1 14TH MBD MISSION FOR MBCC'S "DOING BUSINESS WITH MONGOLIA SEMINAR & CHRISTMAS RECEPTION" AND BUSINESS PROGRAM DEC 08- 14. 2025 LONDON, UK WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2025/09/16      2 IMF WRAPS UP 2025 ARTICLE IV TALKS WITH MONGOLIA WWW.IMF.ORG PUBLISHED:2025/09/16      3 POSCO INTERNATIONAL TO LAUNCH WASTEWATER HEAT DISTRICT HEATING PROJECT IN MONGOLIA WWW.CM.ASIAE.CO.KR  PUBLISHED:2025/09/16      4 MONGOLIA'S EXTERNAL DEBT UP 12.7 PCT IN Q2 2025 WWW.NEWS.AZ PUBLISHED:2025/09/16      5 2025 AUTUMN SESSION OF THE STATE GREAT KHURAL COMMENCES WITH STRUCTURAL REFORMS WWW.MONTSAME.MN PUBLISHED:2025/09/16      6 MONGOLIA SURPASSES 617,000 TOURIST ARRIVALS BY MID-SEPTEMBER 2025 WWW.MONTSAME.MN PUBLISHED:2025/09/16      7 ODD-EVEN TRAFFIC RESTRICTION CONCLUDES WWW.UBPOST.MN PUBLISHED:2025/09/15      8 MMC ANNOUNCES FIRST GOLD POUR COMPLETED AT THE BAYAN KHUNDII MINE IN MONGOLIA WWW.SG.FINANCE.YAHOO.COM  PUBLISHED:2025/09/15      9 MKE LAUNCHES CARTRIDGE PRODUCTION LINE IN MONGOLIA WWW.RAILLYNEWS.COM  PUBLISHED:2025/09/15      10 MONGOLIA’S LARGEST MINING EVENT HIGHLIGHTS INVESTMENT AND RESPONSIBLE MINING WWW.MONTSAME.MN PUBLISHED:2025/09/14      14 ДЭХЬ УДААГИЙН MBCCI’S “ DOING BUSINESS WITH MONGOLIA SEMINAR & CHRISTMAS RECEPTION” B2B NETWORKING БОЛОН БИЗНЕС ХӨТӨЛБӨР 2025 ОНЫ 12 САРЫН 08 -13 ЛОНДОН ХОТ, ИХ БРИТАНИ WWW.MONGOLIANBUSINESSDATABASE.COM НИЙТЭЛСЭН:2025/09/16     ЭДИЙН ЗАСГИЙН ТӨРӨЛЖИЛТИЙН ИНДЕКСЭЭР МОНГОЛ УЛС 145 ОРНООС 139-Д БИЧИГДЖЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2025/09/16     ӨНӨӨДӨР: “СЭЛБЭ 20 МИНУТЫН ХОТ”-ЫН ДАРААГИЙН ЭЭЛЖИЙН ОРОН СУУЦНЫ ТӨСЛИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/09/16     ШЭНЬ МИНЬЖУАНЬ: БНХАУ МОНГОЛ УЛСЫГ ШХАБ-ЫН ГЭР БҮЛД НЭГДЭЖ, ХАМТЫН АЖИЛЛАГААГАА ӨРГӨЖҮҮЛЭХИЙГ УРЬСАН WWW.ITOIM.MN НИЙТЭЛСЭН:2025/09/15     Г.ЗАНДАШАТАР: ТӨРИЙН ДАНХАР БҮТЦИЙГ ХУМИХ АЖИЛ ИРЭХ ОНД Ч ҮРГЭЛЖИЛНЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/09/15     Ц.ТУВААН: НҮҮРСНИЙ ҮНЭ 3 САР ТУТАМ ШИНЭЧЛЭГДЭНЭ. ГЭРЭЭНД ЯМАР Ч НУУЦ БАЙХГҮЙ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/09/15     ХАНЫН МАТЕРИАЛД 1800 АЙЛЫН ОРОН СУУЦ БАРИХ ТӨСЛИЙН ГҮЙЦЭТГЭГЧ ШАЛГАРЛАА WWW.ITOIM.MN НИЙТЭЛСЭН:2025/09/15     "ТАТВАРЫН ХЭТ ӨНДӨР ТООЦОО БИЗНЕС ЭРХЛЭГЧДИЙГ ХААЛГАА БАРИХАД ХҮРГЭНЭ" WWW.NEWS.MN НИЙТЭЛСЭН:2025/09/15     ГАДААД ХУДАЛДААНЫ НӨХЦӨЛИЙН ИНДЕКС ӨМНӨХ ОНООС 4.1 ХУВИАР БУУРЧЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/09/15     ЭХНИЙ НАЙМАН САРЫН БАЙДЛААР 600 МЯНГАН ЖУУЛЧИН ИРЖЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/09/15    

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

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Indian army contingent departs for India-Mongolia joint military exercise nomadic elephant www.pib.gov.in

The Indian Army contingent departed today, for 17th edition of India- Mongolia Joint Military Exercise NOMADIC ELEPHANT. The exercise is scheduled to be conducted in Ulaanbaatar, Mongolia from 31st May to 13th June 2025. Exercise NOMADIC ELEPHANT is an annual event conducted alternatively in India and Mongolia. Last edition of the same exercise was conducted at Umroi, Meghalaya in July 2024.
The Indian contingent comprising 45 personnel will be represented mainly by troops from a battalion of the ARUNACHAL SCOUTS.  The Mongolian Armed Forces contingent, also comprising similar strength, will be represented by 150 Special Forces unit.
Aim of the exercise is to enhance interoperability between the two forces while employing joint task force in semi conventional operations in semi urban/ mountainous terrain under United Nations mandate.
The scope of this exercise involves Platoon level Field Training Exercise. During the exercise, Indian and Mongolian troops will engage in various training activities to include endurance training, reflex shooting, room intervention, small team tactics and rock craft training, among others. In addition, to enhance complexity of exercise, aspects pertaining to Cyber Warfare are also being incorporated in this edition of the exercise. Soldiers from both sides will also learn from each other’s operational experience.
The exercise underscores the shared commitment of India and Mongolia towards regional security, peace and stability. Exercise NOMADIC ELEPHANT reinforces the India-Mongolia relationship as a cornerstone of regional cooperation, fostering strong military ties and promotion of cultural understanding.
A testament to the enduring bond of friendship, trust and cultural linkages between India and Mongolia, the exercise sets the stage for meaningful professional engagement, highlighting the unwavering commitment of both nations to broader defence cooperation.

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Deputy Foreign Ministers of Mongolia, Russia, and the PRC Hold Trilateral Meeting www.montsame.mn

The 6th Deputy Foreign Ministers' Meeting of Mongolia, the Russian Federation, and the People’s Republic of China took place in Beijing, the People’s Republic of China, on May 29, 2025.
This is the first such meeting since 2019. The three parties reviewed the current state of trilateral cooperation, discussed in detail ways to further expand it, and, in this context, emphasized accelerating projects under the Mongolia–Russia–China Economic Corridor Program. They also exchanged views on organizing a high-level trilateral meeting.
State Secretary of the Ministry of Foreign Affairs of Mongolia Munkhtushig Lhanaajav, Deputy Minister of Foreign Affairs of the Russian Federation Andrey Yurevich Rudenko, and Assistant Minister of Foreign Affairs of the People’s Republic of China Liu Bin participated in the Meeting.

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Will citizens have to pay for social insurance deficit? www.ubpost.mn

