1 PRIME MINISTER OYUN-ERDENE VISITS EGIIN GOL HYDROPOWER PLANT PROJECT SITE WWW.MONTSAME.MN PUBLISHED:2025/04/30      2 ‘I FELT CAUGHT BETWEEN CULTURES’: MONGOLIAN MUSICIAN ENJI ON HER BEGUILING, BORDER-CROSSING MUSIC WWW.THEGUARDIAN.COM PUBLISHED:2025/04/30      3 POWER OF SIBERIA 2: ECONOMIC OPPORTUNITY OR GEOPOLITICAL RISK FOR MONGOLIA? WWW.THEDIPLOMAT.COM PUBLISHED:2025/04/29      4 UNITED AIRLINES TO LAUNCH FLIGHTS TO MONGOLIA IN MAY WWW.MONTSAME.MN PUBLISHED:2025/04/29      5 SIGNATURE OF OIL SALES AGREEMENT FOR BLOCK XX PRODUCTION WWW.RESEARCH-TREE.COM  PUBLISHED:2025/04/29      6 MONGOLIA ISSUES E-VISAS TO 11,575 FOREIGNERS IN Q1 WWW.XINHUANET.COM PUBLISHED:2025/04/29      7 KOREA AN IDEAL PARTNER TO HELP MONGOLIA GROW, SEOUL'S ENVOY SAYS WWW.KOREAJOONGANGDAILY.JOINS.COM  PUBLISHED:2025/04/29      8 MONGOLIA TO HOST THE 30TH ANNUAL GENERAL MEETING OF ASIA SECURITIES FORUM WWW.MONTSAME.MN PUBLISHED:2025/04/29      9 BAGAKHANGAI-KHUSHIG VALLEY RAILWAY PROJECT LAUNCHES WWW.UBPOST.MN PUBLISHED:2025/04/29      10 THE MONGOLIAN BUSINESS ENVIRONMENT AND FDI: CHALLENGES AND OPPORTUNITY WWW.MELVILLEDALAI.COM  PUBLISHED:2025/04/28      849 ТЭРБУМЫН ӨРТӨГТЭЙ "ГАШУУНСУХАЙТ-ГАНЦМОД" БООМТЫН ТЭЗҮ-Д ТУРШЛАГАГҮЙ, МОНГОЛ 2 КОМПАНИ ҮНИЙН САНАЛ ИРҮҮЛЭВ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/30     ХУУЛЬ БУСААР АШИГЛАЖ БАЙСАН "БОГД УУЛ" СУВИЛЛЫГ НИЙСЛЭЛ ӨМЧЛӨЛДӨӨ БУЦААВ WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/30     МЕТРО БАРИХ ТӨСЛИЙГ ГҮЙЦЭТГЭХЭЭР САНАЛАА ӨГСӨН МОНГОЛЫН ГУРВАН КОМПАНИ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/30     "UPC RENEWABLES" КОМПАНИТАЙ ХАМТРАН 2400 МВТ-ЫН ХҮЧИН ЧАДАЛТАЙ САЛХИН ЦАХИЛГААН СТАНЦ БАРИХААР БОЛОВ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/30     ОРОСЫН МОНГОЛ УЛС ДАХЬ ТОМООХОН ТӨСЛҮҮД ДЭЭР “ГАР БАРИХ” СОНИРХОЛ БА АМБИЦ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/30     МОНГОЛ, АНУ-ЫН ХООРОНД ТАВДУГААР САРЫН 1-НЭЭС НИСЛЭГ ҮЙЛДЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     ЕРӨНХИЙ САЙД Л.ОЮУН-ЭРДЭНЭ ЭГИЙН ГОЛЫН УЦС-ЫН ТӨСЛИЙН ТАЛБАЙД АЖИЛЛАЖ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     Ц.ТОД-ЭРДЭНЭ: БИЧИГТ БООМТЫН ЕРӨНХИЙ ТӨЛӨВЛӨГӨӨ БАТЛАГДВАЛ БУСАД БҮТЭЭН БАЙГУУЛАЛТЫН АЖЛУУД ЭХЛЭХ БОЛОМЖ БҮРДЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     MCS-ИЙН ХОЁР ДАХЬ “УХАА ХУДАГ”: БНХАУ, АВСТРАЛИТАЙ ХАМТРАН ЭЗЭМШДЭГ БАРУУН НАРАНГИЙН ХАЙГУУЛЫГ УЛСЫН ТӨСВӨӨР ХИЙЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/29     АМ.ДОЛЛАРЫН ХАНШ ТОГТВОРЖИЖ 3595 ТӨГРӨГ БАЙНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/29    

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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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Mongolia to start immunization against cervical cancer from 2023 www.news.mn

For women in Mongolia, cervical and breast cancers are among the four most common cancers, the other two being liver and stomach cancers. In Mongolia, nearly 300 women lost their lives to the cancer every year- one in every 12 women dies of cervical cancer. Currently, a total of 3400 women diagnosed with cervical cancer are under observation in National Cancer Center.
Almost all cervical cancers are caused by HPV (human papillomavirus)– a link that was proven more than 20 years ago by Cancer Research UK scientists.
Mongolia tested a vaccination rollout against cervical cancer in 2011-2012 and over 10 thousand women get 1-3 HPV vaccine doses. According to study, more than 75 percent of them were protected from cervical cancer.
Therefore, Health Ministry of Mongolia has initiated to amend Law on Immunization for starting HPV immunization campaign in 2023. Mongolia can get 10 thousand doses of HPV vaccine by discounted price with support UNICEF.
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Johnson and Sunak Hold Talks Over UK Leadership Race www.bloomberg.com

Boris Johnson and Rishi Sunak, contenders to be the next UK prime minister, held face-to-face talks Saturday to discuss the Conservative leadership contest, according to people familiar with the discussions, seeking a deal that would eliminate the need to take a potentially divisive runoff vote between them to party members.
The former prime minister and ex-chancellor spoke as some Tory MPs called on them to put aside their differences and thrash out a deal that would see one of them take over as premier and the other serve in a senior cabinet position, the people said, declining to be identified because the matter is private.
The prospect of the pair running on a joint ticket represents yet another unimaginable twist in what’s been a chaotic year in UK politics. The chances of a deal were previously considered almost impossible due to the fallout between the two men, the people said. They became bitter enemies this summer when Sunak resigned as finance minister of Johnson’s administration, a move that helped trigger his downfall.
The former premier is currently trailing behind Sunak with far fewer public endorsements from Members of Parliament, though his campaign team claimed he has over 100 privately backing him. Sunak scored a notable win on Saturday with the support of Kemi Badenoch, the International Trade Secretary and a key figure on the party’s right.
Penny Mordaunt, who appears to have less support than either, is the only person to have publicly declared their candidacy.
Party Alarm
Liz Truss’s exit after just 44 days as prime minister on Thursday triggered a speedy leadership race, one that could theoretically see Johnson and Sunak square off. The prospect of the duo clashing in public over policy has alarmed some of the party’s bigger names.
Lord Frost, Johnson’s Brexit minister, said the party should “move on” and get behind Sunak. And in comments that largely echoed those of former Telegraph editor Charles Moore, ex-party chairman Lord Ashcroft tweeted that Johnson should sit out the contest and back his former chancellor.
In brokering a potential agreement, Sunak could point to his support among MPs as evidence he’s most likely to be able to command a majority in parliament and unite the deeply divided party. But Johnson, if he’s sure he has enough support to pass the 100-strong threshold to enter the contest, may overlook this since he’s still popular with grassroots members, who are set to get a final say in the race.
Even though he remains popular with Tory members, there’s doubt whether Johnson would be able to unify his party after leaving office only seven weeks ago. Many MPs are still angry that his shortcomings -- including breaking the law during pandemic lockdowns -- cost the party support in the polls. Truss has since driven that slump to a record low.
Roger Gale, a Tory lawmaker since 1983, broke cover to tell Times Radio he’d stand as an independent MP rather than serve under a Johnson government again.
It’s possible Johnson and Sunak could offer top government positions to get the other’s endorsements -- though their disagreements over economic policy just months ago cast doubt over whether they’d want to work together again. Even if one opts not to run, whoever’s still standing would probably have to beat Mordaunt.
Kemi Key
So far, Johnson has picked up support from the right of the party, which mostly backed Truss in the last race. Sunak appeals to more moderate factions, though he has picked up some support from MPs who were previously behind Truss.
Badenoch became the most prominent cabinet member to support him and her decision has the potential to sway the votes of others, particularly among hardcore Brexiteers. She called Sunak the “serious, honest leader we need,” in an article for the Sunday Times.
“We are very different people with a difference in approach on numerous issues, but I believe he understands the necessity for unity and bringing others along on the journey before making difficult decisions,” Badenoch wrote.
A maximum of three Tory MPs will be able to run, as the party has set a threshold of 100 MPs for candidates to even get on the ballot paper, and there are a total of 357 MPs in the party. MPs have until 2 p.m. Monday to vote for their preferred candidate. The list will be whittled down to two contenders the same day if there are three candidates who pass the required threshold.
Assuming two candidates are still in the race after Monday, if one does not pull out, grassroots members have until Friday morning to vote.
(Adds comment from Tory veteran Roger Gale)
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Deputy Prime Minister meets delegates of Gazprombank JSC www.montsame.mn

On October 19, Deputy Prime Minister of Mongolia S. Amarsaikhan received the delegation led by Belous Alexey Petrovich, the Deputy Chairman of the Board of Directors of Gazprombank JSC.
During the meeting, the parties discussed the issues of energy sources, the transit traffic connecting Asia and Europe, and the projects being carried out in cooperation with the Russian Federation, such as increasing the capacity of the port.
"The role of Gazprombank JSC is important to the implementation of the Government of Mongolia’s “New Revival Policy”, said Deputy Prime Minister S. Amarsaikhan. “In particular, I propose to expand cooperation in major projects such as improving the capacity of ports, building a natural gas pipeline from Russia to China through Mongolia, and establishing an oil refinery”.
He also noted that the Mongolian government is ready to cooperate with international investors in the projects implemented within the framework of the “New Revival policy”, and emphasized the expansion of Ulaanbaatar Thermal Power Plant No. 3 (also referred to as CHP-3 or Power Plant 3) and railway projects such as Bogdkhan and Choibalsan-Ereentsav.
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Minister of Labor and Social Protection appointed www.montsame.mn

Prime Minister L.Oyun-Erdene today signed an ordinance on appointing T. Ayursaikhan as the Cabinet member and Minister of Labor and Social Protection.
As the Constitution of Mongolia reads, a member of the cabinet shall be appointed or dismissed after presenting to the State Great Khural and the President of Mongolia, Prime Minister L. Oyun-Erdene presented the new minister to President U. Khurelsukh today, and afterwards, the minister took the oath to the State Great Khural during its plenary session today.
Former Minister of Labor and Social Protection D. Sarangerel was dismissed in the late-September as she was deemed to have violated the Constitution and made an ethical mistake.
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ISS sides with top Turquoise Hill investors in dismissing Rio takeover www.bloomberg.com

Institutional Shareholder Services Inc. is urging investors of Turquoise Hill Resources to reject Rio Tinto Group’s proposed takeover — siding with criticisms from top shareholders that the deal undervalues the company behind one of the world’s biggest copper mines.
ISS recommended Turquoise Hill shareholders vote against Rio’s cash offer to acquire 49% of the stock it doesn’t own for C$43 a share, the firm said Friday in a report. The deal values the stake in the Montreal-based miner at about C$4.24 billion ($3.1 billion).
“While the offer provides an escape from the immediate downside, certainty of value today comes at a cost that is too high to be tolerated,” ISS said, adding that the severity of the downside risk is outweighed by the magnitude of the discount to net asset value implied by the offer. “As such, support for this offer is not warranted.”
ISS’s position is contrary to Wednesday’s recommendation by another advisory firm, Glass Lewis & Co., which urged shareholders of the Canadian miner to support Rio’s proposal. Two top shareholders — Pentwater Capital Management and SailingStone Capital Partners — have come out against the deal, arguing it undervalues the company.
At stake is Rio Tinto’s control of Mongolia’s Oyu Tolgoi project, which is expected to become the world’s fourth-largest copper mine. Rio already owns 51% of Turquoise Hill, but more than half of the remaining shareholders must back the acquisition for the deal to proceed. The Oyu Tolgoi mine is a joint venture between Turquoise Hill and the government of Mongolia.
Shares of Turquoise Hill dropped as much as 3.9% Friday in Toronto. The stock was down 1.6% to C$39.36 as of 10:42 a.m. local time.
(By Scott Deveau and Yvonne Yue Li)
 
