The Bank of Mongolia and the People’s Bank of China renew the Bilateral Currency Swap Agreement www.montsame.mn

Narantsogt Sanjaa, Governor of the Bank of Mongolia (BOM), met with Pan Gongsheng, Governor of the People’s Bank of China (PBOC) on the margins of a high-level symposium co-hosted by the People’s Bank of China and the Bank for International Settlements (BIS).

During the meeting, the Governors exchanged views on bilateral cooperation in the banking and financial sectors and underscored the importance of further deepening collaboration in trade, trade finance, and cross-border payments.

In this context, the Bank of Mongolia and the People’s Bank of China extended and re-signed the bilateral currency swap arrangement for a further three-year period. The arrangement aims to strengthen financial cooperation between the two countries, promote bilateral economic and trade exchanges, and support financial market stability.

Mongolia Opens First Green Station for EV Charging, Roadside Services www.montsame.mn

Mongolia has opened its first “Green Station” in Khutag-Undur soum of Bulgan aimag, combining electric vehicle (EV) charging facilities, traveler rest areas, and retail and service outlets as part of Prime Minister Uchral Nyam-Osor's “Liberate” policy, promoting the country's green transition.

Speaking at the opening ceremony, Prime Minister Uchral said the project marks an important step toward reducing Mongolia's dependence on imported fossil fuels and retaining an estimated USD 200 million currently spent on fuel imports within the domestic economy. He noted that the government is undertaking sweeping reforms in the energy and transport sectors to support the green transition.

While serving as Speaker of Parliament, the Prime Minister launched the "3x100" program, which enabled households to generate electricity for their own use and supply excess power to the national grid by removing regulatory and grid connection barriers.

Since taking office as Prime Minister, he has continued energy sector reforms by accelerating policies that encourage private investment in new power generation projects. Under this approach, Mongolia held its first competitive auction for renewable energy projects at five sites, attracting expressions of interest from 119 companies, with 19 firms submitting competitive price bids. Six additional projects have since been announced, marking what Uchral described as a new phase of transparent, competitive, and privately financed energy development.

PM Uchral emphasized that the Green Station serves as practical infrastructure linking energy reform with transport modernization. He said that charging infrastructure, roadside services, rest areas, and support for local businesses must be developed in tandem to expand EV adoption.

The government plans to develop EV infrastructure through three models. In Ulaanbaatar, express and premium charging stations will be installed based on available space and consumer demand, while rural areas will see the rollout of Green Stations, combining charging facilities with rest stops, showers, retail services, and support for local enterprises.

On May 28, 2026, under the government's initiative to accelerate implementation of the Green Resolution aimed at reducing dependence on imported fuel and energy, the Prime Minister met with private sector representatives to discuss policy measures. During the meeting, the Ulaanbaatar Chamber of Commerce presented its EV charging infrastructure development program.

According to the program, approximately 500 Green Stations could be established across Ulaanbaatar and aimags over the next two years. The government aims to install 40 charging stations before the UNCCD COP17 conference. Projections indicate that Mongolia could have a demand for 50,000 electric vehicles by 2030, with the transition expected to reduce fuel consumption by 300 million liters and save approximately USD 200 million over five years.

The government also plans to support the establishment of Green Stations at major border crossings and high-traffic areas, including Zamiin-Uud and Tsagaan Khad, to modernize transport, energy, and roadside service infrastructure.

"The government should not do everything itself," Uchral said. "Its role is to create opportunities for the private sector by removing bottlenecks related to land, grid connections, permits, and regulations. That is the core principle of the Liberate policy. The Green Station is a tangible example of that policy in action."

Officials said the initiative will help reduce Mongolia's fuel and energy dependence, encourage wider adoption of electric vehicles, support local businesses, and establish a new standard for roadside services nationwide.

The facility in Khutag-Undur also becomes the 600th CU convenience store operated by Premium Nexus LLC. Designed to promote EV use, improve roadside services, and create green infrastructure, it is the country's first privately developed Green Station. Prime Minister Uchral thanked the company for pioneering the project and reaffirmed the government's commitment to supporting private-sector initiatives that advance Mongolia's green development.