You might think that the social insurance contributions deducted from our monthly salaries are being accumulated in the Pension Insurance Fund. If so, that is a major misconception. In reality, there is not a single tugrug left in the Pension Fund—it has been in the red and empty for many years. In other words, the Social Insurance Fund has been operating at a loss year after year and is now on the verge of complete collapse.
Three years ago, members of Parliament warned during a session that the deficit of the Social Insurance Fund could reach 16 trillion MNT by 2030, potentially leading to default within one or two years. As it stands, the deficit of the fund has already reached 4.7 trillion MNT over the past five years, according to the Minister of Labor, Family and Social Protection, L.Enkh-Amgalan.
The outdated pension insurance system is often blamed as the main “culprit” for this situation, with all the problems conveniently pinned on it. But in reality, successive political powers have exploited the Social Insurance Fund as a “cash cow” to gather votes during elections. While they may not have looted it in a literal sense, they have significantly contributed to its downfall—a fact that Minister L.Enkh-Amgalan himself acknowledges as he now seeks to “hold them accountable”.
He stated, “Our country is now facing a serious question: Will we even have a social insurance system, especially a pension fund, or not? Therefore, we are left with no choice but to implement major policy reforms. Previously, one worker’s social insurance contributions were used to pay the pensions of three retirees. Now, even the combined contributions of three workers are not enough to support a single retiree.”
This crisis stems from the distorted pension system and the laws and decisions made by politicians without proper analysis or calculation. For example, in 2022, a law was passed to retroactively calculate years of service and social insurance contributions. Based on this law, 608,000 people retroactively paid their pension insurance contributions for up to 11 years. However, the total revenue generated from these contributions amounted to only 38 billion MNT, as people mostly paid based on the minimum wage.
Out of those 608,000 individuals, over 300,000 are already receiving pensions. In other words, 38 billion MNT were added to the fund, but 1.5 trillion MNT have already been paid out in pensions to them. So what happens when the rest of them start drawing pensions? This is just one example of the populist promises and decisions made by those in power with no long-term vision. At the time, retroactively counting years of service seemed like a citizen-friendly decision, but in the long run, it has become a “dark” policy that is draining the Social Insurance Fund.
Pension fund expenditure increased by around 1 trillion MNT 
In addition to existing problems, criticism is mounting from professionals in the field that military personnel and law enforcement officers, who retire as early as age 40 or 45 after receiving 36 months’ worth of salary in one lump sum under preferential conditions, are placing enormous pressure on the Social Insurance Fund. They note that there is no other country like Mongolia where such young people are allowed to retire.
Moreover, another burden on the fund came from the regulation that followed a bill initiated by Member of Parliament B.Purevdorj, which amended the Law on Pensions and Benefits Provided from the Social Insurance Fund just before the elections. The regulation changed the basis for pension calculation from the average salary of the last seven years to the last five years. This allowed many, especially those in the private sector, to secure higher pensions by paying higher contributions during their final five working years. As a result, individuals who paid higher contributions for just five years are now receiving significantly larger pensions than those who paid steadily over 20 to 30 years—clearly an unfair situation.
Additionally, reducing the retirement age for herders is another populist political decision aimed at securing votes, which has also contributed to the current financial strain on the sub-funds of the Social Insurance Fund. Because of these few politically motivated decisions, the social insurance system has severely deteriorated, and it has become clear that the pension fund can no longer be financially sustained under the current system.
Therefore, officials now argue that major reforms are necessary. These include: returning to a seven to 10 year average salary calculation for pensions (instead of five years); stopping early retirement for military and law enforcement personnel; and setting an upper limit on the salary base used to calculate employer contributions.
The Social Insurance Fund is used to finance four main areas: pensions, benefits, unemployment insurance, and insurance for workplace accidents and occupational diseases. According to statistics from the General Department of Social Insurance, the fund’s revenue reached 5.5 trillion MNT by the end of 2024, an increase of 1.2 trillion compared to the same period the previous year. However, expenditures reached 5.4 trillion MNT—1.3 trillion more than in 2023.
The increase in expenditures was largely due to a 994.1 billion MNT increase in spending from the Pension Insurance Fund. Although the fund’s income and expenses seemed to balance in 2023 and 2024, even appearing profitable, analysts warn this does not reflect the deeper, long-standing issues. The deficit in the Pension Insurance Fund has continued to grow annually.
For example, last year the fund paid pensions to 509,500 individuals, totaling 4.6 trillion MNT—one trillion more than in 2023. In other words, the fund has only been able to continue providing pensions by receiving an annual subsidy from the government averaging 600 to 800 billion MNT. The Ministry of Labor, Family and Social Protection projects that the pension fund’s deficit could double or even triple this year.
No possibility to reduce social insurance contributions even by 1%
Social insurance and VAT have become the biggest burdens for small and medium-sized businesses, forcing many enterprises to shut down. Business owners especially criticize the fact that the social insurance premiums they pay on behalf of their employees have no impact on the actual pension those employees will receive. That is why employers continue to demand a reduction in social insurance contributions.
However, Minister L.Enkh-Amgalan continues to insist that “social insurance is a future pension savings scheme”. He recently stated, “Employees and employers together pay 20 percent in social insurance, four percent in health insurance, and 10 percent in personal income tax—a total of 34 to 35 percent deducted from wages. I understand this is a heavy burden. But it’s important to distinguish between the sub-funds of social insurance. For instance, even a one-percent reduction in contributions would result in a 261 billion MNT loss in revenue for the fund. A two-percent cut would mean a loss of 522 billion MNT.”
From this statement, it’s clear that any hope of reducing the social insurance contribution rate is off the table. The bill to reduce social insurance contributions, proposed by MP Ch.Lodoisambuu and others, has been put aside for now, with government officials stating that it’s not possible to consider such a measure at the moment.
In short, the burden of the failed insurance system from the past 35 years will continue to fall on active workers and taxpayers. While businesses are being crushed by taxes and shutting down, and the workforce is fleeing abroad, there are hardly any wealth creators left in the country. Despite the dire situation, officials continue to speak loftily about reforms, while in reality, little to nothing is being done.
What if authorities misuse remaining money again?
While the Pension Fund is facing a near-certain default, authorities are boasting that they’ve “earned the first return from investing the Social Insurance Fund’s surplus in bonds”. Under Government Resolution No. 14, 300 billion MNT from the fund’s idle surplus were invested in bonds last year. On May 19, the ministry reported that the first interest income—13.3 billion MNT—had been added to the fund.
Additionally, 700 billion MNT have been deposited into four commercial banks, earning annual interest rates of 14.2 to 15 percent. As a result, the fund’s assets are projected to increase by 105 billion MNT in 2025. In total, about 1 trillion MNT of the Social Insurance Fund’s idle surplus has been either invested in bonds or deposited in banks.
However, the public remains skeptical. People haven’t forgotten past financial disasters. Most notably, the government has still not recovered the 168 billion MNT deposited in the now-defunct Capital and Chinggis Khaan banks. The money has only been recovered in small portions, and the issue has now reached the courts and prosecutors. No one today can guarantee that this won’t happen again.
Nevertheless, the authorities are promoting themselves as if they’re growing the fund’s assets and acting like victorious heroes, which many see as tragic. Economists agree that the pension system, which has followed a distribution model since 1990, must now transition to a partially funded system. That would mean turning a portion of each individual’s contributions into actual personal savings under their name.
Internationally, pension systems often allow individuals to draw from multiple sources after retirement, making it possible to live a decent life instead of surviving from one loan to the next. For example, retirees might receive a basic pension, a bonus based on contributions made, and dividends from a private pension fund in which they’ve accumulated savings.
MP O.Tsogtgerel remarked, “In 2023, our energy sector ran a deficit of about 350 billion MNT. Yet the Pension Insurance Fund continues to silently drain more than twice that amount from the national budget. At this rate, five years from now, even the entire state operating budget won’t be enough to fund this system. Without pension reform, there is absolutely no way to reduce social insurance contributions.”

