Considering joining EuroChamber?
Please see more about us here
, our membership information here
and application here.
We are pleased to welcome Saran Cashmere as a SME member.
|Start-up Trade Mission: Slush 2023, Helsinki, Finland
We are pleased to invite you to join EuroChamber's Trade Mission to Finland. In Helsinki, you will be able to attend Slush, the world's largest gathering of VC, and EuroChamber will organize a dedicated program for attendees of the trade mission.
Please express your interest here by 20 October, 2023 and we will send you the details afterwards.
|Exporting Mongolian Textiles to Europe: What is Next?
EuroChamber is delighted to extend an invitation to you for the upcoming event, "Exporting Mongolian Textiles to Europe: What Comes Next?" scheduled for October 19, 2023. We are grateful for the generous support of the Italian Embassy in Mongolia, which has made this event possible.
Our event will showcase prominent figures within the industry, offering valuable insights and perspectives.
While this event is free for all attendees, please note that number of seats is limited. We encourage early registration to secure your seat. Early registrants will be given priority seats.
Your participation would be greatly appreciated, and we look forward to your presence on this occasion.
|Eurochamber Mongolia's Innovation & Digitalisation Working Group Meeting
Eurochamber Mongolia's Innovation & Digitalization Working Group was held on October 6th, 2023. The morning breakfast meeting brought together our members, non-member companies, and representatives from government agencies.
The discussion primarily revolved around EuroChamber's trade mission to participate in the upcoming startup event, Slush, scheduled to take place in Helsinki, Finland, in November-December 2023.
|New Ministers Sworn into Office
During a session of the Parliament, it was announced that the Minister of Justice and Internal Affairs, H. Nyambaatar, and the Minister of Mongolia and Chair of the National Committee on the Reduction of Traffic Congestion, J. Sukhbaatar, have been relieved of their positions.
Following a thorough review of Prime Minister L. Oyun-Erdene's proposal to appoint Member of Parliament B. Enkhbayar as the new Minister of Justice and Internal Affairs, and Member of Parliament B. Delgersaikhan as the new Minister of Mongolia and Chair of the National Committee on the Reduction of Traffic Congestion, the newly appointed ministers were sworn in during the parliamentary session.
|Foreign Exchange Reserves of Mongolia Increases to USD 4 Billion
Foreign exchange reserves of Mongolia increased to USD 4 billion in this September, an increase of 48 percent over the same period in 2022.
Minister of Economy and Development Ch. Khurelbaatar reported to the Cabinet the results since the adoption of Resolution No. 362 on Measures for Increasing Foreign Currency Reserves on October 5, 2022, and measures to be taken in 2024.
In accordance with the Resolution, extensive measures have been taken to boost exports and transportation, set up an automatic system for customs clearance and tax collection, and improve control and mining product exchange. The exports reached USD 11 billion by September 2023, higher by USD 2 billion compared to the same period of the previous year.
Also, coal exports of Mongolia reached a historical record of 47 million tons, which is 28 million tons more than in the same period of the previous year. As part of improving customs control, automatic systems for customs and tax clearance have been introduced. Under the goal of open and transparent trade of minerals, a mining products exchange was introduced, and by October 2, a total of 7.5 million tons of coal and 101 thousand tons of iron concentrate were publicly traded.
As part of improving transportation and export operations, mining companies were authorized to issue category “C” permits for regular freight transport across the border. As a result, by the end of September 2023, the foreign exchange reserves of Mongolia reached USD 4 billion 124 million, an increase of 48 percent or USD1.3 billion compared to the same period of 2022.
During a briefing to the press Minister of Economy and Development Ch. Khurelbaatar said, “We reflected in the Bill on State Budget to export 60 million tons of coal next year and we will work hard to achieve this goal.”
|ADB Approves USD 100 Million Loan to Strengthen Mongolia’s Fiscal, Financial, and Economic Resilience
The Asian Development Bank (ADB) has approved a USD100 million loan to strengthen Mongolia’s fiscal, financial, and economic resilience.
“Mongolia is vulnerable to volatility in commodity markets and other exogenous shocks because of its dependence on mining revenues,” said ADB Principal Public Management Specialist Hans van Rijn. “To shore up against the impact of this volatility, the Strengthening Fiscal, Financial, and Economic Resilience Subprogram 1 supports reforms to strengthen tax revenue mobilization, debt management, banking sector stability, and the role of the private sector in economic development.”
Mongolia’s economy experiences repeated boom-and-bust cycles. The current growth trajectory is the third major expansionary economic cycle since 2008, underpinning the importance of implementing and accelerating structural reforms to build resilience.
The program supports tax revenue growth through structural improvements in domestic tax administration and increased alignment with international tax treaties around profit shifting and the automatic exchange of information.
Mongolia’s debt sustainability would be enhanced through the introduction of a risk-based approach to debt management, the strengthening of local capital markets, and increased fiscal transparency.
The program would also improve finance sector stability and resilience by boosting banking sector supervision and regulation, enhancing nonperforming loan resolution, and promoting financial consumer protection.
Finally, reforms would strengthen the upstream environment for private sector development through relevant legal reforms, support for public–private partnerships, and enhance the performance of the Development Bank of Mongolia.
|International Mining and Oil Expo for the 12th Year
The 12th International Mining and Oil Expo “Mongolia Mining 2023” was held on October 3-5, 2023 at the Buyant-Ukhaa Sports Palace.
The Expo brought together mining, oil, and exploration companies, service and equipment suppliers, assessment and consulting companies, investors, and about 200 business organizations from more than 20 countries, including China, Russia, Canada, Great Britain, Turkey, Australia, Belarus, Germany, Austria, the United States, Finland, Kazakhstan, South Korea and India. The exhibitors displayed their products, services, and equipment. At the Expo were presented the strategy for increasing productivity of Erdenes Mongolia LLC, the purchase plan of Erdenes Tavan Tolgoi JSC, Erdenet Mining Corporation, and Oyutolgoi LLC, transparency and accountability in procurement and Komatsu machinery for open-pit mining.
Copyright (C) 2023 EuroChamber. All rights reserved.
Our mailing address is: