1 ZANDANSHATAR GOMBOJAV APPOINTED AS PRIME MINISTER OF MONGOLIA WWW.MONTSAME.MN PUBLISHED:2025/06/13      2 WHAT MONGOLIA’S NEW PRIME MINISTER MEANS FOR ITS DEMOCRACY WWW.TIME.COM PUBLISHED:2025/06/13      3 ULAANBAATAR DIALOGUE SHOWS MONGOLIA’S FOREIGN POLICY CONTINUITY AMID POLITICAL UNREST WWW.THEDIPLOMAT.COM PUBLISHED:2025/06/13      4 THE UNITED NATIONS CHILDREN’S FUND (UNICEF) IN MONGOLIA, THE NATIONAL FOUNDATION FOR SUPPORTING THE BILLION TREES MOVEMENT, AND CREDITECH STM NBFI LLC HAVE JOINTLY LAUNCHED THE “ONE CHILD – ONE TREE” INITIATIVE WWW.BILLIONTREE.MN PUBLISHED:2025/06/13      5 NEW MONGOLIAN PM TAKES OFFICE AFTER CORRUPTION PROTESTS WWW.AFP.MN PUBLISHED:2025/06/13      6 GOLD, MINED BY ARTISANAL AND SMALL-SCALE MINERS OF MONGOLIA TO BE SUPPLIED TO INTERNATIONAL JEWELRY COMPANIES WWW.MONTSAME.MN PUBLISHED:2025/06/13      7 AUSTRIA PUBLISHES SYNTHESIZED TEXTS OF TAX TREATIES WITH ICELAND, KAZAKHSTAN AND MONGOLIA AS IMPACTED BY BEPS MLI WWW.ORBITAX.COM  PUBLISHED:2025/06/13      8 THE UNITED STATES AND MONGOLIA OPEN THE CENTER OF EXCELLENCE FOR ENGLISH LANGUAGE TEACHING IN ULAANBAATAR WWW.MN.USEMBASSY.GOV  PUBLISHED:2025/06/12      9 MONGOLIA'S 'DRAGON PRINCE' DINOSAUR WAS FORERUNNER OF T. REX WWW.REUTERS.COM PUBLISHED:2025/06/12      10 MONGOLIA’S PIVOT TO CENTRAL ASIA AND THE CAUCASUS: STRATEGIC REALIGNMENTS AND REGIONAL IMPLICATIONS WWW.CACIANALYST.ORG  PUBLISHED:2025/06/12      БӨӨРӨЛЖҮҮТИЙН ЦАХИЛГААН СТАНЦЫН II БЛОКИЙГ 12 ДУГААР САРД АШИГЛАЛТАД ОРУУЛНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/15     ОРОН СУУЦНЫ ҮНЭ 14.3 ХУВИАР ӨСЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/15     МОНГОЛ УЛСЫН 34 ДЭХ ЕРӨНХИЙ САЙДААР Г.ЗАНДАНШАТАРЫГ ТОМИЛЛОО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     SXCOAL: МОНГОЛЫН НҮҮРСНИЙ ЭКСПОРТ ЗАХ ЗЭЭЛИЙН ХҮНДРЭЛИЙН СҮҮДЭРТ ХУМИГДАЖ БАЙНА WWW.ITOIM.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ БАНК: ТЭТГЭВРИЙН ЗЭЭЛД ТАВИХ ӨР ОРЛОГЫН ХАРЬЦААГ 50:50 БОЛГОЛОО WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ ДАХЬ НҮБ-ЫН ХҮҮХДИЙН САН, ТЭРБУМ МОД ҮНДЭСНИЙ ХӨДӨЛГӨӨНИЙГ ДЭМЖИХ САН, КРЕДИТЕХ СТМ ББСБ ХХК “ХҮҮХЭД БҮРД – НЭГ МОД” САНААЧИЛГЫГ ХАМТРАН ХЭРЭГЖҮҮЛНЭ WWW.BILLIONTREE.MN НИЙТЭЛСЭН:2025/06/13     ЕРӨНХИЙЛӨГЧИЙН ТАМГЫН ГАЗРЫН ДАРГААР А.ҮЙЛСТӨГӨЛДӨР АЖИЛЛАНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/06/13     34 ДЭХ ЕРӨНХИЙ САЙД Г.ЗАНДАНШАТАР ХЭРХЭН АЖИЛЛАНА ГЭЖ АМЛАВ? WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     “АНГЛИ ХЭЛНИЙ МЭРГЭШЛИЙН ТӨВ”-ИЙГ МУИС-Д НЭЭЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     Г.ЗАНДАНШАТАР БАЯЛГИЙН САНГИЙН БОДЛОГЫГ ҮРГЭЛЖЛҮҮЛНЭ ГЭЖ АМЛАЛАА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/12    