First-Ever Mongolian Player Joins Orlando Magic for NBA Summer League www.montsame.mn

Enkhiin-Od (Mike), the son of the Honored Athlete of Mongolia, Sharavjamts, has officially joined the NBA’s Orlando Magic and is set to compete in the NBA Summer League.

Although he declared for the 2026 NBA Draft, which concluded two days ago, he went unselected. However, despite being undrafted, his participation in the Summer League opens up opportunities to secure a two-way contract, which could grant him the chance to play in the NBA regular season games. The Summer League is scheduled to kick off on July 9 in Las Vegas, USA, and will run for 10 days.

By entering the draft pool, Enkhiin-Od had already made history as the first Mongolian to do so. By earning a place on an NBA team's Summer League roster, he has taken a major step toward becoming the first Mongolian to appear in an NBA game.

Known in U.S. college basketball as Mike Sharavjamts, the 23-year-old standout is 208 cm (6'9") tall. His collegiate career includes stints with:

Dayton (2022/23 season)
San Francisco (2023/24 season)
Utah (2024/25 season)
South Carolina (2025/26 season)
During his final season with South Carolina, he averaged 10.9 points, 5.6 rebounds, and 2.3 assists per game. Before the draft, he was invited to pre-draft workouts by five NBA franchises: the Orlando Magic, Milwaukee Bucks, Los Angeles Lakers, Dallas Mavericks, and Memphis Grizzlies.

The "One Million Tourists" Myth: If You Can't Measure It, You Can't Manage It www.gogo.mn

The most significant challenge facing Mongolia’s tourism sector is the inability to accurately calculate tourist numbers and their real economic impact. If we could precisely track domestic tourism data according to international standards, Mongolia would have the potential to climb at least 20 places in the Global Travel & Tourism Development Index. According to the latest report by the World Economic Forum, Mongolia currently ranks 85th out of 119 countries—a position directly linked to statistical ambiguity and the omission of domestic tourism data.

The Illusion of "One Million Tourists"

For years, sector ministers have annually announced the ambitious goal of "welcoming one million tourists," yet foreign tourism statistics remain questionable. Researchers emphasize a shift from "quantity to quality"—focusing on high-value tourists and economic yield—but these recommendations often fail to gain traction among policymakers. Currently, there is no integrated methodology to distinguish between genuine tourists and foreign laborers entering from Russia or China.

Furthermore, the number of Mongolians traveling abroad significantly exceeds the number of incoming tourists, creating a tourism trade deficit. This underscores the urgent need for policies that protect the local market and incentivize domestic tourism to keep capital circulating within the national economy.

The "Three Pillars" of Tourism

Theoretically, the tourism sector rests on three fundamental pillars:

1. Inbound Tourism: International travelers visiting Mongolia (Foreign currency inflow/Exports).

2. Outbound Tourism: Mongolian citizens traveling abroad (Foreign currency outflow/Imports).

3. Domestic & Internal Tourism: Citizens traveling within their own country (Economic resilience/Internal circulation).

By focusing solely on inbound numbers, we fail to calculate the sector's net economic effect. To achieve a balanced and profitable industry, domestic tourism must be supported as a strategic priority. In 2025, the National Statistics Office (NSO) conducted its first-ever domestic tourism sample survey involving 13,260 participants. The findings revealed:

3.2 million domestic trips (1.6 million unique travelers) were made in 2024.
These trips generated an economic turnover of 3.2 trillion MNT.
Evidence-Based Research: The Onon-Balj Case Study

A study commissioned by WWF Mongolia proves that it is possible to track domestic travelers even at the smallest administrative level (soum). Led by Dr. B. Yerbakhyt of Otgontenger University, a team of scientists used mathematical modeling to calculate tourist flows into five soums witihin the Onon-Balj National Park: Binder, Bayan-Adarga, Dadal, Norovlin, and Bayan-Uul.

