countries;
  • In connection with the announcement of to 2025 by the Government as the ‘Years to Visit Mongolia’, passenger train traffic between the two countries in the near future will be increased as well as the number of flights, to attract Chinese tourists to Mongolia and to support the cooperation of tourism companies;
  • In May and June 2023, a bilateral research team will be sent to Beijing on the issue of establishing a joint research center to support the national movement to plant “Billion Trees” initiated by the president, and the fight against desertification and yellow dust storms,
  • Support and cooperation in organizing the 17th Conference of the Parties to the United Nations Convention to Combat Desertification (COP17) in Mongolia in 2026,
  • To employ the feasibility study team in Ulaanbaatar in May, for the construction of the ‘Sports Training Center for Children and Youth named after the Presidents’ and the National Theater of Arts,
  • To explore the possibility of cooperation in the new energy sector based on Mongolia’s solar and wind energy resources.

Furthermore, the Ministers of Foreign Affairs had conversation to thoroughly prepare for the scheduled visit of Mongolian Prime Minister L.Oyun-Erdene to China, and to intensify the communication between the relevant organizations of both sides in this context.

Source: theubposts.com
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