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Events

Events

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Hunnu Air launched Embraer E2 services between Mongolia and China www.avionews.it

Hunnu Air has launched scheduled services with E-195E2 aircraft in Mongolia –the inaugural E2 flight from Ulaanbaatar to Beijing’s Daxing International Airport, also marked the first time the E2 has operated on a scheduled route into mainland China. Hunnu Air, Embraer and Beijing Daxing Airport jointly hosted yesterday a ceremony to mark the smooth inauguration of this route, strengthening connectivity between the aviation hubs of Mongolia and China, and fostering closer economic and cultural ties between the two countries.
The flight was operated by the first of two new E-195E2 aircraft delivered to Hunnu Air in April. The airline plans to deploy its E-195E2 aircraft to increase capacity to Haikou, Sanya, Phu Quoc, expanding services to Japan, China, Vietnam, India, South Korea, and to introduce scheduled flights to Tashkent. Hunnu Air’s E-195E2 is configured in a dual class layout with 136 seats in Embraer’s signature two by two seating; meaning no passenger has to suffer the dreaded middle seat.
Embraer has been committed to Mongolia’s aviation market for several years, establishing long-standing partnership with Mongolian airlines in advancing the Nation’s aviation capabilities. The first Embraer aircraft – an ERJ-145 entered service in Mongolia in 2018.
E-Jets programme is one of the most successful commercial jets in the industry. Collectively, the E-Jets and E-Jets E2 are operated by more than 80 airlines across 50 countries with more than 1,800 units delivered.

 

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Egune secures US$3.5M to build Mongolia’s culturally rooted AI future www.e27.co

Egune AI, a foundational artificial intelligence platform in Mongolia, has secured a US$3.5 million equity investment from Golomt Bank, one of the nation’s largest commercial banks.
This strategic funding is earmarked to advance Mongolia’s national AI infrastructure and digital future. It will also enable Egune AI to expand its technology and improve service accessibility.
The financing has elevated Egune AI’s valuation to US$38.5 million.
Founded in 2021 and launched in 2022, Egune AI is building culturally aligned, ethically grounded AI. The company aims to create a super-intelligent digital assistant deeply rooted in the Mongolian language, culture, and cognitive identity.
Egune AI addresses global disparities in AI development by creating a nationally owned system. It tackles the threat of language colonisation and confronts systemic inequality that limits developing nations’ access to advanced AI. Moreover, it promotes independent, inclusive, and equitable development, positioning Mongolia as a leader among emerging economies in the AI era.
In under three years, Egune AI has trained more than 2,100 AI models, developed a suite of AI-powered tools, and now reaches over 24,000 daily users. The platform currently powers over 70 per cent of the Mongolian AI market and works with more than 30 organisations, including the Government of Mongolia and Golomt Bank.
Odonbaatar Amarzaya, CEO of Golomt Bank, commented, “Egune represents the kind of transformative, forward-looking innovation that can define Mongolia’s future. Supporting Egune AI is a contribution to digital sovereignty, national capacity-building, and social equity. We are proud to stand behind Egune AI and support the next phase of Mongolian innovation.”
Badral Sanlig, founder and CEO of Egune AI, stated, “This investment is not just about technology, it is about national identity, dignity, and opportunity. We are building AI that understands Mongolian people, speaks our language, and reflects our way of thinking. Golomt Bank’s support brings us closer to realising our vision of AI that serves everyone, regardless of cultural and linguistic barriers.”
By
Sainul Abudheen K

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KT&G to plant 10,000 trees in Mongolia in climate push www.koreaherald.com

South Korea's leading tobacco company KT&G announced Monday that it will expand its “Forest of Imagination” initiative to Argalant, Mongolia, following previous afforestation efforts in Ulaanbaatar.
Through its Mongolian Agricultural Education Center under the KT&G Welfare Foundation, the company plans to plant 10,000 Ulmus pumila trees — known for their resilience in harsh environments — and install an irrigation system to establish sustainable environmental infrastructure in the region.
The center will also train and employ local residents, enabling them to participate in tree planting and maintenance, thereby ensuring long-term forest management and community engagement.
The project is funded by KT&G’s “Imagination Fund,” a matching grant program where employees voluntarily donate a portion of their salaries, with the company contributing an equal amount.
“The Forest of Imagination aims to address climate change and help preserve the local ecosystem in Mongolia,” a KT&G Welfare Foundation official said. “We are committed to fulfilling our role as global citizens by promoting tailored social responsibility initiatives around the world.”
KT&G has also signed an memorandum of understanding with the Asian Forest Cooperation Organization to advance forest conservation across Asia. The partnership includes reforestation efforts in Kazakhstan’s wildfire-damaged Abai region and mangrove restoration projects in Indonesia.