 
 
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Rio Tinto seeks pitches from bankers for lithium deals in battery metal foray www.bloomberg.com

Rio Tinto Group is asking for pitches from some of the biggest investment banks for lithium companies and projects it could buy as the mining giant looks to expand into the key battery metal.
Representatives from leading investment banks visited the miner’s offices in Perth, Australia several weeks ago, according to people familiar with the situation who declined to be identified as the meetings were private.
Rio Tinto is the only one of the world’s biggest diversified miners looking to start mining lithium, a key ingredient to make batteries for electric vehicles. The interest from the second-largest mining company comes amid a global push to transition to cleaner energy sources and reduce dependency on fossil fuels, putting electrification and battery metals at the forefront of the shift.
The London-based mining giant had sought to develop a giant underground lithium mine in Serbia, positioned to feed into Europe’s car manufacturing hub in Germany, yet those plans were dashed earlier this year when the Serbian government blocked the development after thousands of protesters took to the streets to oppose it.
Instead, Rio bought a lithium mine in Argentina for $825 million and is looking to bring it into production as soon as 2024. The company has already inked a supply agreement with Ford Motor Co.
Nothing imminent
Rio’s meetings with bankers don’t mean a major deal is imminent. The company is more interested in making sure it’s aware of all the opportunities in the sector and what could be available to buy in the future, according to the people. Companies involved with lithium are expensive at the moment, so it’s not a good time to buy.
Lithium miners are currently trading at 5.8 times earnings before interest, taxes, depreciation and amortization for 2023, according to estimates by New York-based investment bank Cowen Inc. Lithium prices are also soaring in the latest leg of a record-setting rally, with prices in China nearly doubling the level at the start of the year.
The world needs lithium supplies to grow fivefold by the end of the decade to meet projected demand as the electric vehicle revolution gets into full swing, according to BloombergNEF. This looming shortage of the white silvery metal has seen miners engage in bidding wars for assets in nontraditional mining countries such as Argentina.
(By Yvonne Yue Li and Thomas Biesheuvel)
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Politburo Standing Committee: Who are the men that rule China now? www.bbc.com

