| Joint European Christmas Party-2023 |
| On Wednesday, 6th of December 2023, the Joint European Christmas Party (JECP) took place at the Shangri-La Centre, Ulaanbaatar. We would like to thank our partners BritCham Mongolia, French Mongolian Chamber of Commerce - FMCCI and Deutsch-Mongolischer Unternehmensverband (DMUV) for organizing this wonderful event. Our special thanks go to the DMUV team who has devoted itself fulltime.
We also thank our sponsors for making this evening possible. Over 200 guests celebrated the Christmas Party organized by our 4 business chambers together and had a magic evening!
Thank you to our sponsors.
Gold sponsors: - Transwest Mongolia
- Badrakh Energy
Silver sponsors: - MSM Betastar
- CRM LLC
- Mongol Basalt LLC
- Aki LLC
- Aero Mongolia LLC
- Noyon Uul LLC
- Fine Cheese Mongolia.
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| EuroChamber's Banking and Finance Working Group |
| On December 12, 2023, the Banking and Finance Working Group of EuroChamber convened for its meeting, during which Golomt Bank imparted valuable insights on the significance of conducting Environmental and Social Risk assessments. We express our gratitude to our esteemed member Golomt Bank for graciously hosting this meeting. |
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| EuroChamber attends "Business and Commercial Law" discussion |
| EuroChamber participated in the "Business and Commercial Law" discussion organized by the Mongolian National Chamber of Commerce and Industry on December 14, 2023.
Despite commercial matters being regulated by the Civil Code approved in 2002, the effective implementation of fundamental principles of commercial law within the Civil Code has been lacking. The speakers at the discussion presented various studies highlighting the need for the introduction of dedicated commercial law in Mongolia.
The introduction of commercial law is anticipated to enhance the regulation of commercial relations, reduce transaction costs, and facilitate the contract process.
A dedicated working group at the Ministry of Justice and Internal Affairs is working on the formulation of the commercial law. Upon completion of the draft, a series of discussions will be convened to gather feedback and suggestions from businesses and various stakeholders, as presented by speakers and panelists. |
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| "BABYWORLD MONGOLIA" has furnished rooms in maternity hospitals |
| Our member, GG Groceries, through its "BABYWORLD MONGOLIA" mother and child store, has equipped mother and child rooms at both Khuree Maternity Hospital and Urguu Maternity Hospital. Additionally, the company has generously offered gifts to mothers in the pregnant and newborn wards. Furthermore, three baby beds were donated to the Neonatal Ward at the National Center for Maternal and Child Health.
The "BABYWORLD MONGOLIA" store holds the official distributorship of the UK-based LANSINOH brand. |
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| Our member Intermind LLC has opened its Shoppy mart in December, 2028.
EuroChamber always takes pride in the growth of its members. |
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| Christmas Celebration Opportunities |
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| Waiting for a Christmas Special show? |
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The Christmas Magic you’ve been waiting for…
Fat Cat Jazz Club has finally announced their long-awaited Christmas special for 2024, Snow Melody: Jojo’s Christmas Special. As our cherished reader, you receive an exclusive sneak peek and the chance to secure your tickets before anyone else. When the most wonderful time of the year comes, Fat Cat brings you the best of theirs. Now, their beloved Jojo is joining forces with the Mongolian Philharmonic Chamber Orchestra, Bayanmongol Big Band, and, of course, your favorite singers to create the Christmas magic you’ve been waiting for. This event will feature mesmerizing performances of beloved carols and holiday compositions in a festive ambiance, the enormous Christmas market of various local craftsmen that will warm your heart and ignite your holiday spirit. 🎄✨Prepare to immerse yourself for this one and only evening of music, joy, and the true essence of Christmas.
CONDUCTOR: Saruul-Od S.
SPECIAL GUESTS. Singer Naagii, Enkh-Erdene, Tenuun, Ariu & Enkhjargal
GENERAL INFORMATION: 📌 VENUE: Cultural center /СТӨ/ 📅 DATE: Saturday, December 23, 2023 ⏳ TIME: 7:00 pm 🎫 TICKETS: www.fatcatjazzclub.com
If you have any questions, please get in touch with 86108160 |
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| Final Opportunity to Secure Your Year-End Celebration at Kempinski Hotel! |
| As the year draws to a close, there's no better place to bid farewell to 2024 than at Kempinski Hotel Khan Palace Ulaanbaatar. Take advantage of special discounts available for the last few days we have left open.
The clock is ticking, and this is your last chance to lock in your date at Kempinski Hotel Khan Palace. Don't miss out on the opportunity and call us now at 9905 0074, 9905 6882, or 9905 2015 to secure your spot and make this year's celebration unforgettable.
Kempinski Hotel Khan Palace, Ulaanbaatar
East Cross Road, Peace Avenue, Bayanzurkh District |
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| Tax Reform under Discussion |
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A Meeting to discuss the current situation of the taxation system of Mongolia and the need for reforms took place on December 12, 2023.
At the Meeting, the Chairman of the State Great Khural Zandanshatar Gobojav made a presentation on "Finance and Tax Reforms". He noted the plan to improve the VAT registration system, from which the tax reform should have started, had not been done due to time restrictions. Thus, the tax reforms should begin straight with the reform of public finances. For example, inefficient budget spending and unprofitable activities of state-owned organizations should come to an end. He stated that Mongolia's economy is under pressure from imports, welfare, double deficit, and loan interest rates. The share of imports in GDP has risen from 29.8 percent in 30 years ago to 50.8 percent in 2022 making the balance of payment deficit MNT 30.4 billion. This loss was covered by external debts and loans of USD 33.8 billion. Also, the Chairman briefly presented the flow of money from imports and the impact on the exchange rate.