 

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Minimum wage raised annually despite legal two-year schedule www.gogo.mn

On May 7, 2025, the Parliament's Standing Committee on Social Policy convened a regular meeting to review several critical issues.
During the session, lawmakers discussed the response to a parliamentary inquiry regarding the minimum wage, the implementation report of tasks assigned by law and parliamentary resolutions, and the 24th report on the human rights and freedoms situation in Mongolia.
A.Ariunzaya, Member of Parliament, addressed a question to L.Enkh-Amgalan, the Minister of Labor and Social Protection, regarding the legality of recent minimum wage increases.
She noted that although the law stipulates the minimum wage should be revised every two years, it was increased from MNT 660,000 MNT on January 1, 2024, to MNT 792,000 on April 1, 2025, an increase that appears to contradict the legally mandated schedule. A.Ariunzaya also questioned the impact of this change on health and social insurance contributions and the state budget.
In response, Minister L.Enkh-Amgalan clarified that the increase was based on the decision of the National Committee on Labor and Social Partnership and provisions in the Tripartite Agreement. He presented supporting proposals, stakeholder demands, and calculations conducted by a joint working group.
The wage hike, he explained, benefits workers earning minimum wage by boosting their income and increasing the amount of temporary disability, maternity, and unemployment benefits. However, it also raises contributions for voluntary and state-funded insured persons and increases employers’ salary costs.
According to estimates: The social insurance fund’s income will rise by MNT 129.9 billion MNT. And the fund’s expenses will grow by MNT 38.4 billion. 
The National Statistics Committee and the Bank of Mongolia estimate the wage increase will affect monthly inflation by just 0.02 percentage points, essentially having no significant economic impact.
Nevertheless, L.Enkh-Amgalan stressed that failing to raise the minimum wage could limit household consumption, lower living standards, push youth to work abroad, worsen professional labor shortages, and reduce worker satisfaction and productivity. It would also deepen social inequality and negatively impact quality of life.
He concluded by emphasizing the need to align with International Labor Organization (ILO) standards, which recommend setting the minimum wage at 40–66% of the average wage. He also called for reforms to disconnect the minimum wage from calculations for payments and contributions, and to develop a legal and policy framework that: Protects low-income workers, Rewards skills fairly, and Enhances the value of Mongolian labor.

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Mongolia Exports Goods to 61 Countries in the First Four Months of 2025 www.montsame.mn

 In the first four months of 2025, Mongolia exported goods to 61 countries, according to the General Department of Customs of Mongolia.
Of Mongolia’s total exports, 91.2 percent were sent to the People’s Republic of China, followed by 5.6 percent to Switzerland, 1.1 percent to the United States, and 0.5 percent to the Russian Federation. These four countries accounted for 98.3 percent of Mongolia’s total export volume.
During the reporting period, the total value of exported goods and raw materials amounted to USD 4.242 billion, representing a 14.1 percent decrease compared to the same period in 2024.

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Direct Flights on the Murun-Cheongju Route to Be Launched www.montsame.mn

The first international direct flight from Jeonju City of the Republic of Korea to Murun, the center of Khuvsgul aimag of Mongolia, is set to commence on July 29, 2025.
This historic flight is expected to make a contribution to the development of Mongolia’s tourism sector. Furthermore, this will increase the flow of tourists to Mongolia and transport them to the site in the shortest possible time. Officials highlighted that the flight would also benefit to the economic development of Khuvsgul aimag and the surrounding region.
The Project is being jointly implemented by the tour company “Chandmani Travel” in cooperation with the Mongolian airline “Hunnu Air,” marking a new chapter in the Mongolia's tourism and air transport sectors.
During the first session of the North Region Council last April in Bulgan aimag, Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai announced that the Murun airport will be upgraded to 4C or International Standard, making this flight route the first step toward achieving the goal.

