In August 2023, Mongolia's Prime Minister embarked on a highly successful visit to the United States, brimming with the promise of reaping substantial, diverse economic rewards across multiple state sectors.

The recent visit of Mongolian Prime Minister L. Oyun-Erdene to the United States from August 2-6th, 2023, bolstered bilateral relations and opened new economic, tourism, and technology opportunities with specific US states. Five new US-Mongolia agreements were enacted, including a technology partnership with Google, a transparency agreement for commercial relations, an open skies agreement for tourism, an economic cooperation roadmap, and a bilateral assistance agreement for clean energy and economic diversity.

Technology Businesses in California

Prime Minister Oyun-Erdene's partnership with Google stipulates that Mongolia will provide 20,000 Chromebooks and 10,000 Level 1 and Level 2 educator certifications for Mongolian students to foster future digital leaders. These leaders will be crucial for California in the next few years, considering Silicon Valley and San Francisco’s mismatch in tech-intensive jobs.

According to McKinsey & Company, more than 44% of tech companies expect to experience skill gaps within a few years, while demands for tech-savvy jobs rose around 139.5%. If Google and Mongolia cooperate in fostering future digital human capital, they can fill the mismatch and stimulate IT innovation in California.

This initiative will lessen the skill gap in California and open doors for reciprocal knowledge exchange between both regions. An additional Transparency Agreement – designed to foster healthier bilateral commercial relations – was also ratified in support of inter-state business, opening opportunities for tech businesses to cooperate between the United States and Mongolia.

Tourism in Florida and Hawaiʻi

The signing of the Open Skies Agreement between Mongolia and the United States heralds a new era for tourism. States like Florida and Hawaiʻi, renowned for their popular tourism industries, can expect a surge in international visitors in the “post-pandemic era.” During the COVID-19 pandemic, states experienced a significant decline in tourists, especially in Hawaiʻi and Florida, where the number of tourists in October 2020 declined more than 90% from the year prior.

Fortunately, new direct flights from Mongolia will streamline travel, restoring state revenue and creating hospitality jobs because of this enhanced accessibility.

EV Battery Ecosystem in Michigan

The Economic Cooperation Roadmap and the newfound Bilateral Assistance Agreement further substantial cooperation within the critical mineral sectors (copper), clean energy, and economic diversity. A recent trilateral dialogue and enacted US-Mongolia MoU each discuss a strengthened cooperation to secure critical minerals supply chains, via both government and private sector efforts. This alliance is poised to have a transformative impact on Michigan’s electric vehicle (EV) battery ecosystem and Mongolia’s mining industry’s export of copper and cobalt in return since it accounts for 21.6% of the country’s GDP and 26% of the national revenue.

The roadmap can grow supply chain resiliency for critical minerals like copper, nickel, and cobalt, which are crucial to EV battery production by fostering partnerships and resource sharing. This not only enhances Michigan’s position as a critical player in the EV industry but also reinforces its commitment to sustainability, aligning with the Biden Administration’s clean energy goals.

At the same time, Mongolia’s participation in President Biden’s Global Methane Pledge, in conjunction with the European Union, stands to reduce global methane emissions through improved clean energy sources – including EV battery production. As a result, Michigan and Mongolia stand to solidify their status as vanguards of an EV battery ecosystem, contributing to their economic growth and advancement of sustainability.

Conclusion

Mongolia has pursued a “third neighbor foreign policy” with the United States – growing Mongolia’s foreign relations outside the influence of its two important neighbors: China and Russia. Mongolia’s commitment to building international partnerships continues to uphold Ulaanbaatar’s values looking forward and build networks of resilience outside Mongolia’s immediate neighbors. Further economic and trade developments at the state and local levels resulting from the agreements also hope to achieve lasting benefits for both countries.

We would like to extend our gratitude to AmCham Mongolia for their generous provision of data and insights that have enriched our research and analysis. The information graciously provided by AmCham Mongolia has been instrumental in shaping the essence of this article.

SeungHwan (Shane) Kim is a participant in the Young Professionals Program at the East-West Center in Washington, DC. He is a graduate student at the School of Advanced International Studies (SAIS), Johns Hopkins University, where he is focusing on security and statecraft in the Indo-Pacific region.

Declan Mazur is a participant in the Young Professionals Program at the East-West Center in Washington, DC. He holds a bachelors in Global China Studies from New York University Shanghai with a concentration in Political Science.

The East-West Center promotes better relations and understanding among the people and nations of the United States, Asia, and the Pacific through cooperative study, research, and dialogue. Established by the US Congress in 1960, the Center serves as a resource for information and analysis on critical issues of common concern, bringing people together to exchange views, build expertise, and develop policy options. The Center's Washington D.C. office focuses on preparing the United States for an era of growing Indo-Pacific prominence.

The trial of an international road transport route connecting China, Mongolia, and Russia on the Asia Highway 4 has finished, the Ministry of Transport (MOT) said on Wednesday.

A fleet of nine trucks dispatched by China, Mongolia, and Russia departed from Urumqi, northwest China's Xinjiang Uygur Autonomous Region, on Sept. 22, proceeding through Mongolia and Russia, and ultimately arrived in Novosibirsk, Russia's third-largest city.

At 2 p.m. local time Wednesday, a reception ceremony for the convoy was held in Novosibirsk.

The new route is the second international road transport channel connecting China, Mongolia, and Russia, following the Asia Highway 3.

The three countries should make joint efforts to facilitate customs clearance and transportation and contribute more to promoting the construction of the China-Mongolia-Russia economic corridor, Xuan Dengdian, an official with the MOT, said at the reception ceremony.

The United States Agency for International Development (USAID) and Development Solutions NGO, through the Business Excellence for Sustainability and Transparency (BEST) project, organized a forum to enhance Mongolia’s food security. Focused on “Exploring New Financing Avenues for Agriculture,” the forum gathered diverse perspectives as representatives from the government, private sector and donor organizations discussed challenges and opportunities to apply innovative solutions and financing approaches.

U.S. Ambassador to Mongolia Richard Buangan delivered opening remarks along with Minister of Agriculture, Food and Light Industry Kh. Bolorchuluun and Executive Director of the Mongolian Bankers Association L. Amar. They underscored the crucial role of partnerships to advance growth in the agricultural sector.

“Mongolia’s agricultural sector faces unprecedented challenges, including disruptions in the supply of essential inputs, such as fertilizer, and market uncertainties,” Ambassador Buangan said. “The U.S. government has been working with our Mongolian counterparts through a myriad of activities to promote sustainable and resilient economic growth and food security.”

The forum highlighted the results of a survey on the need to expand access to finance for farmers, conducted by USAID’s BEST program, the Mongolian Bankers Association, and the Banking and Finance Academy Panel. Discussions centered on innovative financing strategies based on agricultural production contracts, adaptation of financial models that suit the unique needs of the sector, and the potential establishment of dedicated agricultural financing units within commercial banks.

Since 2019, with USAID’s BEST assistance, over 4,000 small- and medium-sized enterprises have secured loans worth more than MNT 200 billion (approximately $62 million), which has helped them grow and expand their business, especially during the COVID-19 pandemic.

Mongolia - Taiwan economic meeting was held yesterday at the Mongolian National Chamber of Commerce and Industry. The meeting was jointly organized by the Mongolian National Chamber of Commerce and Industry, and the Taiwan International Economic Cooperation Association, Montsame reports.

Fourteen representatives of Taiwanese businesses led by Member of the Board of Directors of the Taiwan International Economic Cooperation Association Cheng Xin participated in this meeting. Head of Taipei Trade and Economic Representative Office in Ulaanbaatar Grace J.R.Luo was invited to take part in the event.

Over 30 representatives, who participated in the meeting from both sides, delivered presentations on communications, tourism, medicine, medical equipment, and financing services, and exchanged information on the latest developments in respective areas.

Head of Taipei Trade and Economic Representative Office in Mongolia Grace J.R.Luo emphasized that the Taiwan International Economic Cooperation Association has organized a team to come to Mongolia for the first time after the global pandemic. She noted that the total trade turnover between Taiwan and Mongolia reached $42 million, equal to the highest pre-pandemic figure, and expressed her confidence that this indicator would continue to grow rapidly, and that Taiwan-Mongolia cooperation would expand due to business exchanges.

The Financial Action Task Force (FATF) announced that Mongolia has fully complied with a total of 40 recommendations issued by the organization. As per this result, Mongolia is the first country in Asia.

In 2017 FATF reviewed the activities related to money laundering, combating terrorism, and illegal financing in our country. As a result, 15 of the 40 recommendations were insufficiently implemented, and Mongolia was included in the gray list of countries with strategic deficiencies.

In 2020, the country was removed from the above list by fulfilling six tasks that were underperformed. Now, Mongolia annually submits its report to FATF's branch organization in Asia and the Pacific Region. The last report was defended at the regional meeting in Canada in July this year. As a result, our report has been approved and published internationally. Now, Mongolia has improved the assessment of all 40 FATF recommendations and has become a country that has fully implemented them, says the Head of the Financial Information Service of the Bank of Mongolia B. Batbaatar.

Mongolia needed to improve the 8th rating of 40 recommendations, i.e., Mongolia had fulfilled 39 out of 40 recommendations of FATF. Monitoring the activities of non-profit organizations (NGOs) in relation to combating money laundering and terrorist financing was missing. In this regard, a working group headed by the Minister of Justice and Internal Affairs was established to improve the above activities.

Now, Mongolia pledges to establish an integrated risk database, a Compliance Council, a fintech association, and a digital platform within the framework of improving operations related to money laundering and combating terrorism.

Our country has also approved and implemented the Law on Virtual Asset Service Provider. Thus, we have become the first country in Asia to implement virtual regulation. It is officially announced that the rating of Mongolia has improved by doing these works. Constructive changes are expected in the monetary and financial sector of our country, which will positively impact the reputation of Mongolia.

Activities to combat money laundering and terrorist financing are based on cooperation. Mongolia has established two councils in this area, National and Cooperation Councils, to support FATF's activities in combating money laundering and terrorism. About 20 government organizations are engaged in this work.

The Deer Stone Monuments and Related Bronze Age Sites in Mongolia have been added to the UNESCO World Heritage List at the extended 45th session of the World Heritage Committee.

Located in central Mongolia, on the slopes of the Khangai Ridge, there are deer stones dating from approximately 1200 to 600 BCE. These stones, which can reach heights of up to four meters, were utilized for ceremonial and funerary purposes. They are found both individually and in groups, often within complexes that include large burial mounds known as khirgisüürs and sacrificial altars. These deer stones are adorned with intricate engravings depicting stags and are of great significance as they are the most significant surviving structures associated with the culture of Eurasian Bronze Age nomads, a culture that evolved and gradually disappeared during the transition from the 2nd to the 1st millennium BCE.

Mongolia joined the World Heritage Convention in 1990. In addition to the Deer Stone, Mongolia has inscribed five World Heritage Sites, namely Uvs Nuur Basin (2003), Orkhon Valley Cultural Landscape (2004), Petroglyphic Complexes of the Mongolian Altai (2011), Great Burkhan Khaldun Mountain and its surrounding sacred landscape (2015), and Landscapes of Dauria (2017).

32 wrestlers from the Naadam of 2232th Anniversary of establishment of the First Statehood in Mongolia, 817th Anniversary of the Great Mongol Empire and 102nd Anniversary of People’s Revolution of Mongolia had doping tests.