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President U.Khurelsukh: I will not support constitutional amendments www.gogo.mn

In light of recent political discussions, President Khurelsukh Ukhnaa expressed his position on proposed constitutional changes via his social media account.
“Recently, the idea of amending the Constitution of Mongolia and introducing a presidential system has been circulating in political circles and among the public. I have previously stated and I reiterate with full responsibility that I will not support any constitutional amendments during my presidency. This position remains unchanged.
Mongolia is a parliamentary republic, as enshrined in its Constitution, and that this form of governance reflects the choice and values of the Mongolian people.
As Head of State, I firmly believe that Mongolia should further strengthen its parliamentary system and refine democratic governance. This is essential to safeguard the country’s independence, national security, and the unity of its people”.
President U.Khurelsukh also noted that he publicly maintained the same position during his time as Prime Minister.

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Mongolia Equity Investment: Unlocking Hidden Value and Long-Term Returns www.delphos.co

The Mongolian Stock Exchange’s Top 20 Index (MSE Top 20) has delivered a striking performance, rising more than 200% over the past decade—from 10,000-15,000 points in 2014 to 52,433.3 points by February 2025. Mongolia’s equity markets are gaining traction as investors seek growth opportunities in this frontier economy, with Delphos, a leader in frontier market finance, playing a pivotal role. This surge underscores the country’s expanding potential in key sectors such as energy, fintech, and infrastructure. Supported by regulatory reforms, increased investor confidence, and Delphos’s expertise, Mongolia is emerging as a compelling destination for equity investors seeking exposure to a rapidly evolving economy.
Often overlooked, Mongolia offers more than a strategic link between China and Russia—it is a land of immense investment opportunities. With strong fundamentals, growing liquidity, capacity-building initiatives, and underexposure ripe for early movers, Mongolia is quietly shaping up to be the next big frontier for equity investors.
Explore Mongolia’s growing equity market and learn why investors are turning to energy, fintech, and infrastructure in this frontier economy. How to invest in Mongolia's equity market. Why Mongolia is the next frontier for equity investors. Graph showing the Mongolian stock exchange about how Mongolia equity market tripled since 2017. 
With GDP growth projected at 6.3% by 2025 and public debt levels steadily declining, Mongolia offers a foundation of economic stability balanced by strategic regional importance.
Bart Turtelboom, Chairman & CEO at Delphos, captures the unique appeal, noting, “Frontier investors look for asymmetric upside with real fundamentals. Mongolia checks all three boxes.”
This blog explores key focus areas poised for equity expansion, from renewable energy to fintech, and demonstrates why Mongolia is an untapped reservoir for institutional capital.
Investing in Mongolia’s Emerging Economy
Mongolia has demonstrated significant economic growth in recent years, fueled by its abundant natural resources and strategic position within the Asia-Pacific region. However, as with many emerging economies, it faces the dual challenge of reducing dependency on its mining sector while fostering sustainable and diversified growth. By prioritizing innovative business models and strengthening its private sector, Mongolia is working to attract global investors and deepen its integration into the global trade network.
To support this transformation, the government has introduced policies aimed at enhancing the business environment, improving the investment climate, and expanding access to financing. These measures have successfully drawn foreign investment, with companies implementing modern business models across a range of industries. Mongolia’s commitment to economic diversification and innovation positions it as an emerging market poised for transformation and long-term growth.
Top Reasons for Equity Investors to Invest in Mongolia Now
Mongolia’s location and growing economy offer exciting opportunities for equity investors in emerging markets. Here’s why Mongolia deserves attention:
Critical Mineral Exports Drive Growth: Mongolia isn’t just a coal economy. In 2024, it exported a record 83.7 million tons of coal, but its equity potential is increasingly tied to copper, gold, and rare earth elements (REE). The Oyu Tolgoi copper mine, one of the world’s largest, is ramping up production under Rio Tinto, while Mongolia expands partnerships in rare earths and uranium to diversify revenue and meet regional demand.
Resilient Growth, Broader Economy: GDP grew 4.9% in 2024 after a strong 7.0% in 2023, driven by services and investments in energy and mining. Non-mining sectors like agriculture and tech contributed 27% of GDP, highlighting Mongolia’s pivot to a more diverse economy.
Rising Trade and Openness: Foreign trade turnover hit US$25.2B in the first 11 months of 2024—up 13.4% year-on-year. Mongolia trades with over 150 markets, with growing exports to South Korea and Japan alongside major flows to China.
Investor-Friendly Policies: Mongolia is easing forex regulations, stabilizing taxes for equity investors, and digitizing permits through E-Mongolia reforms. These changes reduce barriers, support deals, and simplify exits—key for private equity and venture strategies.
