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EuroChamber newsletter
23 June 2023
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Eurochamber Mongolia is pleased to announce that Mongol Basalt JSC has joined us as a Premium member.

We are looking forward to our fruitful cooperation.
EuroChamber's update
EuroChamber's "Sustainability and Energy" Working Group Meeting held on June 19
EuroChamber’s “Sustainability and Energy” working group is thankful to our esteemed speaker, Mr. Oliver Schnorr, Chairman and investor to Sainshand Wind Park in Dornogovi Province of Mongolia, and CEO of Euro Khan LLC. His presentation on the renewable energy wind park project was incredibly enlightening, providing us with valuable insights into the potential of wind energy and its contribution to sustainable development in Mongolia.

We are fortunate to have had the opportunity to learn from Mr. Schnorr's expertise and his dedication to advancing renewable energy practices. His project exemplifies the possibilities and struggles that exist in our region for sustainable and clean energy solutions.
Invitation to the Mongolian Economic Forum on July 9-10
Invitation to the Mongolian Economic Forum on July 9-10
Mongolia Economic Forum is the Nation’s premier platform to address pressing economic and social issues facing Mongolia and more importantly, solutions to help accelerate Mongolia’s development.

Since 2010, Mongolia Economic Forum, a politically independent, non-profit, non-governmental organization, has been convening the highest level representatives from the Government, private sector, civil societies, academia, and international organizations for an annual two-day discussion forum.

This year’s event follows Mongolia’s strong recovery from the COVID-19 pandemic, with the economy having grown at a faster than expected rate of 4 percent in 2022 with high levels of growth forecast for both this year and 2024 respectively.

Key Discussion Areas:
  • Mongolia’s role in the global supply chain
  • Mongolia’s role in regional trade integration
  • The business and investment environment in Mongolia
  • Mongolia as a regional business hub
Opportunities for delegates:
  • Get the latest insight on economic developments within Mongolia
  • Explore potential partnership opportunities for forthcoming projects
  • Engage in peer-to-peer dialogue with key decision makers
  • Hear keynote addresses from high-level professionals

Registration is available here.
Invest Darkhan- Sustainable and Green Finance Forum 2023
Invest Darkhan- Sustainable and Green Finance Forum 2023
EuroChamber is pleased to share an invitation to the "Invest Darkhan- Sustainable and Green Finance Forum 2023" organized by Friendship Project Co-Funded by European Union in Darkhan-Uul Province, which will be held in Darkhan-Uul Province, Mongolia from June 29th to July 1st, 2023
The main aim of this forum is to discuss and exchange ideas on prioritizing resilience, sustainability, and climate challenges cities confront toward climate-safe and just transition the enabling environment and feasibility of operationalizing the capacity to access sustainable and green finance for resilience, mitigation, and just transition in Darkhan-Uul Province. This event will initiate and formalize the discussion on the Localisation of SDGs, SDG Financing, and Localisation of Nationally Determined Contributions (L-NDCs) within the framework of Leaving No One Behind (LNOB).
The forum will provide Darkhan-Uul Province and Cities an opportunity for knowledge sharing, peer-peer exchange, best practice learning, and cooperation on sustainable and green finance through policy and project cooperation among EU, Darkhan-Uul, and regional stakeholders.

For more information, please email the Friendship Project at idef@friendship.mn or contact us by phone at /+976/ 70373737

To register for the event, please click here.

We look forward to your presence in Darkhan City.
Member's update
Capitron Bank has waived the JPY international OUR transfer fee
Capitron Bank has waived the JPY international OUR transfer fee
Capitron Bank provides fast and reliable International SWIFT payment services to their customers. Thereby, we are waiving our JPY international OUR transfer fee, and 50% off for CNY international transfer fee until the 30th of September, 2023.
Our customers can make International transfers through our bank branches and digital banking app using SWIFT global payment system with low fee.

In summary, Capitron Bank ensures that the transfers are processed efficiently and securely, providing a convenient and cost-effective solution for international payments.
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Mongolia Updates
Prime Minister L.Oyun-Erdene visit to China
Prime Minister L.Oyun-Erdene visit to China
At the invitation of Premier Li Qiang of the State Council of the People’s Republic of China (PRC), Prime Minister of Mongolia L. Oyun-Erdene will pay an Official Visit to China from June 26 to July 1.

During the Official Visit, Prime Minister L. Oyun-Erdene is going to hold official talks with Premier Li Qiang of the State Council and pay courtesy calls on President of the PRC Xi Jinping and Chairman of the National People's Congress Standing Committee Zhao Leji.

Issues on expanding the comprehensive strategic partnership and mutually beneficial cooperation between Mongolia and China will be topics of the talks. Moreover, some cooperation documents are expected to be concluded.

As part of the Official Visit, the Prime Minister will attend the 14th Annual Meeting of the New Champions, also known as Summer Davos Forum, which is set to be held in north China's Tianjin Municipality from June 27 to 29.

Source: montsame.mn
Mongolia placed 62nd in World Competitiveness Ranking
Mongolia placed 62nd in World Competitiveness Ranking
The "IMD World Competitiveness Ranking 2023" published by the Economic Policy and Competitiveness Research Center was presented on June 20.

