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EuroChamber newsletter
2 June 2023
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Upcoming events
6 June. Presentation of "Trade and Investment Climate Statement" by EuroChamber
15 June. "Education and Skilled Labour" Event by EuroChamber in parnership with Transwest LLC
19 June. "Sustainability and Energy" Working Group Meeting
"EuroChamber's Trade and Investment Climate Statement" presentation event
Eurochamber Mongolia is pleased to invite you to the “EuroChamber's Trade and Investment Climate Statement” Presentation Event.

The event will be held at New York room, Shangri-La Hotel
on 6 June 2023 at 3.00 p.m.- 5 p.m.


15:00 Welcoming

15:10 Opening remarks by Ms. Klaartje Genbrugge, President, EuroChamber Mongolia

15:20 Opening remarks by H.E. Axelle Nicaise, Ambassador from the European Union to Mongolia

15:30 Presentation of the Trade and Climate Statement by EuroChamber team

15:50 Panel discussion featuring EuroChamber Working Group Chairs

16:30 Networking session

We are looking forward to meeting you soon.

The map of Shangri-La Hotel is here.

For registration, please click here.
EuroChamber's collects its members' feedback on Draft Laws
EuroChamber's collects its members' feedback on Draft Laws
EuroChamber's collected its members' feedback on draft revisions on Investment Law and Minerals Law and submitted to the Ministry of Economy and Development and Ministry of Mining and Heavy Industry.

As for the draft revision of Investment law, EuroChamber's members welcomed the government's intention to improve the investment climate in Mongolia by removing the minimum capital requirement, introducing various mechanisms for dispute settlement, and defining the role of Mongolian diplomatic missions abroad in attracting investments in Mongolia. For further improvements, EuroChamber's members offered 11 different proposals for the draft revision of Investment Law including the definition of investment, proposals related to tax stabilisation, and alignment of other laws with the Investment Law.

As for the drat revision of Minerals law, EuroChamber's members members offered 9 different proposals for the draft revision of Investment Law including the definition of minerals, royalty and licenses.
Read More
EuroChamber's "Green Financing: A positive example set in Mongolia" Event
EuroChamber's Green Financing: A positive example set in Mongolia Event
In partnership with Khan Bank, EuroChamber's event "Green Financing: A Positive Example Set in Mongolia" took place on 29 May, 2023 at Khan Tower. Embassies, IFI's and business community representatives had a chance to learn about Khan Bank's and France's contributions to the reduction of global warming through green financing.

We thank our Premium member Khan Bank for hosting the event as a Platinum sponsor and its comprehensive presentation. We also thank Mr. Pavlo Stergard, Trade and Economic Attache of the French Embassy for his informative presentation on French government's initiatives.

EuroChamber's Reception for Premium Members and Sponsors
EuroChamber's Reception for Premium Members and Sponsors
EuroChamber's Reception for Premium members and sponsors was held on 31 May 2023 with the kind hosting of Mr. Hannes Takacs, EuroChamber's Founding Board Member and Head of EBRD Mongolia, and Mrs. Maria-Theresia Takacs at their home.

We thank the hosts for their hospitality, and our Premium members and sponsors for their continued support.
“Ulaanbaatar Development Corporation” JSC's invitation to bid
“Ulaanbaatar Development Corporation” JSC's invitation to bid
“Ulaanbaatar Development Corporation” JSC is inviting Mongolian and foreign legal entities/partnerships to participate in project selection in order to implement the “high-capacity double parking lot project” through public-private partnerships.

Proposals for participation in the selection process and project proposals will be accepted until 11:00 a.m. on June 5, 2023.

Legal entities/partnerships who wish to participate in the tender must have the financial and technical capacity specified in the tender document.

Please submit the application to the following address along with the proof of payment for the tender document.

Address: Ulaanbaatar City, Chingiltei District, 1st khoroo, Baga Toiruu, 9 Jigjidjav, Capital City Administration Building II, Khangardi Palace, 9th floor, door 905.

Phone: +976-77770002, +976-95659448
Email: info@ubdc.mn
A Mongolian real estate company is looking for an international chain hotel
A Mongolian real estate company is looking for an international chain hotel
EuroChamber is pleased to share that a Mongolian real estate developer is looking for an international chain hotel for their project in Darkhan city.