With its critical mineral resources, robust growth, expanding trade, and supportive policies, Mongolia offers unparalleled opportunities for equity investors looking to maximize returns in emerging markets. Investors looking for high-growth markets should keep Mongolia on their radar.
Unlocking Mongolia’s Potential: A Prime Opportunity for Equity Investors
With simplified tax codes and improved FX regulation, Mongolia is shaping a welcoming space for FDI. Integrated payment systems and digital tools further enhance operational viability for global investors.
Impact-driven projects and development finance play a crucial role in Mongolia’s investment landscape, aligning with the goals of project sponsors and investors to foster economic growth and address complex financial and societal needs.
Financial Advisory Firms like Delphos are already helping local companies align with international standards. In a capital-scarce environment, these dynamics create an edge for those who invest early and strategically.
Explore Mongolia’s markets with Delphos—discover equity opportunities in energy, fintech, and infrastructure for forward-thinking investors. How to invest in Mongolia's equity market. Why Mongolia is the next frontier for equity investors. Photo of Bart, Chairman and CEO of Delphos on how Mangolia is one of the few frontier markets where the fundamentals, policy environment, and demand trends are all moving in the right direction. 
Investment Opportunities in Mongolia for Equity Investors
Mongolia’s investment environment is evolving in step with its economic ambitions. The government has prioritized investor engagement, offering tax incentives, streamlined regulatory procedures, and newly empowered investment promotion agencies. Strategic sectors such as mining, renewables, and infrastructure are backed by policy frameworks that aim to de-risk early-stage capital.
As the regulatory landscape matures and investor confidence rises, Mongolia is becoming a viable choice for global capital seeking stable entry points into frontier markets.
Bart Turtelboom, Chairman & CEO of Delphos, shares his perspective on Mongolia’s promising investment landscape: “Mongolia is one of the few frontier markets where the fundamentals, policy environment, and demand trends are all moving in the right direction. For equity investors, these conditions do not come around often—and when they do, the advantage goes to those who act early.”
The Energy Sector: High-Performing Real Assets Driving Regional Growth for Equity Investors
The energy sector in Mongolia presents a significant opportunity for equity investors, as the country accelerates its mission toward renewable energy. Mongolia has committed to renewable energy, aiming for 30% capacity by 2030. With vast solar and wind potential, it is emerging as a key exporter of green energy across Asia. However, fossil fuels still dominate, making this transition essential to the country’s long-term climate strategy. Mongolia’s heavy reliance on coal for electricity generation underscores the urgent need to transition to renewable energy sources to meet future energy demands and environmental goals. The use of solar panels is increasing but remains in its early stages.
The IFC-backed 50-megawatt Battery Energy Storage System (BESS) bond in Ulaanbaatar showcases global confidence. Integrating clean energy into existing infrastructure is still a challenge, but the shift unlocks high-return investment opportunities in energy technologies and storage.
The financial services sector in Mongolia is emerging as a high-potential space for equity investors seeking growth in frontier markets. Driven by rapid modernization, supportive regulation, and rising demand, Mongolia’s financial system is undergoing a major shift. As of 2024, nearly 98% of the adult population holds a bank account, highlighting significant progress in financial inclusion.
Yet despite these gains, approximately 50% of Mongolians remain underserved—particularly in rural areas and among small businesses. This underserved segment offers first-mover equity opportunities in fintech, microfinance, and SME banking, where innovation and scale are ready to accelerate.
Delphos, a global leader in impact-oriented finance, has been instrumental in catalyzing this momentum. Through a US$15MM facility for Bogd Bank, Delphos is advancing financing solutions for women-led SMEs. These aligned capital strategies not only contribute to inclusive growth but also offer scalable equity investment opportunities in Mongolia’s evolving banking ecosystem.
“Banking in Mongolia today presents vast potential for equity investors, driven by modernization, digitalization, and a strong push for financial inclusion.” – Bart Turtelboom – Chairman and CEO – Delphos.
He highlights the vast opportunities in the financial sector as it modernizes, not just in Mongolia but across other Central Asian countries. With adaptive regulations fostering competition and innovation in digital payments and e-commerce, the region is becoming fertile ground for forward-thinking investors.
Digital Infrastructure: Investment in AI and Data Center is the Next Big Opportunity in Mongolia
Investments in broadband networks, data centers, digital platforms, and emerging new technologies like AI, IoT, and 5G are essential to unlocking new economic potential, boosting productivity, and fostering innovation across sectors. In an increasingly interconnected global economy, these advancements play a critical role in driving competitiveness and collaboration. With supportive government policies and growing interest from international stakeholders, digital infrastructure development presents a promising avenue for sustainable growth in the region.