The Chinese Communist Party has finally unveiled the men who will rule China for the next five years.
The Politburo Standing Committee is China's equivalent of the presidential cabinet.
It is considered the elite of the elite within the party, and getting to the top often requires not only a stellar political track record, but also deft manoeuvring of internal rivalries.
It is not unusual to see big reshuffles of the Standing Committee after a term ends, and this time it is no different.
Effectively handpicked by President Xi Jinping, most of them are new to the team apart from Zhao Leji and Wang Huning. Most, if not all, are seen to be Xi loyalists.
Here are the men who, led by President Xi, make up the power centre of China.
Li Qiang
Age: 63
Current political post: Party secretary of Shanghai
Seen as Xi's most trusted junior colleague, Li worked in small counties in Zhejiang province. When Xi was party chief of Zhejiang, Li served as his chief of staff.
His team's handling of the Covid outbreak in Shanghai earlier this year was contentious and residents were critical of it. There was speculation on whether this could have affected his political future.
But with this appointment, it is clear his loyalty to Xi has placed him in good stead. The titles of the members in the Standing Committee will be confirmed next year, and many believe Li will become the next Premier, the second-in-command after Xi.
Zhao Leji
Age: 65
Current political post: Head of the Central Commission for Discipline Inspection
Zhao has been seen as a rising star in the Chinese leadership, and has close links to the Shaanxi province, much like Xi.
After entering the Qinghai provincial government, he swiftly rose up the ladder and became governor at the age of 42 - the youngest person to become a provincial governor.
As the head of the anti-corruption body, Zhao is responsible for maintaining party discipline and has reported a number of senior officers for accepting bribes throughout the years.
Wang Huning
Age: 67
Current political ranking: First secretary of the Communist Party's Secretariat
A former scholar and professor, Wang rose through the ranks after catching the eye of senior politicians. He was recommended to then-president Jiang Zemin and promoted to become Jiang's consultant.
As the party's political theorist, Wang is considered to be the brains behind many Communist Party concepts, including the ideologies for three leaders: the Three Represents of Jiang Zemin, the Scientific Outlook on Development of Hu Jintao, and Xi Jinping Thought. China's ambitious Belt and Road Initiative was also believed to be his idea.
He is said to get along well with all factions in the party.
Cai Qi
Age: 66
Current political ranking: Mayor of Beijing
A close ally of Xi, he has worked under the Chinese leader in the Fujian and Zhejiang provinces and has called for absolute loyalty to him.
Beijing's hosting of the Winter Olympics earlier this year, at the height of the pandemic, was seen within the party as a success and reflected well on him.
But he also attracted controversy when he launched a plan in 2017 to reduce the population of the capital, that ultimately forced out many low-income earners from the city.
Ding Xuexiang
Age: 60
Current political ranking: Director of the Office of the General Secretary and Office of the President
A trained engineer, Ding started his political career at a government-affiliated research centre in Shanghai.
Though he lacked experience as a provincial-level party secretary or governor - usually considered essential in the climb to power - he became Xi's secretary in 2007. Since 2014 he has been the head of the presidential office, effectively acting as Xi's chief-of-staff.
A strong advocate of Xi Jinping Thought, he is one of Xi's most trusted aides. He has accompanied the Chinese leader for many trips within China as well as abroad - observers say he has probably spent more time with Xi than any other official in recent years.
Li Xi
Age: 66
Current political ranking: Party secretary of Guangdong province
A Xi loyalist with close ties to the Chinese leader's family, Li is seen as a crisis-solver for handling a 2017 scandal in Liaoning province over falsified economic data.
He was the party leader in the politically significant city of Yanan, which Mao Zedong used as the party's headquarters during World War Two and where Xi spent seven years of hard labour.
In Guangdong, Li pushed for the development of the tech industry and economic reform. He also issued new trade policies and promoted regional integration in the area.
 
 
 
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Digital Transformation in Mongolia: Insight From The Ministry of Digital Development www.thefintechtimes.com