Professor of the Business School of the National University of Mongolia N. Saruultugs presented the current situation and future trends of the tax environment. Mongolia's tax burden is 5.6 points higher compared to an average of non-member countries of Economic Cooperation and Development Organizations, ranking Mongolia as a country with an average tax burden. Presenting the impact of tax policies, N. Saruultugs stated that Mongolia's economy is expanding and revenues are increasing due to the influence of tax policies. Tax environment changes have been implemented to reduce the tax burden to influence taxpayers. He noted the high level of the shadow economy has a probability to increase the burden on honest taxpayer organizations and individuals.
Head of the Research Institute of the Mongolian National Chamber of Commerce and Industry O. Tumen-Amar presented a study of the business environment in 2023 and the tax environment. Afterward, the entrepreneurs exchanged views on tax reforms. N. Dash-Ulzii, Director of Ulzii Center LLC, noted the importance of carrying out tax reform in the direction of industrial development. The economy cannot get on the right track due to the failure to develop the industry. Firstly, goods and products that are not produced in Mongolia should be exempt from customs duties and VAT.
Executive Director of the Mongolian Food Industry Association M.Narmandakh noted that 422.5 thousand people are employed in the food chain. "Duplicative state taxation at every stage starting from the import of raw materials, production, to delivery to consumers puts a heavy burden on us. In addition, due to tax pressure and labor shortages, many manufacturers have recently gone bankrupt. Tax reforms should begin with a reduction in social insurance contributions and VAT rates," said M.Narmandakh.
Source: montsame.mn |
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| Investments in Tourism Highlighted |
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The Tourism and Green Investment Conference was held on December 11, 2023. At the Conference Ts. Baatarsaikhan, President of the Professional Tourism Association (PTA), noted that tourism is the most promising industry, but the quality of services will not improve without investment. In this context, he called on entrepreneurs, companies, and banks to invest in the tourism sector.
B. Batchimeg, Head of the Department of Tourism Policy Coordination, Ministry of Environment and Tourism, emphasized that the tourism sector recovered fast after the pandemic and in 2023 Mongolia received over 650 thousand tourists exceeding the number of 577 thousand tourists received in 2019.
Over 50 percent of tourists coming to Mongolia are from Russia, China, and Korea and USD 2.5 million generated from the air transport from tourists from these countries can be concentrated in the climate fund. Chief Executive Officer of the One Billion Trees Fund B. Bayarmaa noted that in cooperation with banks, this money could be used for green investments in tourism, tree planting, reforestation, and combating desertification. The One Billion Trees Fund, founded in March 2023, has allocated MNT 1.3 billion to 34 projects and planted more than 100,000 trees so far. In the future, the Find plans to support and collaborate with the "One Tourist, One Tree" project.
The Tourism and Green Investment Conference was organized by the Ministry of Environment and Tourism and the PTA to strengthen public-private partnerships, promote an enabling environment for domestic investors in the tourism industry and exchange views on strategic plans for the next year.
Source: montsame.mn |
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| The Monetary Council of Mongolia's Central Bank, in its session held from December 12-13, 2023, has opted to maintain the benchmark interest rate at 13 percent.
This decision is based on an assessment of current and future trends in both the Mongolian and global economy and financial markets, as outlined by the central bank.
Despite positive economic developments, the decision is informed by persistently high risks. Escalating tensions in the Middle East have heightened uncertainties in the global economy. Furthermore, concerns persist, including the potential for a slowdown in global and Chinese economic growth, ongoing challenges in China's real estate market, and the volatility in mineral commodity prices.
Source: mongolbank.mn |
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| The loan agreement for road maintenance and repair was finally approved by the Parliament |
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On December 15, 2023, 91.1 percent of the members who participated in the general session of the Parliament of Mongolia approved the loan agreement for the "Transportation and Logistics Improvement Project of Mongolia".
As per the information provided by the working group and the Minister of Road and Transportation regarding the designated purposes for the loan, the project entails upgrading a total of 361 kilometers of paved roads within the national road network. These roads connect the capital city to the western, eastern, and northern regions. Additionally, the plan includes the enhancement of reinforced concrete bridges spanning a total length of 1,205 meters at eight different locations. This initiative falls under the "Nutgiin Zam" project, aiming to connect various roads.
The project will encompass specific road sections, including Ulaanbaatar-Arvaikheer, Arvaikheer-Bayankhongor, Kharkhorin-Tsetserleg, Tsetserleg-Tosontsengel, Ulaanbaatar-Undurkhaan, Undurkhaan-Choibalsan, and Bulgan-Murun. Additionally, it involves the improvement of reinforced concrete bridges over rivers such as Kherlen, Orkhon, Tamir, Gichgene, Khanui, Belkh, Lun, and Turgen.
Financing for this extensive project, totaling US$110 million, will be secured through a US$100 million contribution from the World Bank's International Bank for Reconstruction and Development and an additional US$7.3 million in Special Drawing Rights from the International Development Association.
Source: ikon.mn |
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Our mailing address is: info@eurochamber.mn |
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