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|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.
|Successful Conclusion of "World Export Development Forum - 2023"|
The "World Export Development Forum - 2023" hosted by Mongolia under the auspices of the President of Mongolia Khurelsukh Ukhnaa was successfully concluded on June 29. The theme for the 20th Forum was "Diversify with Green Trade," emphasizing the importance of organic, digital, and sustainable solutions in overcoming multiple crises. Over 600 delegates from 70 countries participated in the Forum.
As part of the Forum Business to Business Meetings took place on ICT Services, Natural Fibres, and Leather. B2B Networking Platform was developed to facilitate business connections between the participating companies and help them meet potential partners at the WEDF 2023, resulting in reaching businessagreements worth USD 4.5 million and partnership agreements between some 20 companies.
The discussions on how information and technology evolution, including artificial intelligence, will affect the operations of micro and small and medium-sized businesses, and how to solve financing, are believed to have increased the results and importance of this Forum,” underscored Chief of Staff of the President’s Office Sodbaatar Yangug in his closing remarks.
“The suggestions and recommendations from this Forum will be reflected in the National Export Strategy, being jointly developed by the government and the private sector, and we believe that this strategy will play a vital role in increasing Mongolia's exports.”
During the Forum, the European Bank for Reconstruction and Development and the International Trade Center signed a Memorandum of Cooperation to increase the contribution of women entrepreneurs to the government and connect them to the international market.
Within the framework of the Memorandum, joint products and services will be developed to increase the financial access of women entrepreneurs.
|PM’S VISIT: “Welcome to Mongolia” Event in Beijing|
The Government of Mongolia has declared 2023-2025 as the "Years to Visit Mongolia" and is especially supporting investment and tourism and promoting Mongolia internationally. As part of the official visit of Prime Minister of Mongolia Oyun-Erdene to China, the "Welcome to Mongolia" event was organized on June 29 in Beijing.
The Prime Minister attended the event's opening and delivered a speech, saying "The basis of friendly relations between countries is mutual trust and cooperation between people. "This official visit focuses on strengthening mutual trust between people and enterprises."
“At the Mongolia-China business forum, I stated that the private sector investment was USD 600 million or CNY 3 billion. However, by the time we arrived at this event, the investment has reached USD 2.8 billion or CNY 20 billion as the memorandums of cooperation had been signed. The investment issue of the Bichigt-Khuut-Choibalsan Railway along the eastern vertical axis of Mongol has been resolved, and the loan agreement for the Erdeneburen Hydropower Plant has been also fully resolved. This is proof that the bridge for mutual trust and new revival has been fortified,” he emphasized.
During the "Welcome to Mongolia" event organized within the framework of the official visit by Prime Minister L. Oyun-Erdene, the "Four Seasons" concert that showed the connection between the history and culture of Mongolia was presented to more than 350 representatives of business, tourism, art, and culture of China.
Mongolia aims to receive one million tourists in 2023, and it is estimated to welcome 400,000 tourists from China.
Countries around the world have been progressing in advancing gender equality and prohibiting discrimination, and women’s share in the decision-making process. Increasing women’s political empowerment and economic participation are the areas of concern that need to be further addressed.
It is already a proven fact that women’s leadership brings a positive impact on all spheres of life. Accordingly, amplifying women’s voices and promoting them to senior leading positions are important for inspiring young women and girls around the world to achieve greater social recognition, leadership, and participation.
To this end, the Foreign Minister of Mongolia Ms. Battsetseg Batmunkh put forward an initiative to hold a Female Foreign Ministers’ Meeting for the first time in Mongolia to discuss issues facing international relations and seek possible solutions.
As a result, the Female Foreign Ministers’ Meeting-2023 commenced today, June 29, in Ulaanbaatar, Mongolia, bringing together female foreign ministers of countries around the world, ambassadors for gender equality, and representatives from the UN and other international organizations.
The first-ever Female Foreign Ministers’ Meeting in Ulaanbaatar aims to advance gender equality, human rights, and women's participation in decision-making, with Germany and France collaborating as organizers.
The consensus and solidarity of Female Foreign Ministers will serve as a great impetus for promoting multilateral cooperation to address global challenges. Mongolia also hopes that the meeting would benefit shaping pro-women foreign policy in our greater neighborhood in Asia and believes that our initiative will contribute to the efforts of other countries pursuing a feminist foreign policy.