Two years ago, the government of Mongolia set out a five-year plan to build a ‘digital nation’, harnessing data and technology to facilitate innovation, streamline public services and diversify the country’s mining-reliant economy.
The world’s most sparsely populated country, with more than three million people spread out across 1.6 million square kilometres, wants to deliver digital transformation up to 90 per cent by 2024.
It established the Mongolian Ministry of Digital Development and Communications, appointing Bolor-Erdene Battsengel as Vice Minister. The ICT leader, who was also recently named a next-generation leader by TIME Magazine, is the country’s youngest cabinet member and a face of women empowerment.
The Fintech Times chatted to Battsengel to learn more about the mission to turn Mongolia into an economic and tech hub as well as her coding programme for girls from disadvantaged regions and remote locations.
What work is being done to accelerate digital transformation in Mongolia?
Now is an extremely important time for digital transformation in Mongolia. We are looking at a tech boom here. For the first time in Mongolian history, the government announced the ICT sector as one of the nation’s economic priorities, and approved the digital nation policy.
Following this announcement, the necessary legal framework was created to accelerate digital transformation, and a set of digital development laws were approved. These include the laws on Personal Information Protection, Public Information, Cybersecurity, Digital Signatures, and Virtual Asset Service Providers, all of which were approved in 2020 and implemented in May, 2022.
I GENUINELY BELIEVE THAT MONGOLIA IS BECOMING ASIA’S NEXT HIDDEN GEM, AS THE REGULATORY ENVIRONMENT IS FRIENDLY FOR INNOVATION
Startups and private sector innovation have accelerated in Mongolia, while digital governance has taken new steps against red-tape bureaucracy and corruption. We have launched the E-Mongolia platform, which provides government services online. As a sparsely-populated country with a nomadic culture, it was crucial to introduce a government service platform so that our citizens can get their government services regardless of their locations.
Currently, we have digitised about 2,000 government services including registering a company, getting a license and ordering a new passport etc. Over 75 per cent of the adult population is now using E-Mongolia on a daily basis.
Mongolia
What emerging technologies are having a noticeable impact in Mongolia?
One of the catalysts for the rapid development of the fintech industry in Mongolia is artificial intelligence. Artificial intelligence is being used to credit scoring and provide short-term consumer loans.
The Ministry of Education is using blockchain technology to register all sorts of certifications and university diplomas. Also, land ownership has been a big issue. The ownership registration is also based on blockchain technology. Currently, we have introduced AI for E-Mongolia to suggest government services before citizens reach out to government platforms depending on their needs.
Why is Mongolia an attractive opportunity for UK companies?
I genuinely believe that Mongolia is becoming Asia’s next hidden gem, as the regulatory environment is friendly for innovation. Also, we are encouraging tech companies to come and create this hub with us. In terms of tax environment, it is friendly compared to other countries. Startups are interested in Mongolia for the geographical locations as they want to operate in either East Asia or Central Asia.
What can UK companies bring to Mongolia and what lessons do you think can be learned/shared between the two countries’ fintech ecosystems?
We hope that UK companies can bring a diverse startup culture to Mongolia as well as innovation. In Mongolia, the personnel of the banking and fintech sector have relative potential compared to other sectors. Therefore, it is possible to exchange business, working methods and technological know-how through personnel exchange.
Could you share further insight into your department’s upcoming plans and the mission to turn Mongolia into an economic and tech hub?
The Ministry of Digital Development and Communications is paying great attention to nurturing and developing IT startups, in addition to the national digital transformation. We are working to create a favorable legal environment and ecosystem and create a technology free zone.
How can we attract more women into tech and leadership roles?
We have talked about gender issues in the tech sector so much over the past 10 years. Unfortunately, we have not seen much improvement, because it really requires long-term institutional change: creating role models in society, supporting capable and potential women as leaders, and providing opportunities for teenage girls to participate in coding and STEM programmes from an early age.
I have my own initiative called Girls Code which brings girls, most of them in high school, from remote areas and disadvantaged families and organises three months of boot camp. So far we have 80 graduates, of which 11 are now accepted and enrolled to Ivy League universities in the US and several more studying in Japan and China for ICT degrees.
 
 
 
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Bank IPOs leading the charge for Mongolia’s maturing stock exchange www.intellinews.com