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Berjaya Food to launch Krispy Kreme in Mongolia with sub-franchisee www.worldcoffeeportal.com

The deal is the franchise group’s latest move to strengthen its international footprint following agreements to expand its licensed Starbucks and Paris Baguette businesses outside of Malaysia 
Berjaya Food has signed an agreement with BlueMon Group to launch Krispy Kreme in Mongolia. 
The Kuala Lumpur-based franchise group brought the US doughnut and coffee chain to Malaysia in 2009 and currently operates 30 licensed stores across its home market. 
In a joint press release, BlueMon Group said the move was part of its strategy to elevate Mongolia’s consumer landscape with globally respected brands and tap into rising consumer demand for modern dining and lifestyle trends. 
Ulaanbaatar-based BlueMon Group currently operates 37 outlets across five restaurant brands, including youth-focused Tse Pub, hot pot concept The Bull and licensed South Korean brand Dessert39. 
“We are pleased to join forces with BlueMon Group to expand Krispy Kreme’s presence into Mongolia. Mongolia presents a promising market with a rising appetite for quality food experiences and we believe Krispy Kreme’s iconic offerings, and strong brand equity will resonate deeply with consumers there,” said Dato’ Sydney Quays, Group CEO, Berjaya Food. 
Launching Krispy Kreme in Mongolia is the latest move by Berjaya Food to diversify its operations and tap into revenue streams outside of Malaysia. The franchise group has penned several deals to sub-franchise South Korean bakery-café chain Paris Baguette outside of its home market, including in Brunei, Thailand and the UAE.  
In August 2024, Berjaya Food also secured licensing rights to operate US coffee giant Starbucks in Denmark, Finland and Iceland. The Kuala Lumpur-based group currently operates 400 licensed Starbucks stores in Malaysia and is set to launch the coffee chain in Iceland with two stores in Reykjavik in May 2025. 
World Coffee Portal research shows that Mongolia has one of the smallest branded coffee shop markets in East Asia, with less than 200 outlets. However, several international operators have successfully expanded in the market, including South Korean brands Caffebene, Tom N Toms Coffee and TOUS les JOURS, Italy’s Segafredo Zanetti and Germany’s Coffee Fellows. 
In May 2024, fast-growing South Korean chain Mega Coffee made its international debut in Mongolia and has since expanded to four sites across the capital city Ulaanbaatar.

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Mongolia: The Land of Dunes, Diplomacy, and a Fragile Democracy www.konichivalue.com

