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

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Sales of industrial output rise by 81.8 percent in the first four months of 2021 www.montsame.mn

By preliminary result of the first four months of 2021, the gross industrial output reached MNT 6.2 trillion, increased by MNT 2.0 trillion (48.2%) from the same period of previous year. This increase was mainly due to MNT 1.6 trillion (59.2%) increase in mining and quarrying gross output and MNT 370.1 billion (38.3%) increase in manufacturing output. Also, the electricity, thermal energy and water supply production output increased by MNT 45.9 billion (9.6%) and the water supply, and sewerage, waste management, and remediation activities production output increased by MNT 6.3 billion (14.3%) from the same period of previous year.
In April 2021, the gross industrial output reached MNT 1.5 trillion, decreased by MNT 157.8 billion (9.4%) from the previous month. This decrease was mainly due to MNT 96.3 billion (8.3%) increase in mining and quarrying, while MNT 50.8 billion (13.9%) decrease in manufacturing gross output.
In April 2021, the mining and quarrying gross output reached MNT 1.1 trillion, increased by MNT 446.6 billion (72.9%) from the same period of previous year. This increase was mainly due to increases in mining of coal and lignite by 171.3 billion (3.5 times), extraction of crude petroleum by MNT 74.2 billion (15.9 times) and mining of metal ores by MNT 228.9 billion (46.7%) from same period of the previous year.
By the preliminary results of the first four months of 2021, in the mining and quarrying sector, extraction of gold, copper concentrate, iron ore, brown coal, fluorspar, hard coal and crude oil increased by 6.4 percent to 3.6 times compared to the same period of the previous year. In manufacturing sector, production of copper cathode 99%, alcoholic beverage, wheat flour, wheat flour, milk, combed cashmere, cement, coal briquette, meat, concentrated coal and cigarettes increased by 1.4 percent to 9.8 times compared to the same period of the previous year.
However, in the manufacturing sector, productions of lime, water, soft drink, juice, face covering, alcohol, metal steel, sanitizer and cashmere products decreased by 1.0-60.6% compared to the same period of the previous year.
By the preliminary results of the first four months of 2021, the sales of industrial output reached MNT 7.9 trillion, increased by MNT 3.5 trillion (81.8%) compared to the same period of the previous year. This increase was mainly resulted from MNT 3.1 trillion (2.2 times) increase in sales of mining and quarrying output.
The sales of mining and quarrying output increased by MNT 3.1 trillion (2.2 times), compared to the same period of the previous year. This increase was mainly resulted from MNT 1.8 trillion (2.0 times) increase in sales of mining of metal ores output, MNT 1.1 trillion (2.9 times) increase in sales of mining of coal and lignite and MNT 228.8 billion (5.0 times) increase in sales of crude petroleum output, respectively.
In the total sales of industrial output, MNT 5.3 trillion (67.2%) was export, of which MNT 4.8 trillion (91.0%) was export of mining and quarrying output. In terms of commodity types of total export outputs, 62.3% was metal ores, 30.2% was coal and lignite, 5.9% was crude petroleum, 1.5% was other mining and quarrying output. In April 2021, the seasonally adjusted industrial production index was 170.8 (2015=100), increased by 79.4 percent from the same period of previous year and by 24.3% from the end of the previous year.
Source: National Statistics Office
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GS25 opens 3 convenience stores in Mongolia www.koreaherald.com

Convenience store chain GS25 is opening three locations in Mongolia, in its second major overseas foray, the company said on Tuesday.
According to GS Retail, the firm behind the chain, it has partnered with Shunkhlai Group, one of leading conglomerates in the country, to enter the Mongolian market.
A launch event was held in both South Korea and Mongolia, livestreamed online on Tuesday, with company officials as well as dignitaries from both countries in attendance, including the South Korean ambassador to Mongolia Lee Yeo-hong who provided a congratulatory message, GS Retail said. The opening ceremony was also broadcast on Mongolia’s NTV, a local television broadcaster, the company added.
The three convenience stores are in the capital Ulaanbaatar, and one of the branches is located in the center of the city, close to the Genghis Khan Square and government buildings.
GS Retail said it has signed a master franchise contract with Shunkhlai Group, and will receive royalty fees from the partnership. The company aims to expand its business there to introduce 500 GS25 convenience stores in the country by 2025, it added.
Considering that over 70 percent of Mongolia’s population is under 40 years old, GS Retail will employ various marketing strategies to target young consumers, the company said.
By Jo He-rim (herim@heraldcorp.com)
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Rio Tinto takes strategic stake in Western Copper and Gold www.mining.com