By analyzing traffic patterns through the Nalaikh-Terelj checkpoint, they found that 209.6 thousand passengers were tourists. The study mapped their movements:

Binder: 24.9 thousand travelers via Jargaltkhaan.
Dadal: 21.7 thousand via Bayan-Adarga and 37.9 thousand via Norovlin.
Total for Dadal Soum: 53.5 thousand tourists per year, peaking with 16,000 in July and 14,000 in August.

Validating Numbers through Fuel Consumption

To verify these results, scientists employed an innovative method: Fuel-Based Calculation. By taking the total fuel sold in a soum and subtracting the estimated consumption of local vehicles (categorized by type and age), they identified "excess sales" attributable to tourists.

This calculation suggested that 316,000 tourists traveled within Khentii Province—a figure 2 to 2.5 times higher than the official NSO statistics. This indicates that current statistical methods likely significantly undervalue the actual market size.

Why Accurate Data Matters

Accurate domestic data is the foundation for evidence-based management and opens several doors:
Investment: Private investors and international organizations do not invest based on guesses. Concrete data builds the business confidence needed to develop hotels and resorts.
Infrastructure & Carrying Capacity: Infrastructure (roads, power, waste management) is usually planned for local populations. However, during peak season, a soum’s "temporary" population can increase 10–20 times. Data allows for scientifically grounded infrastructure planning.
Environmental Conservation: Every protected area has an ecological carrying capacity. Real-time monitoring allows managers to mitigate overcrowding and reroute flows to protect the environment.
Local Economic Valuation: Uncovering "hidden" tourism revenue is vital for local budget planning and supporting SMEs and local craftsmanship.
The Solution: Leveraging Existing Digital Infrastructure

The research team suggests the most efficient solution lies in Mongolia’s roughly 40 Electronic Toll Collection (ETC) points. These points are already digitized, recognizing and recording every vehicle by its license plate.

Real-time Database: By identifying vehicle registration codes, the system can instantly categorize "visitor flows" from other regions.
Big Data Integration: Correlating ETC data with local fuel sales and hospitality revenue can provide a "soum-by-soum" economic impact report.
Inter-Agency Cooperation: This requires the Ministry of Road and Transport, the Ministry of Tourism, and the NSO to integrate their data. This would create a high-accuracy system without the need for expensive new surveys.
Today, we possess the scientific solutions, the raw data, and the tested methodologies to transform Mongolia’s tourism sector. What remains absent at the decision-making level is the political will to turn this potential into reality.

While we chase the unattainable "One Million Tourists" myth, a 3.2 trillion MNT domestic market remains unmanaged, unplanned, and unsupported by infrastructure. This lack of coordination continues to drag down Mongolia’s global competitiveness. We do not need more slogans; we need the political courage to implement data-driven planning. If we cannot count, we cannot plan.

References:

World Economic Forum. (2024). Travel & Tourism Development Index 2024.
National Statistics Office of Mongolia. (2025). Domestic Tourism Sample Survey Results.
WWF Mongolia. (2026). Development of Policy Recommendations with a Strategic Roadmap for Eco-Friendly and Sustainable Tourism in the Onon-Balj PA.
WWF Mongolia. (2023). Tourism Impact Assessment Report on Onon-Balj PA.
United Nations Tourism. (2008). International Recommendations for Tourism Statistics.

UK Government Pledges Funding for Mongolian Civic Space and Youth Voter Education www.streamlinefeed.co.ke

The British Embassy in Ulaanbaatar has launched a targeted funding initiative to strengthen civic space and youth voter education in Mongolia, reinforcing democratic institutions amid shifting geopolitical dynamics in Central Asia.

The call for proposals, with a strict submission deadline of July 29, 2026, signals a strategic deepening of the United Kingdom's diplomatic footprint in a nation sandwiched between two authoritarian superpowers: Russia and China. The intervention highlights the critical global pivot toward youth engagement as the primary defense against democratic erosion, a strategy closely mirroring governance programs deployed across East Africa.