Sandwiched between China and Russia, Mongolia is a rising geopolitical hotspot, ultra-rich in resources, yet dirt poor, recently backed by unlikely allies like Japan and South Korea. From Ulaanbaatar’s grit to the Gobi’s towering dunes, I explore how its fragile democracy and fierce independence are shaping its future.
When I was a kid, my dad would often talk fondly of his backpacking journey through Vietnam and Cambodia in the 80s, when both countries were cautiously opening up to the world, curious locals crowded around wherever he went, fascinated by the rare sight of a foreigner, and where a single governmental misstep could shatter their fragile path toward the future.
Mongolia today has that same embryonic energy.
The capital of Mongolia is rugged and raw. Drab Soviet-era apartment blocks line the potholed streets, relics of an old empire’s embrace.
I arrived in Ulaanbaatar (or UB as the locals call it) in late April, stepping out of the plane into a city that felt like it had just emerged from a war no one remembers. On the city’s surrounding mountain outskirts, traditional ger tents (yurts) sprawl in improvised neighborhoods, thick black smoke from their chimneys mixing with coal dust in the sharp spring air.
The UB skyline is a clash of eras: The first shopping mall in UB, the State Department Store with socialist realism vibe stands beside cranes erecting modern high-rises, such as the Shangri-La hotel district, a city within a city filled with bars and restaurants indistinguishable from their New York counterparts. Modern LED billboards with global celebrities are peppered along the buildings. Yet, locals are staring at us like we're the first foreigners to ever set foot there.
In the central square, a grand statue of Chinggis Khan presides, as if reminding Mongolians of a far older legacy than the Soviet one.
Then there's the traffic… Traffic obeys a logic of its own, with armies of aging Japanese vans clogging roads as far as the eye can see. In fact, nearly 95% of all vehicles imported into Mongolia are used cars, and about 90% of those come from Japan. Every taxi we took was a Toyota with the dashboard still in Japanese, and often even the built in GPS system stuck in Japanese, accompanied by a nasal Japanese female voice, begging the driver to slow down.
How the Mongolian flag would look if the locals could decide
Many of these cars are right-hand drive – built for Japanese left-side roads – yet Mongolians drive on the right. It’s a daily reminder that Mongolia makes do with hand-me-downs from its wealthier friends.
At night, my friend Danay performed at a comedy bar in central UB that might as well have been a sister club to the Laugh Factory in Los Angeles, where young Mongolians in trendy clothes laughed their asses off to comedians with incredible delivery, while Korean pop songs mixed with American hip-hop were pumped out between sets.
My friend Danay Kidane performing at UB Comedy in Ulaanbaatar
Mongolia’s younger generation has basically skipped the one-channel state propaganda TV era and dived straight into the internet age. Especially South Korean soft power, is everywhere. K-pop, K-dramas, Korean brands. It’s common to hear BTS or Blackpink playing in cafes and see Korean script on shop signs. A recent survey found over 80% of young Mongolians have positive views of countries like South Korea, Japan, and the US, and Korean and English-language media are wildly popular.
This is Ulaanbaatar in 2025: A city where Lenin’s shadow has given way to K-pop and where a statue of a camel caravan celebrating the Silk Road trade sits oddly in front of a shiny new shopping mall.
After a couple of days in the capital, we met up with my dear friend and tour-guide Zolo, to set out for the mighty Gobi Desert.
We got introduced to our driver, a sturdy man who looked like he could survive in the desert with a pocket knife; the kind of skill you'll need if you spend time in the mongolian countryside, where asphalt roads are rare and Temperatures can swing from +20°C to -20°C in a single day!
As we drove out in a Toyota Hiace modified to handle the roughest of terrains, UB’s chaotic bustle gave way to vast open steppes. We were practically alone on an infinite plain under a pale blue sky.
Mongolia is nicknamed the “Land of the Blue Sky,” and it lived up to it. The horizon in every direction was an endless dome of blue, with not a single power line or high-rise in sight.
Hour after hour, we drove south, sometimes on paved roads, often on dirt tracks that the driver navigated by memory. We passed the occasional settlement – clusters of gers and maybe a lone gas station – but mostly we saw unspoiled nothingness.
Mongolia is one of the least densely populated countries on Earth. With just about 3.3 million people in a country the size of Western Europe, you can drive the distance from Sweden to Spain without seeing another soul…
When we arrived in the Gobi desert, the Khongor dunes rose before us like an golden wall. With Zolo guiding our path we climbed barefoot, slipping and toiling upward, each step forward pulling us half a step back. When we finally reached the crest, the scene was surreal: Stretching endlessly ahead were dunes shaped by fierce southern winds into an alien landscape, barren and wild, just like the sands of Arrakis from Dune.
On our third day, we reached Bayanzag, famously known as the Flaming Cliffs.
Bayanzag is where American explorer Roy Chapman Andrews discovered dinosaur eggs in the 1920s. Despite its historical significance, the fiery orange sandstone cliffs were as unexplored as when Roy set foot there, allowing us to roam freely, which felt painfully refreshing in contrast tourist hotspots like the Grand Canyon.
Mongolia today reminded me of these Flaming Cliffs: Striking, filled with unexplored treasures that could either stay this way or become as exploited as mount Fuji.
Mongolia’s shield from China and Russia: the Third Neighbor Policy
Geography has dealt Mongolia a tricky hand. Squeezed between Russia and China, two autocratic behemoths, Mongolia is literally and figuratively a democracy in a tight spot.
North lies Russia — once Mongolia’s patron, instrumental in shaping and defending its modern statehood during the communist era (see the 1921 Mongolian Revolution), now a predatory pariah, lashing out beyond its borders and threatening the fragile balance of its neighbors.
South lies China – Mongolia’s biggest trading partner and a rising global superpower that makes many Mongolians uneasy. The two share a long and tangled history, from Genghis Khan’s conquests to centuries of imperial rule under the Manchu. That tension remains palpable today, sharpened by China’s treatment of ethnic Mongolians in Inner Mongolia (now part of China), where teaching the Mongolian language was recently outlawed, a move seen as cultural erasure. Mongolia needs China’s business, but it's people hate Chinese influence.
Mongolia’s response to this predicament has been a savvy foreign policy dubbed the “third neighbor” policy. Since it has only two physical neighbors, Mongolia seeks out distant friends to act as metaphorical third neighbors. Japan and South Korea stand out as two of those key partners, along with countries like the United States and members of the EU.
Ulaanbaatar enjoys strong diplomatic ties with Tokyo and Seoul – all three share democratic values in a region where democracy is scarce. But the main strength of these ties comes from the Mongolian people. All the the Mongolians I've talked were far more interested in developing strong ties with Japan and South Korea than their immediate neighbors.
When it comes to Japan, I was constantly struck by the little connections. The fleet of Toyota cars on the streets is one obvious link. But Japan’s influence doesn’t stop at cars. Infrastructure and aid are a big part of the story. Ever since Mongolia’s democratic transition, Japan has been a major aid donor, earning a special fondness among Mongolians who often say “a friend in need is a friend indeed” about Japan’s help in the 1990s. One can spot signs of Japan-funded projects around UB, from schools to hospitals. The most monumental example is the brand-new international airport. Mongolia’s main airport was relocated and opened in 2021, a modern facility built with 93% financing from Japan’s aid agency (JICA). Not only was it financed by Japan, it’s actually operated by a consortium of Japanese companies in partnership with Mongolians. Flying into that gleaming airport is a stark contrast to the potholed road leading into the city – a reminder that Japan’s footprint here is needed and welcomed.
