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EuroChamber newsletter
17 August 2023
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New Members
New Members
We are pleased to announced that URECA LLC has joined Eurochamber as a Start-up member.

URECA LLC is a climate-tech startup with the mission to make carbon offsetting accessible to everyone. URECA - the “go to” marketplace for high quality carbon credits Real-time AI verified, decentralized blockchain base marketplace for carbon credits and renewable energy certificates.

The company will use technology to replace costly, outdated and bureaucratic legacy verification processes to provide a marketplace for carbon offsetting that is transparent, affordable.
We are pleased to announce that Momade has joined Eurochamber as a Start-up member.

Momade is Virtual Assistant Agency of remote working mothers. There are seven departments of business support services. Momade finance is one of them and we provide accounting services.
Corporate Sustainability and Environmental Rights in Asia
Corporate Sustainability and Environmental Rights in Asia
On behalf of the co-organizers, EuroChamber is pleased to invite our members to the upcoming Corporate Sustainability and Environmental Rights in Asia conference, to be held in-person from the 4-5 October 2023 at United Nations Conference Center in Bangkok, Thailand.

The conference cohosted by United Nations Development Programme (UNDP) and United Nations Environment Programme (UNEP), will bring together business leaders, investors, policymakers, and civil society actors to exchange views on the role of private sector in strengthening the newly recognized right to a clean, healthy and sustainable environment (R2HE).
For further details, kindly see attached the Conference agenda. Please also see the event website to register and learn more.

Should you have any questions on the event please contact Belinda Hlatshwayo at belinda.hlatshwayo@undp.org.
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Save the Date
Monthly Meeting on 8 September, 2023
Monthly Meeting on 8 September, 2023
We are happy to welcome you all to our monthly meeting, Back to Business, to give an overview on Mongolia Business Outlook for Q4, 2023 on 8 September, 2023.

For members: Complimentary
For non-members: MNT 50,000

Venue: TBC

For registration, please click here.
Mongolia update
The agenda for the State Great Khural's regular autumn session in 2023 includes 62 issues.
The agenda for the State Great Khural's regular autumn session in 2023 includes 62 issues.
The State Great Khural's regular autumn session which will start in October, 2023 is set to deliberate on 62 issues, including the followings:
  • Draft law on Road Transport (Revision)
  • Draft Commercial Law
  • Draft Law on Minerals (Revision)
  • Draft revision of the General Land Law and other related drafts
  • Draft Laws on Insurance, Insurance Brokerage, Driver's Insurance (Revision)
  • Draft law on enforcement of civil and administrative court decisions
  • Draft Law on Procedure in Civil Courts (Revision)
  • 2024 budget of Mongolia, 2024 budget of the Social Insurance Fund, 2024 budget of the Health Insurance Fund, 2024 budget of the Future Heritage Fund, and other related draft laws and resolutions
  • Draft Law on Competition (Revision)
  • Draft Law on Amendments to the Law on Water Contamination Fees
  • Law on Sovereign Wealth Fund
  • Draft resolution of the State Great Khural on Approval of Targeted Development Programs.

Source: legalinfo.mn
Official foreign currency reserves increased by about US$ 1 billion
Official foreign currency reserves increased by about US$ 1 billion
As of July this year, Mongolia's official foreign currency reserves have reached US$ 3,827.42 million. This marks an increase of US$ 427.8 million, which translates to a growth of 12.6 percent since the beginning of the year.

According to the report from the Bank of Mongolia, this reflects a substantial rise of US$ 948.8 million, or 33 percent, in comparison to the same period last year. Notably, foreign exchange reserves stood at US$ 2,878.60 million just a year ago in July 2022.

Source: news.mn
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Mongolian Mining Week 2023 Forum
Mongolian Mining Week 2023 Forum
A major forum of the mineral sector, "Mongolian Mining Week 2023" will be held for the second year in Ulaanbaatar on October 9-13.

The event to be organized jointly by the Ministry of Mining and Heavy Industry and the National Mining Association of Mongolia will discuss the policy reforms of the sector and the reform of the investment environment, which are included in the "Vision-2050" development document and the "New Revival Policy" implemented by the Government.

Last year, for the first time in Mongolia, participants from all levels of the mineral sector gathered for five days to stimulate the development of the industry, attract foreign investors, support domestic enterprises and Government policies. They discussed many pressing issues of the sector with the participation of all level organizations to determine the competitiveness of the industry, develop products that meet global trends and market demand, ensure the participation of citizens and communities in the policy decisions of the Government, seek joint solutions, restore a favorable investment environment, and accelerate legal reforms, and determined the direction.

The Ministry of Mining and Heavy Industry reports that their policy is aimed at supporting responsible mining, consistently protecting interests of law-abiding domestic and foreign investors, cooperate with private sector by giving opportunities and confidence, and raising responsibility, and increasing competitive edge of the sector.