Strategic Objectives of the Fund

The Foreign, Commonwealth & Development Office (FCDO) grant is specifically designed to counteract the contraction of civil liberties frequently observed in emerging democracies. The project scope mandates actionable, measurable interventions across three core pillars:

• Expansion of Civic Space: Defending the operational environment for independent media, non-governmental organizations, and human rights defenders.
• Civic Participation: Creating institutional frameworks that allow marginalized communities to influence regional and national policy.
• Youth-Centered Voter Education: Developing digital-first, culturally resonant campaigns to combat political apathy among Mongolia's massive youth demographic ahead of future electoral cycles.

The initiative follows high-level diplomatic maneuvers. In March 2026, UK Parliamentary Under-Secretary of State for the Indo-Pacific, Seema Malhotra MP, visited Ulaanbaatar to conduct the second annual Political Dialogue with Mongolia's Deputy Foreign Minister, Gombosuren Amartuvshin. Both leaders explicitly committed to elevating the bilateral relationship to a Comprehensive Partnership anchored in shared democratic values.

The Geopolitical Calculation

London's financial commitment to Mongolian democracy is inextricably linked to broader economic and security imperatives in the Indo-Pacific. Mongolia possesses vast, largely untapped reserves of rare earth elements and critical minerals—commodities essential for the global transition to electric vehicles and renewable energy, currently dominated by Beijing.

By fostering a transparent, democratically robust governance structure in Ulaanbaatar, the UK aims to secure a stable, rule-of-law environment conducive to foreign direct investment. This alignment ensures that as Western mining conglomerates compete for extraction rights—such as the fierce bidding war over Mongolia's Borteeg deposit—they operate within a system insulated from localized corruption and external coercion.

Parallels in African Democratic Development

The UK's methodology in Mongolia mirrors its extensive governance programming across the African continent. In nations like Kenya and Nigeria, the UK FCDO heavily subsidizes civil society organizations tasked with monitoring electoral integrity and mobilizing young voters through digital platforms.

The challenges facing Ulaanbaatar—voter fatigue, disinformation campaigns, and the structural exclusion of youth from legacy political parties—are universal friction points in developing democracies. By prioritizing "youth-centered" education, the British Embassy acknowledges that traditional, top-down civic instruction fails to resonate with a hyper-connected demographic.

As Mongolia navigates rapid domestic political shifts—evidenced by the abrupt March 2026 resignation of Parliament Speaker Uchral Nyam-Osor to pursue the Prime Ministership—the resilience of its civic space remains critical. The UK's targeted grant injection serves not merely as an act of diplomatic goodwill, but as a calculated investment in the survival of a democratic buffer state in a volatile region.

The Judicial Engagement and Transparency (JET) project, funded by the European Union has successfully concluded www.eeas.europa.eu

Closing ceremony marks the successful completion of the Judicial Engagement and Transparency Project (2024-2026), implemented by IDLO in partnership with the Judicial General Council.

The Delegation of the European Union to Mongolia and the International Development Law Organization (IDLO) today held the closing ceremony of the Judicial Engagement and Transparency (JET) Project, marking the conclusion of two years of sustained work to strengthen the relationship between Mongolia's judiciary, media, and civil society.

Launched on 15 July 2024 and implemented by IDLO with the Judicial General Council (JGC) as the primary national partner, the JET Project was designed to address a clear gap identified through surveys and media analysis: a lack of mutual understanding and trust between judicial institutions, journalists, and civil society organizations. Over its two-year lifespan, the project brought together these actors through training, structured dialogue, and joint activities aimed at building the foundations for a more transparent and accountable justice system.

The closing ceremony was opened by remarks from Judicial General Council Chairperson P.Zolzaya, EU Ambassador to Mongolia H.E. Ms. Ina Marciulionyte, and IDLO Country Representative Mr. Charles Bolland. IDLO Programme Lead Ms. N.Odontuya presented the project's overall results, while Intellectual Innovation NGO Executive Director Mr. B.Turbold delivered a comparative analysis of baseline and endline survey findings, illustrating the measurable progress achieved over the implementation period.