Mongolia’s national AI strategy is more than policy—it is an economic lever. From agri-tech to digital identity systems, the country is building data infrastructure to support digital governance and citizen engagement. This trend supports the rise of new technologies in both public and private sectors.
Egune AI’s US$3.5MM raise is one of several signals that Mongolia’s tech innovation is investment-ready. These initiatives will help shape a digital future that is inclusive, scalable, and exportable.
Strategic Infrastructure Investment Opportunities
Infrastructure development underpins every other sector. Mongolia has significantly increased spending on energy, digital systems, and transportation. It continues to seek private capital through financing partnerships and impact-aligned concessions.
The emphasis on shifting away from fossil fuels to more sustainable practices is accompanied by strong public support for renewable deployment—especially in energy-poor urban areas.
Mongolia – Leveraging PPPs and Private Capital for Economic Growth Opportunities
Mongolia is at the forefront of embracing innovative investment approaches to fuel its economic growth and development. The country is exploring new financing models, such as public-private partnerships (PPPs) and green bonds, to support the expansion of its renewable energy sector. By leveraging technologies like solar panels and wind turbines, Mongolia aims to reduce its reliance on fossil fuels and minimize its carbon footprint.
The government has launched several initiatives to foster innovation and entrepreneurship, including startup incubators, accelerators, and funding opportunities for small and medium-sized enterprises (SMEs). These efforts are designed to create a vibrant ecosystem that supports sustainable growth and positions Mongolia as a leader in renewable energy and technological innovation.
Creating an Investor-Friendly Business Landscape
The Mongolian government is creating a business-friendly environment to attract foreign investment and boost economic growth. By adopting new technologies and reforms, Mongolia has simplified regulations, cut bureaucracy, and introduced solutions to make doing business easier. However, challenges remain in ensuring fair access to opportunities while maintaining sustainable growth.
Here are three strategic initiatives designed to enhance Mongolia’s appeal to equity investors:
Tax Incentives for Equity Capital: Mongolia offers tax benefits like reduced corporate tax rates, investment credits, and temporary tax holidays. These are especially beneficial in sectors like renewable energy, mining, and infrastructure, boosting post-tax returns for foreign investors and driving capital into key industries.
Streamlined Business Regulations: The E-Mongolia platform and recent permit and licensing reforms have simplified starting and running businesses. Digital systems, along with updated laws on data protection, e-signatures, and cybersecurity, have reduced entry barriers and operational costs for foreign companies, increasing Mongolia’s investment appeal.
Robust Legal Protections: Mongolia’s Investment Law ensures equal treatment for foreign investors and offers tax stabilization agreements lasting up to 27 years. These guarantees provide predictability and confidence for long-term investments, strengthening Mongolia’s global competitiveness.
With targeted initiatives in high-growth sectors like renewable energy, mining, and manufacturing, Mongolia is becoming a top destination for international investment. By focusing on stability, transparency, and efficiency, the government is building a strong foundation for economic growth and attracting investors seeking long-term value in frontier markets.
Delphos: Unlocking Equity Investment Opportunities in Mongolia
If you are interested in investing in Mongolia or seeking competitively priced capital, Delphos is your ideal partner. Navigating frontier markets requires insight and proven structure, and we specialize in mitigating challenges while delivering scalable solutions that balance return and impact.
Delphos Explores the Evolution of Capital Raising Efforts in Mongolia
Delphos drives impactful financial solutions across Mongolia’s key growth sectors, mobilizing capital for inclusive banking, housing, and digital finance. Here’s how we’ve partnered with leading organizations to unlock growth and innovation:
Bogd Bank: Delphos successfully closed two transformative financing facilities for Bogd Bank:
In 2022, Delphos structured a US$15 million senior facility to boost credit access for women-owned small businesses and climate-focused enterprises, backed by international development finance institutions.
In 2024, Delphos secured an US$8 million blended capital transaction, further advancing inclusive finance and solidifying Bogd Bank’s leadership in green and gender-lens banking in Mongolia.
MIK (Mongolian Mortgage Corporation): In 2025, Delphos advised MIK on a groundbreaking US$150 million housing finance transaction. As one of Mongolia’s largest capital raises in housing finance, this deal expands mortgage-backed securities and increases affordable homeownership through long-term, structured investment.
LendMN: In 2026, Delphos advised LendMN, a leading mobile-first digital lender, on raising an up to US$20 million senior secured debt facility. This funding supports fintech-led SME lending and enhances digital credit access for underserved Mongolian borrowers.
Delphos combines decades of experience in emerging markets with unmatched expertise in structuring capital for high-growth sectors. Our focus on renewable energy, digital finance, and inclusive infrastructure ensures alignment with opportunities driving Mongolia’s next growth cycle. Backed by global insights from Africa, Asia, and Latin America, we deliver a strategic edge for frontier markets.

