| EuroChamber Mongolia is pleased to welcome ADVANTAGE AUSTRIA as a Premium member.
ADVANTAGE AUSTRIA is the trade promotion organisation of the Austrian Federal Economic Chamber. With its more than 100 offices in over 70 countries, it provides a broad range of intelligence and business development services for both Austrian companies and their international business partners.
We are looking forward to fruitful cooperation in the upcoming year. |
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EuroChamber Mongolia is pleased to welcome Ulaanbaatar Buk JSC as a Corporate Plus.
Established in 1984, Ulaanbaatar Buk JSC initially supplied concrete mortar and reinforced concrete products, catering to approximately 70% of housing construction in Ulaanbaatar. The company also played a vital role in the construction of urban areas in the central region, including Darkhan and Erdenet.
We are looking forward to fruitful cooperation in the upcoming year. |
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| Mongolia Economic Forum: Regional Development Roundtable |
| EuroChamber is delighted to invite you to the "Mongolia Economic Forum: Regional Development Roundtable" scheduled for February 1-2, 2024.
Venues: - Khangai region (Arkhangai, Bayankhongor and Uvurkhangai provinces) - Central Cultural Palace
- Western region (Bayan-Ulgii, Uvs, Khovd, Zavkhan, Govi-Altai provinces)- Government Palace
- Northern region (Bulgan, Orkhon and Khuvsgul provinces)- Novotel Hotel
- Central region (Darkhan, Selenge and Tuv provinces) - Opera and Ballet Theater
- Eastern region (Dornod, Sukhbaatar and Khentii provinces) - Tuushin Hotel
- Govi region (Govisumber, Dundgovi, Dornogovi and Umnugovi provinces)- Blue Sky Hotel
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| FCR: Maximum Interest Rate for Lending to Be 4.5 Percent |
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The Money Loan Activities Policy Council under the Financial Regulatory Commission (FRC) held a meeting and set the maximum interest rate for money lending to be 4.5 percent monthly.
The Financial Regulatory Commission reported that the maximum interest rate, the general formatsof loan, pledge, and guarantee agreements, and the methodology for calculating the interest rates, approved by the Money Loan Activities Policy Council will be followed from March 1, 2024. The fact that countries set the upper limit of loan interest rates and make detailed regulations by passing laws to prevent consumers from being burdened with excessive interest payments and debt, improve access to credit services, create financial stability, and increase economic productivity.
Regulatory transparency empowers consumers to make more informed decisions and has positive economic impacts. In Mongolia, pawnbroking had not been regulated and violated the rights of consumers with high interest rates and improper calculation of penalties on arrears. Therefore, in 2022, the State Great Khural approved the Law on Regulation of Money Loan Activities.
Source: montsame.mn |
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| Ulaanbaatar Winter Festival to Take Place on January 27-28 |
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The Ulaanbaatar City Tourism Department, in collaboration with "Sky Resort" LLC, will organize the Ulaanbaatar Winter Festival scheduled on January 27-28, 2024. The Festival will be hosted at the Sky Resort Ski Complex, "Uukhain Duu" tourist camp in Tsonjin Boldog, and the National Park.
The Ulaanbaatar Winter Festival aims at promoting the magnificent winter season of Mongolia, demonstrating Mongolia's unique traditions, heritage, and invaluable culture, and passing them on to the younger generation of Mongolia. Additionally, the Festival focuses on introducing new and emerging winter extreme sports and travel experiences to the citizens of the capital city, providing an opportunity for families to spend the holidays joyfully together.
During the Festival, various winter sports contests, such as ice archery, knucklebone ice shooting, snowboarding, snow rugby, and ice wall climbing, will take place, expecting more than 1,000 professional and amateur athletes across the country, as well as more than 80 people from the People’s Republic of China and the Russian Federation.
Source: montsame.mn |
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| Mongolia fulfills 85 percent of its vegetable needs through domestic production |
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In 2023, the harvest results revealed a significant increase in vegetable production, marking a 40 percent rise compared to the previous year. The data from the Ministry of Food, Agriculture and Light Industry indicates that from 326.3 thousand hectares of cultivated land, a total of 456.4 thousand tons of grain were harvested. Notably, wheat production saw an eight percent increase, equivalent to 32,000 tons, while vegetable yield surged by 23 percent, reaching an additional 35,000 tons. This boost allowed the country to fulfill 85 percent of the population's vegetable needs through domestic production.
Vegetables constitute 2.5 percent of the total cultivation, emphasizing their growing importance in the agricultural landscape. The overall cultivated land area in 2023 expanded to 642,200 hectares, reflecting a 3.8 percent increase from the previous year and reaching levels seen in 1990-1992. While grain remains the primary agricultural product, its share of the total area has decreased over the past 30 years. Instead, there is a notable trend towards diversification, with an increasing focus on cultivating vegetables, fodder, and technical plants.
Furthermore, research has identified seven types of agricultural products from Mongolia that hold export potential, showcasing opportunities for the country to participate in the global market.
Source: gogo.mn |
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Our mailing address is: info@eurochamber.mn |
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