The event also featured a two-panel discussion with representatives of partner organizations, reflecting on best practices, lessons learned, and pathways for continued collaboration between the judiciary, media, and civil society beyond the project's conclusion.

Key project results:

• Over 100 presiding judges and court public relations officers completed a "Courts and Media Relations" training course developed with the Judicial Academy, accredited by the Academy's Training Board. The training introduced Mongolia's first Judge-Press Spokesperson model, drawing on best practices from Germany.
• 8 "Journalist Roundtables" brought together representatives from the judiciary, media, and civil society, engaging a total of 277 participants and establishing a new platform for sustained dialogue and collaboration.
• 59 civil society and media representatives completed capacity-building training, resulting in a 47% increase in legal knowledge among CSO representatives and a 30% increase among journalists.
• A pilot Paralegal service deployed 30 legal guides across four courts, providing information, advice, and referrals to 6,462 citizens. Based on the pilot's findings, the Judicial General Council is now exploring the permanent institutionalization of the service within the court system.

Speaking at the ceremony, EU Ambassador H.E. Ina Marciulionyte emphasized the rationale behind the EU's investment in the project:

"Our goal was to foster better mutual understanding between the judiciary, media organizations, and civil society. Surveys clearly indicated that there was a lack of understanding, and even a lack of trust, between these sectors. The project's objective was therefore to bring them together, to open a better dialogue, and to help them understand each other's roles and responsibilities. When you know what others do and appreciate the complexity of their work, trust follows naturally."

Ambassador Marciulionyte noted the concrete shifts in behaviour she observed on both sides: "I am genuinely glad that judges came to understand the importance of communicating with the media and the general public. For journalists and civil society, it was perhaps equally eye-opening to learn how many cases a judge handles and what that responsibility entails. Today, I believe they are meeting somewhere in the middle."

On the broader question of judicial transparency, the Ambassador pointed to the importance of continuity: "We know from experience, including in many European countries - that this is a long process. What matters most is that it is a continuous one."

IDLO Country Representative Charles Bolland echoed this sentiment at the close of the ceremony: "This project has been successful in increasing public trust in Mongolia's judiciary. Strengthening collaboration and mutual understanding between judicial institutions, the media, and civil society has been a key contribution to that result."

Background

The JET Project is part of the European Union's broader support to judicial reform in Mongolia. The EU funds a range of rule of law and justice sector initiatives in the country, reflecting its long-standing commitment to good governance, transparency, and the protection of human rights.

The International Development Law Organization (IDLO) is an intergovernmental organization that works to empower people and enable governments and other authorities to reform laws and strengthen institutions. IDLO has a longstanding presence in Mongolia across multiple rule of law programmes.

Governor Narantsogt Expects Inflation Relief in Late 2026 www.montsame.mn

Governor of the Bank of Mongolia Narantsogt Sanjaa announced the decision of the Monetary Policy Committee (MPC) following its regular meeting held on June 23–24, 2026.

The MPC decided to maintain the policy interest rate at 12%, taking into account current domestic and external economic conditions and the medium-term outlook.

According to the Governor, rising oil and energy prices linked to tensions in the Middle East have contributed to higher global inflationary pressures, increasing risks of higher food prices, transportation costs, and other commodity prices worldwide. Although oil prices have eased in recent days following positive developments in international markets, uncertainty remains regarding the duration of geopolitical tensions and the normalization of oil transportation routes.

National inflation reached 11.2% in May, according to the National Statistics Office. Inflation increased by 4.1 percentage points over the past two months after standing at 7.1% in the first quarter. Food price increases accounted for 2.6 percentage points of the rise, while higher fuel prices contributed 0.7 percentage points. The Governor noted that weak activity in most non-mining sectors, together with tight monetary and macroprudential policies, has helped keep core inflation relatively contained.