And the relationship goes deeper than concrete and runways. Tokyo and Ulaanbaatar inked a full‑blown Economic Partnership Agreement in February 2015, Mongolia’s first free‑trade deal with a G7 nation, which came into force in 2016 and slashed tariffs on almost all bilateral trade, binding the two economies more tightly than ever.
Similarly, South Korea’s presence is felt through commerce and culture. Strolling through any department store in UB, you'll see Korean cosmetics, Korean electronics, and even a Paris Baguette (a famous Korean-French bakery chain). South Korea, like Japan, extended a helping hand after the 1990s – thousands of Mongolians have since studied or worked in Korea. In fact, the largest Mongolian diaspora (around 50,000 people) lives in South Korea, sending back remittances and building bridges between the two nations.
Culturally, South Korea arguably outshines even Japan in Mongolia. K-dramas have been a sensation on Mongolian TV. In clubs, you'll see people singing along to K-pop songs despite not speaking a word of Korean. This “Korean Wave” (Hallyu) in Mongolia mirrors its impact in other parts of Asia, but here it also has a geopolitical undercurrent: it subtly pulls Mongolian popular imagination toward fellow democracies. Young Mongolians who adore Korean culture also notice that South Korea is a prosperous democracy – a model to aspire to.
All these soft power elements – Japanese cars and infrastructure, Korean media and consumer goods – serve a strategic purpose. It’s a reminder that dramas, boy bands, and secondhand SUVs can be a stronger weapon for forging relationships than tanks, threats and battle flags.
Mongolia's fragile democracy
Politically, Mongolia's embryonic democratic is doing remarkably well, considering their authoritarian neighbors who'd gladly see it fail. Since the peaceful transition in 1990, Mongolia has had multiple peaceful transfers of power, a lively (albeit quite corrupt) parliament, and a vocal civil society. The fact that they have maintained their democracy and independence thus far speaks to a certain stubborn resilience – perhaps inherited from their nomadic ancestors who valued freedom of movement and spirit above all.
However, for all its geopolitical savvy, Mongolia faces a classic development trap: The resource curse, also known as Dutch disease. The country sits on a massive store of mineral wealth – coal, copper, gold, uranium, rare earth's. In fact, despite its tiny population of 3.6 million, it's one of the ten most resource rich countries in the world!
The biggest mine in Mongolia - The Rio Tinto Copper Mine
These resources have powered impressive booms but also make the economy dangerously one-dimensional. Mining is the engine of Mongolia’s economy, accounting for about 25–26% of GDP and a staggering 90% of export earnings.
The term Dutch disease refers to how a resource boom inflates currency and wages, undermining sectors like manufacturing and agriculture. In UB, this is painfully obvious: During booms, shiny restaurants and luxury apartments appear, funded by mining, but most goods are imported. When the inevitable bust hits, these businesses vanish just as fast. Meanwhile, rural herders and workers see little benefit, as mines are often owned by foreign firms or a domestic elite. This imbalance fuels discontent, especially around corruption.
On our journey, we often asked Zolo about Mongolian politics. He shook his head at the mention of big mining projects, saying that ordinary people see no benefit. Instead, the political elite openly squander the nation's wealth, traveling abroad to lavish casinos, casually burning through millions in government funds at blackjack tables as though Mongolia's resources were their personal jackpot.
In late 2022, this frustration boiled over dramatically. Thousands of Mongolians braved the subzero cold to protest a massive “coal theft” scandal in December 2022. At Sukhbaatar Square, the same central plaza where democracy was declared in 1990, crowds gathered night after night, demanding the government “name the thieves” and account for missing billions from coal exports and even attempted to storm the Government Palace in frustration. It turned out that at least 385,000 tons of coal shipped to China were unaccounted for in official records, implying that politically connected insiders had siphoned off huge profits by fudging export numbers.
Youth Protest Stretches Into Day 2 in Mongolia – The Diplomat
Sukhbaatar Square in December 2022,
Mongolia's democracy might be weak, but it still works, and despite the politicians best efforts to silence the crowds, they failed. Within days, the prime Minister had to announce an investigation and arrests; by the following week, several officials and executives of the state coal company were in custody. The government even vowed to put the giant state coal mining firm (Erdenes Tavan Tolgoi) on the stock market to improve transparency.
Sitting around a campfire in the Gobi, these stories took on a new resonance. We were in a province where vast coal trucks trundle south to China, kicking up dust on unpaved roads, while locals live in simple gers, watching those riches roll by. It’s a stark image of inequality. Yet, Mongolia’s saving grace is that people can speak out and demand change. In China or Russia, protesting like that would likely be met with immediate, harsh repression. In Mongolia, the protests led to promises of reform.
The current Mongolian government is talking about diversifying the economy (investing in cashmere, tourism, IT services) and strengthening the rule of law to attract foreign investment beyond mining. There are some glimmers of hope: for example, a new electronic trading system for coal was introduced so that sales are transparent and on the record. Civil society groups and journalists are quite fearless in exposing scandals, which is a positive sign for accountability.
What path will Mongolia choose?
After days of traversing dunes and canyons, our group returned to Ulaanbaatar.
As my friends and I prepared to depart, I felt a mix of optimism and concern. Mongolia is truly an embryonic democracy, a work in progress. It has extraordinary advantages: A young population hungry for change, immense natural resources, and supportive friends in democratic nations. It also faces extraordinary challenges: geographic isolation, environmental extremes (winters of -40°C and summer droughts), the domineering shadow of China and Russia, and the ever-present temptations of corruption and authoritarianism.
Which way will Mongolia go? Standing in Sukhbaatar Square on our last day, under the gaze of the Chinggis Khan statue, I realized that Mongolia’s story is still being written and Mongolians themselves hold the pen.
No one can make the tough choices for them – not Tokyo, not Seoul, not Washington. Those third neighbors can help by investing, by educating, by simply being examples. But ultimately, Mongolia’s fate depends on the resilience of its people.
If Mongolia succeeds, it will be because of a quiet revolution, not of guns or tanks, but of youth, internet cafes, and a stubborn refusal to be anyone’s satellite.
Sources:
The observations above are informed by on-the-ground travel and discussions, as well as data on Mongolia’s economy and international ties. For instance, Mongolia’s heavy reliance on mining (about 90% of exports) is documented by trade and industry reports. The dominance of used Japanese cars (95% of imports, mostly right-hand drive) in Mongolia’s vehicle fleet has been noted by the American Chamber of Commerce in Mongolia. Mongolia’s “third neighbor” policy and its close ties with Japan and South Korea have been discussed in diplomatic analyses. The influence of South Korean pop culture and the positive perception of Japan and Korea among Mongolian youth are reflected in public opinion surveys, and the large Mongolian diaspora in South Korea (over 50,000 people) underscores the human link between the countries. Major Japanese-supported infrastructure, such as Ulaanbaatar’s new airport, was built with Japanese loans and expertise. Finally, Mongolia’s struggles with corruption in the mining sector and the public demand for accountability were vividly illustrated by the December 2022 protests over missing coal revenue and the government’s subsequent reform pledges. All these elements weave into the complex, hopeful tapestry of today’s Mongolia – a democracy at a crossroads between giants, determined to choose its own path.
By Rei Saito