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Inflation to Be Maintained at 7 Percent in 2026 www.montsame.mn

On May 28, 2025, during the regular session of the Standing Committee on Budget of the State Great Khural (Parliament) of Mongolia, Members held the final discussion on the draft Law on the Fiscal Framework Statement for 2026 and the Budget Outlook for 2027–2028, along with the accompanying draft Resolution.
In accordance with the Law, the Parliament of Mongolia is required to deliberate and adopt strategic documents and the draft medium-term Fiscal Framework Statement by June 1 each year. The draft Law projects economic growth at 6 percent in 2026 and 6.5 percent in both 2027 and 2028. It also sets the inflation target at 7 percent for 2026, 6.4 percent for 2027, and 6 percent for 2028.
To curb inflation, the Government of Mongolia plans to implement comprehensive reforms in the agricultural sector, ensure a stable increase in food supply, boost Mongolia’s foreign currency reserves, and limit the expansion of budget expenditures.

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Funding Sources from Banks to NBFIs Have Doubled www.montsame.mn

A total of 575 non-bank financial institutions (NBFIs) operated in the first quarter of 2025 under licenses issued by the Financial Regulatory Commission of Mongolia (FRC), marking an 8.3 percent increase compared to the same period in 2024.
Of these licensed institutions, 4.9 percent are foreign-invested, while 95.1 percent are funded by domestic investors.
Currently, 48.7 percent of NBFI funding comes from liabilities, and 51.3 percent from equity. Compared to 2024, the amount sourced from trust services increased by 57.6 percent, bank and financial institution funding doubled, and the issuance of debt securities by NBFIs rose by 79.4 percent.
Among foreign-invested NBFIs, 13 are backed by Japanese investors, 7 by South Korean investors, 2 by American investors, and the remainder by investors from the United Kingdom, Canada, Malaysia, Seychelles, and the People's Republic of China. These foreign-invested NBFIs account for 12.6 percent of the sector’s total assets and serve 5.8 percent of all customers.
The total assets of NBFIs are equivalent to 8.9 percent of Mongolia’s GDP. The sector's outstanding loans have reached MNT 6.325 trillion, which is an increase of MNT 2.2 trillion compared to the same period in 2024, and MNT 4.4 trillion more than in 2021.

 

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South Korea Leads OECD Plan to Safeguard Mongolia’s Water Future www.koreabizwire.com