Please contact the project team via emails: Bilguun@godsvalleyproject.mn and Khosbayar@godsvalleyproject.mn.
Mongolia Updates
The Constitutional amendments were approved by the Parliament
The Constitutional amendments were approved by the Parliament
On 31 May, 2023, the Parliament of Mongolia approved the draft amendments to the Constitution. 62 members of the Parliament or 91.2 percent voted in favor of the draft amendments to the Constitution.

According to the amendments, the State Great Khural (the Parliament of Mongolia) shall have one chamber and 126 members.

As a result of approved amendments to the Constitution, 126 members will be elected in the 2024 parliamentary elections using a mixed electoral system combining methods of majoritarian and proportional representation.

78 of them will be elected by majority votes and 48 will be elected by proportional representation system.

Sources: news.mn and gogo.mn
First Tripartite Meeting of Mongolia, Republic of Korea and USA Held
First Tripartite Meeting of Mongolia, Republic of Korea and USA Held
The first tripartite meeting between Mongolia, the Republic of Korea, and the United States was held in Ulaanbaatar on May 30.

The Mongolian side was led by Director of the Policy and Planning Department of the Ministry of Foreign Affairs G. Byambasuren, representatives of the Republic of Korea – by Director of the Department of Northeast Asia of the Ministry of Foreign Affairs Choi Yong jun, and the US representatives – by Assistant Secretary of the Department of State Mark Lambert.

At the first meeting, the parties exchanged views on a wide range of regional and international security issues of mutual interest and agreed to cooperate in the fields of transport and logistics networks, energy, mineral resources, food security, climate change, and development cooperation.

The parties agreed to organize the tripartite meeting on a regular basis further and issued a joint statement.

Source: montsame.mn
Development Bank Raises USD 75.0 Million by Issuing Private Bonds
Development Bank Raises USD 75.0 Million by Issuing Private Bonds
In accordance with the Resolution No. 22 of April 24, 2023 of the Board of Directors of the Development Bank of Mongolia, capital equal to USD 75.0 million has been raised from foreign investors by issuing private bonds in OTC market. On May 12 of this year, an agreement was signed with "Mopane Securities" LLC, registered in London, and the aforementioned capital has been raised.

It was informed that investment without risks associated with foreign currency rate, i.e. issuing securities in MNT provides an opportunity to diversify the resources of the Development Bank and protect against the risk of foreign exchange rate fluctuations.

Out of USD 500 million “DBM 2023” bond USD 99.7 million was redeemed.

In 2018, the Development Bank of Mongolia issued USD 500.0 million worth "Euro" bonds or "DBM 2023" bonds with 7.25 percent interest rate to the international market independently without government guarantees. The bond is listed on the Singapore Stock Exchange and is publicly traded in international markets.

In order to implement proper debt management in the Development Bank, it was decided to partially cancel the purchase of "DBM 2023" bonds according to Resolution of the Board of Directors No. 52 of 2022 and Resolution No. 3 of this year. In line with the above decisions, the Development Bank has been implementing partial bond cancellation since October 2022. During this period, the bank canceled bonds with a total issued price of USD 99.7 million. As a result, the balance of the "DBM 2023" bond has decreased from USD 500 million to USD 400.2 million.

The Development Bank has saved USD 13.8 million in its current portfolio by redeeming "DBM 2023" bonds with an issued price of USD 100.0 prior to its maturity date at a weighted average price of USD 92.4. Specifically, until October 23 of this year or the "DBM 2023" bond repayment deadline, USD 7.54 million has been saved from the principal amount and USD 6.34 million from interest costs respectively.

Source: montsame.mn
Stone inscriptions of Tsogtu Khung-Taiji registered in UNESCO
Stone inscriptions of Tsogtu Khung-Taiji registered in UNESCO
Stone Inscriptions of Tsogtu Khung-Taiji, Prince of Khalkha has been registered in the list of International Documentary Heritage of UNESCO’s “Memory of the World” program. At the meeting of the International Consultative Committee of the UNESCO Memory of the World program held in May 2023 in Paris, France, the documentary heritage materials nominated by member countries were studied and discussed. There, 64 unique monuments were registered in the list of the International Documentary Heritage of the program, including the inscription nominated by Mongolia.