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India's SAIL to import trial coking coal cargo from Mongolia, maybe by air www.reuters.com

 India's state-run Steel Authority of India Ltd (SAIL.NS), opens new tab plans to import a trial cargo of coking coal from Mongolia this month and may transport the sample by air to speed up testing, two sources familiar with the matter said.
The move is part of SAIL's efforts to diversify its coking coal sources beyond Australia - a major supplier to India, but a country from which India has faced supply disruptions.
The trial shipment will consist of 1 metric ton of coking coal from landlocked Mongolia.
As an alternative to flying in Mongolian coal, SAIL could also consider routing it via China, depending on logistics, the sources said, declining to be named as the matter is not public.
SAIL is preparing to import a larger shipment of 75,000 metric tons from Mongolia, depending on the results of the quality check for the initial sample, the sources said.
The Mongolian prime minister's office and SAIL did not respond to requests for comment.
India, the world's second-largest crude steel producer, meets about 85% of its coking coal requirements through imports. More than half of those shipments come from Australia.
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To reduce reliance on Australia, India has been seeking alternative sources of high-grade coking coal. Mongolia, which holds substantial reserves, has been identified as a potential partner offering competitive prices.
However, its landlocked geography and limited infrastructure pose logistical challenges.
Sandeep Poundrik, the most senior civil servant in India's Ministry of Steel, said last month that transporting bulk cargo from Mongolia remains difficult.
Poundrik said India's coking coal imports are expected to accelerate due to the limited availability of the key steelmaking ingredient, amid a ramp-up in steel capacity.
"Indian steel mills are actively diversifying their coking coal sourcing beyond Australia, tapping into regions such as Mozambique, Russia, U.S., Canada, and Indonesia," commodities consultancy BigMint said.
Reuters reported last week that JSW Steel, India's largest steelmaker by capacity, has encountered difficulties in sourcing coking coal from Mongolia due to unresponsive suppliers and transportation bottlenecks.
Reporting by Neha Arora; editing by Mayank Bhardwaj and Ros Russell
Neha Arora
Thomson Reuters
Neha reports on metals and mining in India. In her time at Reuters, she has reported on the pandemic when she was a finalist in the Breaking News of the Year category for Journalists of the Year Awards. She has also reported on India's trade policy, central bank's monetary policy, FX/debt markets, as well as done a brief stint with the desk and edited stories. She is a postgraduate with a diploma in journalism from Mumbai's Xavier Institute of Communications, and a graduate in English literature from University of Delhi.