South Korea, in partnership with the OECD, has unveiled a comprehensive strategy to help Mongolia confront its growing water crisis, as climate pressures and overreliance on groundwater threaten supplies across the country.
The proposal, announced Wednesday at the Mongolian Agency for Meteorology and Environmental Monitoring in Ulan Bator, marks the culmination of the third-year phase of the “Investment Program to Enhance Sustainable Water Security in Asia.” The five-year initiative, jointly led by South Korea’s Ministry of Environment, the OECD, and the Asia Water Council, supports water resilience planning across eight Asian nations.
Mongolia’s economy is heavily dependent on water-intensive sectors such as mining, textiles, and agriculture, which together account for roughly 40% of national output. Yet the country remains reliant on groundwater — a finite resource increasingly strained by urban demand and climate change.
The report warns that without policy intervention, many regions — including the capital — could face acute water shortages before 2040.
To mitigate this, the report recommends phasing in water tariffs for currently exempt users, such as households and public institutions, and introducing national-level water allocation frameworks and abstraction caps in high-risk areas.
Further proposals include expanding public-private partnerships (PPPs) to boost investment in water infrastructure, modernizing hydrological monitoring systems, and implementing performance-based contracts for utilities to reduce leakage and improve supply reliability.
The initiative reflects South Korea’s growing role in shaping environmental policy and infrastructure development across Asia through multilateral cooperation.
M. H. Lee (mhlee@koreabizwire.com)

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President of Turkmenistan to pay state visit to Mongolia www.qazinform.com

At the invitation of President of Mongolia Khurelsukh Ukhnaa, President of Turkmenistan Serdar Berdimuhamedow will pay a state visit to Mongolia on June 1-2, 2025, Montsame reported.
This will be the first visit of the Turkmen President to Mongolia since the establishment of diplomatic relations in 1992.
It is a reciprocal visit following the state visit of President of Mongolia Khurelsukh Ukhnaa to Turkmenistan in 2024.
During the state visit, President of Mongolia Khurelsukh Ukhnaa and President of Turkmenistan Serdar Berdimuhamedow will hold official talks and exchange views on expanding and developing friendly relations and cooperation between the two countries, as well as cooperation in regional and international fora.
Mongolia and Turkmenistan established diplomatic relations on April 23, 1992.
On May 21, the Majilis (lower chamber) of the Kazakh Parliament ratified the Treaty on mutual investment promotion and protection between Kazakhstan and Turkmenistan.

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Before the Great Wall, Chinese rulers built a shallow ditch www.newscientist.com

Long before the Great Wall of China was constructed, other monumental walls were built across the Eurasian steppes – but they weren’t designed to defend against Mongol armies. Recent excavations reveal that they were erected to control movement of people or demonstrate power, much like border walls today.
The Great Wall of China spans many thousands of kilometres, the longest stretch running some 8850 kilometres. This part dates from the Ming dynasty (AD 1368 to 1644) and served as a physical barrier to defend against Mongol raids.
Unlike the Great Wall, which is – as the name implies – made up of large walls, the earlier system is a network of trenches, walls and enclosures stretching approximately 4000 kilometres across more northerly regions in China, Mongolia and Russia.
It was built between the 10th and 12th centuries by several dynasties, chiefly the Jin dynasty (AD 1115 to 1234), which was founded by Jurchen people from Siberia and north-east China, who were mainly pastoralists.
Gideon Shelach-Lavi at the Hebrew University of Jerusalem and his colleagues had already surveyed and mapped the walls using satellite imagery and drones, but now they have studied a section running for 405 kilometres through what is now Mongolia and excavated at one of the enclosures.
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The structures were made up of a ditch about 1 metre deep and 3 metres wide, with the earth from it piled up on one side, creating a wall of compressed earth that may have been a metre or two tall. Then, every few kilometres along the wall, there was a thick, square, stone enclosure, about 30 metres across.
What the walls were built for hasn’t been clear. There is very little historical documentation about them and they weren’t built at natural geographic borders, says Shelach-Lavi.
Many historians thought they were built to stop the armies of Genghis Khan, who ruled the Mongol Empire from 1206 until 1227, says Shelach-Lavi.
The structures wouldn’t have been particularly effective defensively, though. “This was not meant to stop invading armies,” says Shelach-Lavi.
Instead, he suggests it was more of a show of power – to demonstrate that the area was under the control of the Jin dynasty. The wall would also have funnelled people through gates at the enclosures, so the flow of people, goods and animals could be managed. It might also have been used to prevent small raids, even if not stopping armies, he says.
“The idea, I think, is to channel those people to where you have those enclosures, so you can control them, you can tax them,” he says. “It’s a matter of controlling who is moving, and in this respect, it’s not very different from what we see today.”
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Finds at the enclosure also shed light on how the people there may have lived. “This is a pastoralist area,” says Shelach-Lavi. “We find a lot of evidence in the region of people living off herding and hunting and fishing.”
And yet, at the enclosure, the researchers found coins from the Han Chinese Song dynasty, which was at war with the Jin dynasty, as well as ceramics, a plough head and a stone platform or bench that could be heated and used as a stove or bed.
This implies that significant resources were invested into the garrison’s construction and maintenance, says Shelach-Lavi, and also that the people lived here all year round and practised agriculture. “That’s surprising because even today, they don’t do agriculture in this place,” he says.
By Chris Simms

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