Inflation is expected to accelerate to around 12% in June and July before easing from August as supplies of meat and vegetables increase. Assuming no additional supply shocks and improved external conditions, inflation is projected to gradually decline and return to the central bank's target range next year.

Mongolia's economy expanded by 7.9% in the first quarter of 2026, with overall growth forecast at around 5% for the year. Mining contributed 5 percentage points to first-quarter growth, while transportation added 1.1 percentage points. Other sectors contributed a combined 1.8 percentage points, although activity in trade and manufacturing remained weaker than a year earlier.

The Governor noted that major infrastructure projects are expected to accelerate this year, while large-scale power plants scheduled to come online next year should increase production capacity and support non-mining economic activity.

Mongolia recorded a USD 186 million balance-of-payments surplus during the first four months of 2026, driven primarily by strong copper and gold prices and higher mining exports. The current account surplus reached USD 311 million over the same period. Slower growth in consumer imports, supported by recent monetary and financial policies, also contributed to the positive external balance. External financing secured by banks and the private sector continues to support foreign currency inflows.

Money supply growth accelerated to 26.8% in May, with 17.8 percentage points attributable to increases in the banking system's net foreign assets linked to the balance-of-payments surplus. Credit growth has moderated in recent quarters due to the slower expansion of consumer lending, while mortgage and business lending have remained relatively strong, supporting investment and production.

The Governor of the Bank of Mongolia said that inflation is expected to moderate in the second half of the year and stabilize within the central bank's target range in 2027. However, risks remain from weather conditions, livestock disease outbreaks, and geopolitical uncertainties related to the Middle East and the Russia–Ukraine conflict, which could prolong supply-side inflationary pressures.

Taking into account current economic conditions, inflation dynamics, external and domestic risks, and prevailing uncertainties, the MPC decided to leave the policy rate unchanged at 12%. The Bank of Mongolia stated that its policy stance remains focused on bringing inflation back to target over the medium term while safeguarding economic and financial stability. Further policy adjustments will be considered in line with future developments in inflation, economic activity, and the global environment, underscored Governor Narantsogt.

PM Seeks WEF Cooperation on Green Development, Digital Economy www.montsame.mn

Prime Minister Uchral Nyam-Osor met with Alois Zwinggi, President and Executive Director of the World Economic Forum (WEF), on June 24.

At the beginning of the meeting, the Prime Minister congratulated Alois Zwinggi on his appointment as the President and Executive Director of the WEF. He emphasized that Mongolia highly values the organization’s contribution to overcoming global economic challenges, defining development trends, and strengthening cooperation.  

Prime Minister Uchral noted that as geopolitical situations become increasingly complex, strengthening international trust and mutual understanding is more critical than ever. In this context, he highlighted the WEF as a vital platform that promotes dialogue between governments, the private sector, and academic institutions.

He also stated that innovation and digital transformation are crucial for diversifying the economy and increasing competitiveness. Sectors such as artificial intelligence (AI), e-commerce, fintech, and renewable energy are creating new growth opportunities for developing countries. “Mongolia is keen to deepen its cooperation with the WEF in areas such as innovation, green development, mineral resources, energy transition, trade facilitation, and the digital economy,” said PM Uchral.

In January 2025, the two sides signed an agreement to implement the “Strategic Intelligence Platform” project, which supports policymakers and decision-makers with AI-based analysis and data. This agreement made Mongolia the second country in the world to establish such a partnership. Both parties are currently focusing on working closely to bring this project to tangible results.

Mongolia is actively working on an initiative to establish a “Mongolia House” during the 2027 Davos World Economic Forum. The Prime Minister expressed a strong interest in collaborating closely with the WEF to turn this initiative into reality.

Mongolia will host the 17th Session of the Conference of the Parties (COP17) to the United Nations Convention to Combat Desertification from August 17 to 28 this year. The Prime Minister emphasized that Mongolia attaches great importance to expanding cooperation with the WEF within the framework of COP17 and successfully organizing joint events.