Researchers consider the Tsogtu Prince Rock Inscription to be a unique work of 17th-century Mongolian poetry that incorporates pre-Qing Buddhist poetic styles. The inscription is a historical work that shows the unity of Mongolians who fought against the Manchurian invasion policy during the reign of Ligden Khutagt Khan. Currently, a total of 430 documentary heritages have been registered in UNESCO’s International List of Documentary Heritage. Among them, 5 documentary heritages registered are in our country. In 2011, Luvsandanzan’s Golden Button, “Mongolian Shunkhan Danjuur”, Nine Gems Pendant were registered in 2017, and Stone Inscriptions of Tsogtu Khung-Taiji, Prince of Khalkha was registered this year.

Among the basic criteria for registration, the documentary heritage should not only be in its original original form, but also be well preserved in its original form, have global value and significance, and have a special and significant impact on world history and human civilization. The activities of the program are directed at supporting and confirming the protection of heritage of international, regional and national importance by registering documentary heritage in international and regional heritage registers, to increase the awareness of their protection in member countries and communities, and to develop cooperation and mutual exchange within member countries regarding the protection of this type of heritage.

Source: theubposts.com
Japan Airlines offers flights to Mongolia
Japan Airlines offers flights to Mongolia
On June, 2023, Japan Airlines announced that it will operate a charter flight between Narita and Ulaanbaatar within the framework of 2023-2024 the ‘Visit Mongolia’ year for receiving up to 1 million tourists a year in Mongolia.

There will be two flights to Mongolia in August.
  • The company will fly from Narita to Ulaanbaatar on August 24 and 28.
  • It will also fly from Ulaanbaatar to Narita on August 28 and September 1.

The flight departs from Narita in the morning and arrives in Ulaanbaatar in the afternoon, while the return flight departs from Ulaanbaatar in the afternoon and lands in Narita in the evening. The company stated that it aims to offer a 5 day, 4 night tour to Mongolia.

This travel program is run by travel agencies such as HIS (HIS, 9603), Club Tourism, JTB, Nihon Travel Agency and Hankyu Travel. About 200 people can travel to Mongolia one flight.

Source: gogo.mn
Leading in the new reality: Annual Global CEO Survey – Mongolia Report May 2023
Leading in the new reality: Annual Global CEO Survey – Mongolia Report May 2023
EuroChamber received PwC’s Annual Global CEO Survey on June 2, 2023. Every year, the views of thousands of chief executives around the world are gathered in the PwC’s Annual Global CEO Survey, in which 4,410 CEOs worldwide, including 30 in Mongolia participated.

According to the survey, the year 2022 posed unprecedented challenges to Mongolia, one of the largest landlocked countries in the world, in the form of a decline in international trade and a consistent rise in inflation rates. Mongolia, being heavily dependent on its neighbors, faced disruptions in export and import due to China’s COVID19 related border closure, and Russia’s invasion of Ukraine. We saw modest growth in GDP at 4.8% and an annual inflation rate of 15.2%, mainly due to supply-chain disruptions, higher transport costs and the rising prices of imported goods.

Prioritize short term profitability
  • Inflation, macroeconomic volatility and geopolitical conflict are the top three risks Mongolian CEOs will focus on in the next 12 months. ESG-related risks remain a focus for the longer term.
  • In response to these challenges, nearly three-quarters of Mongolian CEOs are considering reducing operating costs and diversifying products and services while emphasizing top talent retention.
Recognize the need for transformation
  • 68% (29% more than global CEOs) believe their current business models will not survive within the next decade unless they innovate.
  • As part of the transformation agenda, Mongolian CEOs are shifting their focus on customer preferences, technology advancements and supply chain management.
Place a premium on broad collaborations to drive business value
  • Compared to global CEOs, Mongolian CEOs are more likely to work with other established companies, entrepreneurs, and start-ups.
  • The goal of these partnerships is primarily to create new sources of value rather than to solve societal challenges.
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