A substance included in the prohibited list issued by the World Anti-Doping Agency was revealed from M.Badarch, the State Lion, and decision to send proposals of invalidating all his rounds of the wrestling during Naadam and withdrawing the title of the State lion to the President of Mongolia has been made.

Also, M.Badarch's permission to wrestle at the Naadam Festival will be suspended for a period of four years until July 12, 2027. In relevance:

Bayanmunkh Burnee, the Province Lion, will be considered five round wins and have title of State Nachin;

Dash Erdenebat, the State Nachin /with highlight of usukh ider/, will be considered six round wins and have title of State Hawk;

Sukhbaatar Sukhbat, will be considered seven round wins and have title of State Elephant;

Byamba-Otgon Tserensodnom, will be considered nine round wins and have title of State Lion;

Khangai Orgikh, the State Champion, will be awarded “ulemj badrakh” /make great strides/ highlights.

Nepal became the first men’s team in the history of cricket to score more than 300 runs in a T20 international as they rewrote the record books against Mongolia at the Asian Games.

Nepal bludgeoned 314 for three in their 20 overs in Hangzhou on Wednesday, surpassing the previous highest of 278 for three by Afghanistan against Ireland in 2019.

Kushal Malla, batting at number three, led the way, cracking the fastest T20 international century – off just 34 balls.

He was followed by Dipendra Singh Airee, who finished the innings in ridiculous fashion against the hapless Mongolian bowlers, hitting eight sixes in an unbeaten 52 off just 10 balls.

He reached his 50 off nine balls, another world record, beating India’s Yuvraj Singh’s 2007 effort against England which took 12 balls.

Mongolia, whose women’s team were bowled out for just 15 last week in the Asian Games, were dismissed for only 41.

Magnificent Malla

When Malla came in to bat, Nepal were 42 for one in 4.5 overs. His 50-ball 137, along with Airee and Paudel’s fifties, saw them score 272 runs in 15 overs by the end of Nepal’s innings.

He smashed 12 sixes and eight fours at a strike rate of 274 and also became the second youngest batter to score a century in men’s T20Is at the age of 19 years and 206 days.

The previous record of the quickest T20 century was held by South Africa’s David Miller, who scored it in 35 balls against Bangladesh in 2017.

Nepal’s record-breaking spree

The match saw Nepal go on a record-breaking run against a hapless Mongolian side. Here’s a list of all the records that tumbled:

Highest score in men’s T20 internationals: 314-3

Fastest T20 international century: 34 balls

Fastest T20 international half-century: Nine balls

Most sixes in an innings: 26

Biggest winning margin by runs: 273

Highest strike rate in an innings of 10 balls or more: 520

SOURCE: NEWS AGENCIES

China's Inner Mongolia Autonomous Region said Wednesday that it would issue special government bonds to ease debt pressures, as Beijing seeks to contain financial risks from mounting local government debt.

The region in northern China plans to issue special refinancing bonds worth 66.32 billion yuan ($9.07 billion) to pay back government debt owed to companies that were issued before 2018, according to government fillings.

The Wall Street Journal reported in June that Beijing was considering issuing roughly 1 trillion yuan, equivalent to about $140 billion, of special treasury bonds to help indebted local governments, citing people familiar with the discussions. The special bonds would be used to finance infrastructure projects and help local governments repay debt, the Journal reported.

Chinese media reported last week that regulators had approved the issuance of special refinancing bonds and 12 high-risk regions would get preferential bond quotas.

In a top decision-making meeting in July, China's leadership pledged to formulate measures to resolve risks from local government debt. Some provincial governments have submitted their own plans to Beijing, according to reports by Chinese state media.

Inner Mongolia's move to issue bonds also comes after Chinese Premier Li Qiang last week urged provincial authorities and state-owned enterprises to pay back money owed to private companies, underscoring Beijing's efforts to boost the country's ailing private economy. "We must make sure that debt owed is paid," Li said in a meeting.

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