A joint event, “YGL Learning Journey Mongolia 2026,” will take place in Mongolia on August 3-7, according to the Media and Public Relations Department of the Government of Mongolia.   

Prime Minister Uchral Invites Global Tech Companies to Invest in Mongolia www.montsame.mn

 A Mongolian delegation headed by Prime Minister Uchral Nyam-Osor participated in the 2026 Annual Meeting of the New Champions, also known as the Summer Davos Forum, held in Dalian, China, from June 23 to 25.

During the forum, Prime Minister Uchral took part in the strategic dialogue titled “Advancing Trade and Market Innovation in Food Systems” and delivered opening remarks. Participants discussed food security, sustainable agricultural trade, the adoption of artificial intelligence and biotechnology in the food sector, and strengthening public-private cooperation to address challenges facing global food systems.

In his remarks, the Prime Minister highlighted Mongolia's “Food Revolution” initiative, which aims to combat soil degradation, expand market access for small and medium-sized producers, and reduce barriers to trade. He also emphasized that under the government's “Liberate” initiative, reforms are being implemented to reduce overlapping regulations and bureaucracy while encouraging private-sector investment in food production, processing, and logistics.

The Prime Minister further invited participants to visit Mongolia, noting that the country will host the 17th Session of the Conference of the Parties (COP17) to the United Nations Convention to Combat Desertification this August.

Prime Minister Uchral also served as a panelist in the discussion “No AI Without Energy,” where he shared Mongolia's perspective on the growing energy demands of artificial intelligence, energy security, infrastructure investment, and long-term development opportunities.

He stressed that artificial intelligence, energy, and digital infrastructure should be viewed not as separate sectors but as parts of a single interconnected ecosystem, emphasizing that their coordinated development is essential for fully realizing the opportunities of the AI era.

The Prime Minister also outlined Mongolia's efforts to establish a legal framework for data center development and invited global technology companies to invest in the country.

Prime Ministers of Mongolia, South Korea Discuss Expanding Strategic Partnership www.montsame.mn

Prime Minister Uchral Nyam-Osor met with Prime Minister of South Korea Kim Min-seok on June 23 on the sidelines of the Summer Davos Forum in Dalian, China.

The two prime ministers noted that the Mongolia–South Korea Strategic Partnership continues to expand across social and economic sectors and discussed plans for cooperation this year, the progress of ongoing joint projects and programs, and future areas of collaboration.

Recalling their meeting during the Mongolia–Korea Joint Forum on Critical Minerals and Mining Investment held in Seoul last year, the two sides noted with satisfaction that the Joint Critical Minerals Research Laboratory, agreed upon during that meeting, has since been established.

The parties also welcomed the fifth round of negotiations on a Mongolia–Korea Economic Partnership Agreement, held in Ulaanbaatar this June, and reaffirmed their commitment to working together toward a mutually beneficial agreement that would boost bilateral trade and investment.

Prime Minister Uchral highlighted the government's efforts to support the private sector, improve the business environment, and reduce regulatory barriers under the “Four Paths to Freedom: Four Liberations” policy framework. He also emphasized Mongolia’s goal of expanding cooperation in the banking and financial sectors.

In this regard, he noted that the proposed Law on Business Freedom, currently submitted to Parliament, would allow foreign banks to operate in Mongolia. As a result, several major South Korean financial institutions, including Kakao Bank, could potentially enter the Mongolian market.

The two sides also agreed to seek a prompt resolution to the stalled project to construct thermal power plants in 10 aimag centers, which was launched in 2019 under bilateral energy-sector cooperation.

Reviewing cooperation in the health sector, the prime ministers discussed launching new projects and programs aimed at introducing advanced South Korean medical practices and improving the quality and accessibility of healthcare services in Mongolia. They also explored opportunities for cooperation in advanced information technologies and digital transformation.

Noting the growing number of travelers between the two countries, both sides exchanged views on measures to further facilitate people-to-people travel.

The prime ministers also reaffirmed their commitment to continuing cooperation within the framework of the United Nations and other international organizations.