The meeting will provide an opportunity for participants to deliberate and exchange information, and share their best practices of feminist foreign policymaking.
|Inaugural U.S.-Mongolia-ROK Critical Minerals Dialogue Held in Ulaanbaatar|
On June 27, 2023, U.S. Under Secretary of State for Economic Growth, Energy, and the Environment Jose W. Fernandez held the first-ever U.S.-Mongolia-Republic of Korea (ROK) Critical Minerals Dialogue with Mongolian Minister of Mining and Heavy Industry Ganbaatar Jambal and Republic of Korea 2nd Vice Minister of Foreign Affairs Lee Do-hoon in Ulaanbaatar. Through the U.S.-Mongolia-ROK Critical Minerals Dialogue, the three governments advanced information exchange and collaboration on critical mineral supply chains.
The dialogue featured both public-private and government-to-government sessions. During the first session, company and industry association representatives exchanged information about the status and potential of Mongolia’s mineral resource sector as well as about global commodity market trends and investment. In the government-to-government session, the three parties highlighted the importance and potential role Mongolia could play in meeting the world’s critical mineral needs. Each side provided views on critical minerals challenges and opportunities, and the parties discussed streamlining coordination, deepening information exchange, and implementing joint initiatives and projects. The three sides agreed that experts from each government would follow up on the dialogue’s key themes to pursue strategic opportunities.
This trilateral convening is just one example of diplomatic efforts by the United States to engage partner countries to achieve more secure and resilient supply chains around the globe. It is imperative that we come together to strengthen cooperation on shared economic, national security, and clean energy goals. Demand for critical minerals, which are essential for clean energy and other technologies, will expand significantly in the coming decades. Through initiatives like the Minerals Security Partnership (MSP), of which the ROK is a leading partner, the United States supports countries in realizing the full economic development benefit of their geological endowments. This is done through catalyzing investment in the critical minerals sector via government and private sector efforts to secure strategic opportunities – across the full value chain – that adhere to the highest environmental, social, and governance standards.
|Export certification of meat and meat products digitized|
Mongolian National Chamber of Commerce and Industry (MNCCI) has joined the One-Stop Export Digital System and presented to the enterprises of the how they fully completed the development of the program and put it into use. The system will be put into use from July 1.
By transferring the export certification of meat and meat products to a digital form, it will eliminate the problems faced by exporting enterprises, reduce time and money, documents and steps involved in issuing the export certificate, and government bureaucracy, and make it possible to make electronic decisions.
With the introduction of the system, more than 50 duplicate documents for 26 types of meat were previously prepared, but now there are 15, and the time spent is reduced to four to 13 days.
Currently, there are 18 companies that have the right to export meat and meat products to China, and there are many companies that have been trying to get export rights for the last four to five months.
Head of the MNCCI T.Duuren informed that a unit has been set up to support exports, to request a permit to export meat and meat products to China, and to assist in the preparation of documents. The unit will provide advice and support in matters such as applying for a meat export permit and preparing the necessary documents.
Currently, only meat and meat products’ export service is digitized on the One-Stop Export Digital System. However, in the future, Director of the Agricultural Exchange O.Narandelger said that all agricultural goods and raw materials, such as cashmere, wool, leather, and oilseeds, will be exported on the system.
The parties also exchanged views on issues related to the system and meat export. On this occasion, they expressed their desire to cooperate with the MNCCI for Meat Export Permits in the future. Representatives of more than 20 enterprises participated in the meeting to introduce the One-Stop Export Digital System to enterprises exporting meat and meat products.
|Deputy Prime Minister and Minister of Economy and Development Ch. Khurelbaatar submitted the revised draft of the Investment Law.|
On June 23, 2023, Ch. Khurelbaatar, the Deputy Prime Minister and Minister of Economy and Development, presented the revised draft of the Investment Law to G. Zandanshatar, the Chairman of the State Great Khural.
This draft law, initiated by the Government of Mongolia, incorporates regulations aimed at ensuring a stable investment environment, safeguarding the rights and legal interests of investors, addressing complaint resolution and dispute settlement, reducing government oversight and bureaucracy, eliminating monetary thresholds, and simplifying permits procedures.
The approval of the revised Investment Law is expected to have significant impacts across multiple areas. Key among these are fostering economic growth, creating an environment that is appealing to potential investors, generating new employment opportunities, and ultimately enhancing Mongolia's competitiveness. By implementing the revised law, Mongolia aims to attract more investments, stimulate economic development, and position itself as an attractive destination for international businesses.
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