Out of 64 countries included in the World Competitiveness Report, Mongolia was ranked 62nd. The institute ranks economies based on 164 competitiveness criteria, which are grouped into four factors, including economic performance, government efficiency, business efficiency, and infrastructure. Denmark, Ireland, Switzerland, Singapore, and Netherlands were ranked as the most competitive countries. As in the previous year, Brazil, South Africa, Mongolia, Argentina, and Venezuela were named as the countries with the weakest competitiveness.

In this regard, Chairman of the Board of Directors of the Center for Economic Policy and Competitiveness Research P.Tsagaan said, “The annual report on world competitiveness is researched and processed based on a total of 335 indicators. The report shows the results of the policies and activities carried out in the direction of the country’s development. It can be considered as a unified report, mirror, criterion, and measure. Mongolia has 35.56 points out of a total of 100 points for certain indicators. This is a decrease of 0.64 points from the previous year, which is one rank behind.”

Deputy Director of the Economic Policy and Competitiveness Research Center I.Odonchimeg said, “This year’s research report shows that Mongolia is ranked 62nd out of 64 countries in the overall competitiveness ranking. Recently, new indicators have been introduced due to the effects of science, robots, and the pandemic. When the first study was conducted in 2015, Mongolia was ranked 57th. This was the highest indicator for Mongolia.”

Source: https://theubposts.com/
Minister of Finance B. Javhlan: salaries of 217,000 civil servants and pensions of 486,000 senior citizens will be increased starting from July 1.
Minister of Finance B. Javhlan:  salaries of 217,000 civil servants and pensions of 486,000 senior citizens will be increased starting from July 1.
In his announcement, Minister of Finance B. Javhlan discussed the approval of a budget amendment that will lead to an increase in salaries for 217,000 civil servants and pensions of 486,000 senior citizens, effective from July 1.

Minister Javhlan acknowledged that this increase in budget expenditures would impact the money supply and potentially cause changes in inflation. Recognizing that the public cannot afford to wait for an extended period, the decision was made to implement the budget amendment promptly.

The government's focus is on enhancing the real income of the population by increasing salaries, pensions, allowances, and child benefits. To counteract the negative effects of rising inflation, both fiscal and monetary policies will be employed. Economic and administrative measures will be implemented to address these concerns.

Minister of Finance B. Javhlan said that there is limited scope for the central bank to lower policy rates. This suggests that monetary policy will be maintained at a tight or restrictive level, implying that interest rates may not be lowered to stimulate borrowing and spending.

Administrative measures will be taken to combat issues such as artificial price hikes and market shortages, utilizing the budget clarification to address these problems effectively.

Overall, the government aims to improve the living standards of the population by increasing income and combating inflationary pressures through a combination of economic and administrative measures.

Source: ikon.mn
The majority of tourists visiting Mongolia come from Russia, China, and South Korea.
The majority of tourists visiting Mongolia come from Russia, China, and South Korea.
According to the information provided, the tourism industry in Mongolia has seen a significant number of visitors from various countries. A total of 226,517 tourists have visited the country since the beginning of 2023.

The largest number of tourists, amounting to 111,216, came from Russia. This is followed by 41,768 tourists from China and 27,743 tourists from South Korea. These three countries seem to be the major sources of tourists visiting Mongolia.

In terms of entry points, 86,855 tourists arrived by air, indicating the significance of air travel as a means of reaching Mongolia. Additionally, 46,840 tourists entered through Altanbulag port, 36,386 through Borshoo port, and 29,124 through Zamyn-Uud port.

It is worth noting that Mongolia has set an ambitious goal of receiving one million tourists in 2023. This indicates the country's desire to further develop its tourism sector and attract a larger number of visitors, potentially contributing to the growth of the economy and cultural exchange.

Source: ikon.mn
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Mongolia will host a Female Foreign Ministers' Meeting on June 29-30
Mongolia will host a Female Foreign Ministers' Meeting on June 29-30
Under the initiative of Minister of Foreign Affairs B. Battsetseg, the first-ever meeting of female foreign ministers will be held in Ulaanbaatar on June 29-30, 2023.

The primary objective of this meeting is to promote gender equality and safeguard human rights, particularly those pertaining to girls and women, within the realm of foreign policy. By doing so, it seeks to contribute to the establishment of a stable society characterized by human rights, freedom, equal opportunities, and the favorable outcomes resulting from women's involvement in decision-making processes. The intention is to raise awareness about the impact of such participation.

The organization of this meeting is a collaborative effort between the Mongolian government and the Federal Republic of Germany. Representatives from 15 countries, as well as the United Nations and various other international organizations, will participate in this event.

During the meeting, an extensive discussion will take place concerning women's participation in addressing critical global issues such as climate change, food security, and the promotion of international peace and security. The outcome of these discussions will be encapsulated in the "Ulaanbaatar Declaration," a final document that will be issued.

Mongolia, driven by its commitment to gender equality and the protection of human rights, has put forth this initiative as a fundamental component of its domestic and foreign policies and activities. This demonstrates Mongolia's dedication to prioritizing these issues and integrating them into its national and international agendas.

The initiative serves as a partnership and cooperative effort that emphasizes the importance of peace in international relations, particularly in the context of today's complex global geopolitical landscape. It signifies a proactive approach that seeks to make tangible contributions towards the advancement of a feminist foreign policy rooted in the pursuit of the common good. Through this initiative, Mongolia also seeks to inspire genuine action and meaningful engagement in addressing gender equality, human rights, and peace.

Source: gogo.mn
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