Source: montsame.mn
Tourism Generates MNT 63.6 Billion in Tax Revenue
Tourism Generates MNT 63.6 Billion in Tax Revenue
Mongolian businesses operating in the tourism sector have paid MNT 63.6 billion in taxes as of the first half of this year.

If to take tax payments of the tourism sector for the last three years:

  • In 2019, 1,320 companies and organizations paid MNT 87.1 billion,
  • In 2020, 1,348 companies and organizations paid MNT 47.1 billion,
  • In 2021, 1401 companies and organizations paid MNT 65 billion,
  • In 2022, 1,637 companies and organizations paid MNT 94.2 billion,
  • As of the first six months of 2023, 1,376 organizations contributed MNT 63.6 billion to the state budget.

In the first half of 2023, compared to this period of the last 3 years, the tax revenue of the tourism sector has increased and tends to exceed the previous indicators. In the future, the number of tourists coming to Mongolia will increase, and the tourism industry will have a significant impact on Mongolia's economy, envisages the Ministry of Environment and Tourism.

The Government made the tourism sector a priority of the economy and announced 2023-2025 as the "Visit Mongolia Years". This year, a target of "one million" tourists has been set, and so far, more than 390,000 tourists have already visited Mongolia.

Source: montsame.mn
In July, inflation reached 9.2 percent, reflecting a year-on-year decrease of 7.2 percent
In July, inflation reached 9.2 percent, reflecting a year-on-year decrease of 7.2 percent
The National Statistics Office has released the key social and economic indicators of Mongolia for the first seven months of 2023.

In July 2023, the price of consumer goods and services rose by 9.2 percent compared to the same period in the previous year. It increased by 6.8 percent compared to the end of the previous year and decreased by 0.3 percent from the previous month. In Ulaanbaatar, the annual inflation rate stands at 9.4 percent. Across provinces, the lowest inflation rate is in Gobi-Altai at 6.6 percent, while the highest is in Selenge province at 10.4 percent.

The national inflation rate showed an increase of 16.4 percent in July of the previous year, but it dropped to 9.2 percent in July 2023, meaning a 7.2 percent decrease from the previous year. When the inflation rate reaches 9.2 percent:
  • Food and water prices increased by 14.4 percent.
  • Prices of alcohol and cigarettes went up by 7.3 percent.
  • The cost of clothing, textiles, and shoes rose by 11.1 percent.
  • Housing, water, electricity, and fuel prices increased by 5.5 percent.
  • Prices of household furniture and goods grew by 9.5 percent.
  • Prices of medicines and medical services saw a rise of 7.6 percent.

This was predominantly driven by a notable increase in the prices of hotels, catering, and hostels, which surged by 16.3 percent.

Additionally, the price of imported goods increased by 35.2 percent, contributing to a 3.2 percent impact on inflation.

Source: gogo.mn
Pope Francis in Mongolia
Pope Francis in Mongolia
Accepting the invitation of the President of Mongolia and the ecclesial authorities of the country, Pope Francis will make an Apostolic Journey to Mongolia from 31 August to 4 September this year.

The focus of the visit will be encounters with leaders of government and civil society and meetings with local Catholics. There will be an ecumenical and interreligious gathering as well as a Mass and the inauguration of a charity center.

Here is the detailed schedule of the pope's trip released by the Vatican July 6.

Friday, Sept. 1
  • 10 a.m. Arrival at Chinggis Khaan International Airport in Ulaanbaatar and official welcome.
Saturday, Sept. 2
  • 9 a.m. Welcome ceremony at Sukhbaatar Square.
  • 9:30 a.m. Courtesy visit with President Ukhnaagiin Khurelsukh at the State Palace.
  • 10:20 a.m. Meeting with authorities, members of the diplomatic corps and local representatives in the Ikh Mongol hall at the palace. Speech by pope.
  • 11 a.m. Meeting with Gombojavyn Zandanshatar, chairman of Mongolia's parliament, the State Great Khural.
  • 11:10 a.m. Meeting with Prime Minister Luvsannamsrai Oyun-Erdene.
  • 4 p.m. Meeting with bishops, priests, religious, missionaries and pastoral workers at the Cathedral of Sts. Peter and Paul. Speech by pope.
Sunday, Sept. 3
  • 10 a.m. Ecumenical and interreligious meeting at the Hun Theater. Speech by pope.
  • 4 p.m. Mass at the Steppe Arena. Homily by pope.
Monday, Sept. 4
  • 9:30 a.m. Meeting with charity workers and the inauguration of the House of Mercy. Speech by pope.
  • 11:30 a.m. Farewell ceremony at Chinggis Khaan International Airport in Ulaanbaatar.
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