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UFE- IIAF “Financial Elites 2025” International conference & networking event. Theme: The Impact of Leaders` Sustainable Decisions on Business Entities May 09. 2025 www.ufe.edu.mn

This conference aims to provide actionable insights into how strategic decision-makers can effectively integrate sustainability into their corporate strategies, leading to sustainable growth and improved stakeholder relations.
A key focus will be the role of internationally recognized professional qualifiers in equipping business leaders with the expertise to drive sustainable financial growth, regulatory compliance, and ethical leadership in a rapidly evolving global economy.
Keynote Speakers: 
Rinchinnyam. Amarjargal - University Finance and Economic Chairman of the Board
Honorary doctorate in Macroeconomic Policy and Planning (University of Bradford, UK, 2000) 
He was leading Mongolia as Prime Minister from 1999 to 2000 during a crucial period of economic and political transition. He played a key role in stabilizing the economy, implementing market-oriented reforms, and strengthening Mongolia’s democratic institutions. 
Jaap Van Hierden - United Nations Resident Coordinator in Mongolia 
MSc in Agricultural Economics from Wageningen University in the Netherlands. 
Mr. Jaap van Hierden, has more than 30 years of experience in development, humanitarian and peacebuilding engagements. From 1 October 2021 to 31 December 2024, he has served as the first UN Resident Coordinator of the new UN Multi-Country Office Micronesia hosted by Pohnpei/FSM supporting Palau, Federated States of Micronesia (FSM), Marshall Islands, Nauru and Kiribati. In this capacity, he led a UNCT to ensure the coordination, harmonization and simplification of their support to achieve national development goals. 
Jeff Lo –  Business Development Manager at CIMA 
Since 2019, Jeff has been driving CIMA (Chartered Institute of Management Accountants), the world’s leading professional body for management accountants, growth across Hong Kong and Emerging Markets, fostering partnerships with corporations and universities to advance the accounting and finance profession. With a focus on talent development and professional education, Jeff helps organizations build future-ready finance teams through CIMA’s globally recognized qualifications.
Gaukhar Ashirbekova - Public Affairs Lead for Eurasia at ACCA
She leads engagement with governments on issues such as public financial management reform, sustainable development, enhancing corporate reporting, adoption of international financial and sustainability standards, and upskilling finance professionals. Prior to joining ACCA, she served at the Ministry of Foreign Affairs of Kazakhstan, coordinating multilateral cooperation with the United Nations and the CICA, an international organization for regional cooperation in Asia.
Please see more at https://www.linkedin.com/.../ufemongolia_financial.../...
or/and contact 
TumurOchir LKHAM-URJINKHAND
University of Finance and Economics
Mobile: 976-99608004
lkham-urjinkhand.t@ufe.edu.mn
ufe.edu.mn

 

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