Banks aren’t usually the first thing that comes to mind when investors want to plough money into the Mongolian economy; mostly it’s mining. But lately the banking sector has become the focus of attention for this country’s capital markets and IPO-hungry investors.
Earlier this month, State Bank, one of Mongolia’s five systemically important banks (SIBs), listed 5% of its shares, raising MNT25.4bn ($7.9mn). That listing was the first of what is expected to be several IPOs over the next year and a half for this country’s biggest banks.
Activity on the Mongolian Stock Exchange, which has a market cap of $1.6bn, has been accelerating with help from a robust string of bond sales and public offerings. The mineral-rich nation has long sought to diversify its assets beyond the mining space – the stock exchange is seen as a vehicle to pump investment into other sectors, including food production, banks, and textiles.
The State Bank IPO generated considerable interest and was three-times oversubscribed, Altai Khangai, chief executive officer for the stock exchange, told bne IntelliNews. State Bank’s shares have since surged 76% on the secondary market.
But State Bank was just the first of several major banks to list on the MSE this year. Mongolia’s four other SIBs – XacBank LLC, Khan Bank, Trade & Development Bank and Golomt Bank – are all expected to list on the MSE by the end of next year. Two of these banks are expected to list shares on the exchange this year, followed by two in 2023.
The flurry of activity in bank IPOs is driven by Mongolia’s updated banking code, adopted last year. The code requires SIBs to be listed, and to cap a bank’s shareholding rights at 20% by the end of 2023. Fitch Ratings reports on its Mongolian Banks Dashboard the new requirements will improve transparency and strengthen the banking system’s governance.
The code amendment that is pushing Mongolia’s banks to go public consists of two phases. Phase one requires the systemic banks to list 20% by June 30, 2023 and phase two requires these banks to list 80% of shares by Dec. 31, 2023.
“I see that as a booster for the market,” said Altai, now six years into his second stint as CEO of the exchange.
The new listings could help boost a market that has slumped 18% this year. That downward pressure follows global trends, with the market sliding for most of the year amid high oil prices, war in Ukraine, and global economic headwinds. Mongolia’s currency is under pressure too and has likewise declined 18% year to date.
The downturn in stocks might also be profit taking after last year’s phenomenal run, when the MSE Top-20 Index soared 133%, easily the best performance of any of the world’s markets.
The MSE’s trading turnover was lifted last year with help from coal miner Erdenes Tavan Tolgoi, which issued $245mn in bonds on the exchange. The ETT bond equalled roughly half of the market’s trading volume last year.
The increased activity hasn’t gone unnoticed. Earlier this month the FTSE Russell, a subsidiary of the London Stock Exchange Group, said Mongolia meets all of the FTSE Quality of Markets criteria for market classification. Effective September 2023, the exchange will be assigned Frontier market status.
“It’s a big thing,” said Altai, bluntly describing the announcement.
The exchange’s reputation has been boosted by a campaign to delist a number of inactive companies – 182 companies are currently listed compared to 332 companies a decade ago. Its products have also diversified. Investors can choose from ten corporate bonds and a handful of asset-backed securities.
There’s even a dual-listed company – Erdene Resource Development Corp., a Nova Scotia-based junior miner, that trades on both the Mongolian and Toronto stock exchanges. Erdene has raised $6mn through the MSE and has amassed around 6,000 Mongolian shareholders.
The Erdene cross-listing could pave the way for others to also list in Ulaanbaatar, where foreign capital is badly needed to counter the country’s sluggish economy. The Asian Development Bank (ADB) is forecasting just 1.7% growth this year, down from an April projection of 2.3%.
“We need to make this a very liquid market,” said Altai, whose past roles include a stint as advisor to a former Mongolian prime minister. “We need the presence of international, institutional money. We need this institutional investor base in the country.”
The onslaught of bank IPOs coming at a time of economic uncertainty is no cause for concern, Mongolia-watchers say, and should be a net positive for the banking sector.
Edward Faber, an economist with the ADB in Mongolia, said the IPOs will not only reinforce the capital position of banks but will also diversify the shareholder base. That asset quality reviews will precede the IPOs is also a good step that instils confidence, he said.
The IPOs “should also make banks more accountable and require them to disclose more information publicly, and result in better corporate governance more generally,” said Faber. “Greater shareholder diversification will be a positive.”
By Michael Kohn
 
 
 
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Detection dogs started detecting illegal trade of wild animals www.montsame.mn

More than ten organizations, including the Integrated Training Center for the National Police Agency and Mongolian Armed Forces and the Search Dog Training Center of the Mongolian Customs General Administration, jointly organized the first conference of the detection dog sector on Wednesday, 19 Oct 2022.
Along with these two centers, the representatives of the General Authority for Border Protection, the State Special Protection Agency, the National Rescue Team of the National Emergency Management Agency, the General Intelligence Agency, the National Civil Aviation Center Security Service, the Ulaanbaatar Railway, military security, the Association of Mongolian Search Dog Owners, the “Institute for Occupational Standards and Human Development” NGO participated in the conference.
This conference aims to determine the duties and responsibilities and develop standards for government organizations with sniffer dogs. Funded by the conference’s main organizer, the Zoological Society of London in Mongolia organized workshops for organizations using detection dogs to patrol the entrances to the city and specially protected areas around the city to discover hidden items and products.
The organization also provided techniques and equipment worth MNT 55 million to the Search Dog Training Center of the Mongolian Customs General Administration, MNT 53 million to the Integrated Training Center for the National Police Agency and Mongolian Armed Forces, MNT 17 million to the National Rescue Team, and MNT 21 million to the Association of Mongolian Search Dog Owners. Moreover, it invited professional trainers from the United Kingdom and organized a training course, which was greatly appreciated by the dog handlers.
Thus, the Zoological Society of London in Mongolia has been supporting the strengthening of the detection dog sector in Mongolia, using search dogs to reduce the illegal hunting and trade of wild animals and for environmental protection.
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