Rio Tinto Canada is investing C$25.6 million for an 8% stake in Western Copper and Gold (TSX: WRN; NYSE-AM: WRN), which is advancing its copper-gold Casino project in the Yukon. The funds will be put towards economic studies and permitting.
“We’ve always said advancing this project with a big copper or gold company made sense and now we’ve got that with Rio Tinto,” Paul West-Sells, Western Copper and Gold’s president and CEO, says in an interview, adding that confidentiality agreements were signed about 18 months ago.
SIGN UP FOR THE COPPER DIGEST
“We’re ecstatic. Rio has experience in northern Canada with the Diavik diamond mine, they are big investors in Canada with their Alcan aluminum assets, and they have been a really good group to work with so far.”
Under the deal, Rio Tinto Canada, a subsidiary of Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO), is acquiring 11.81 million common shares at a price of C$2.17 per share. Over the last year, the junior’s shares have traded in a range of C$0.96 and C$2.42.
News of Rio Tinto’s investment sent the company’s shares up 16.1% or C$0.32 to C$2.31 in mid-morning trading on the Toronto Stock Exchange.
The strategic investment includes an investor rights agreement under which Rio Tinto has the right to appoint a member to the project’s technical committee and send an observer to Western Copper and Gold’s board meetings, as well as second as many as three people to the project. If Rio Tinto takes a bigger stake (12.5%), then it has the right to appoint a member to the board. In addition, it has the right to participate in any future equity issuances to maintain its stake in the company.
WESTERN IS PROPOSING A MINE, A 120,000 T/D MILL, AND A 25,000 T/D HEAP LEACH OVER 22 YEARS
Western Copper and Gold plans to complete a feasibility study on Casino before the end of the year, and in the interim, will put out a preliminary economic assessment in the next six weeks. The studies will evaluate an open-pit operation, a concentrator to recover copper, gold silver and molybdenum and a solid waste facility to store mine waste rock and mill tailings. The company says the project will include a heap leach facility to recover gold, silver and copper from oxide ore.
Infrastructure will include a 130 km access road and a power generation facility to meet power demand. In addition, an airport will be relocated and some roads re-routed to lower the overall footprint.
The studies will be based on an updated resource estimate released in July 2020 that included results from 2019 drilling, as well as drilling between 2010 and 2012 that was not included in the initial resource estimate in 2010.
Casino now has measured and indicated resources of 2.17 billion tonnes grading 0.16% copper, 0.18 gram gold per tonne, 0.017% molybdenum and 1.4 grams silver per tonne (0.36% copper equivalent) for 7.4 billion lb. copper, 12.7 million oz. gold, 812 million lb. molybdenum and 100.2 million oz. silver. Inferred resources add 1.43 billion tonnes grading 0.10% copper, 0.14 gram gold, 0.01% molybdenum and 1.2 grams silver (0.24% copper equivalent) for 3.2 billion lb. copper, 6.4 million oz. gold, 323 million lb. molybdenum and 54 million oz. of silver.
The deposit remains open at depth.
Once in production, the pit could run more than 800 metres deep and 2 km by 1.8 km in diameter.
West-Sells expects the economic studies will estimate a 50 year mine life based on measured and indicated resources and possibly another 25 years based on Casino’s inferred resources. He also expects that capital costs will be in the ballpark of the C$2.4 billion estimated in a 2013 feasibility study.
The mining executive, a metallurgical engineer by training, also points to a very low strip ratio of the mine that is expected to be less than 0.5:1, and also notes that the core of the deposit is higher grade. “We’ll be mining with the first shovels in the ground at the core of the deposit, which is about 330 million tonnes, at grades of about 0.7% copper-equivalent,” he says.
West-Sells notes that the agreement with Rio Tinto is for a work term of about 18 months, which is extendable for another 12 months, and the majority of the money will be going towards some exploration, some engineering studies, and metallurgical and geotechnical work.
“This isn’t a wide open-ended agreement, it has set an amount of time for all this work to happen and then we discuss what’s next,” he says. “Really it’s an opportunity for Rio to get to know the project, for us to get to know Rio, and at the end of the period, we decide what sort of business transaction makes sense going forward.”
The Rio Tinto investment “is exciting for Western Copper and Gold shareholders and exciting for the Yukon,” West-Sells says. “This will be a major mine in the Yukon and to have a company like Rio with a reputation of operating in Canada as well as it has, is a real benefit.”
Work at Casino began in 2009 and 2010.
Western Copper & Gold has about 136 million common shares outstanding for a market cap of about C$314 million.
(This article first appeared in The Northern Miner)
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Doing Business In Mongolia - 2021 www.mondaq.com

Tremendous mineral reserves, agricultural endowments, and proximity to Asia's vast markets make Mongolia an attractive destination for medium to long-term foreign direct investment (FDI). The Gross Domestic Product (GDP) in Mongolia is worth 16.20 billion US dollars in 2020. The GDP value of Mongolia represents 0.02 percent of the world economy. GDP in Mongolia averaged 4.44 USD Billion from 1981 until 2018, reaching an all the time high of 13.01 USD Billion in 2018 and a record low of 0.77 USD Billion in 1993. The significant features and advantages of Mongolia:
Diversified and growing market exists in Mongolia;
Technology Innovation Hub;
Large mineral resource base that can be leveraged for value added processing;
Developing Industry and Infrastructure;
A bridge between the two economic powerhouses of Russia and China;
Young, well-educated population;
Private Sector & Privatization /privatize major state assets, list Mongolian conglomerates and exploration license aggregators on MSE/;
PPP & Modernizing Infrastructure;
Rule of law &Regulatory Quality &Transparency;
Ensuring guarantee for investors /tax & nontax/;
Promising mega projects; and
Thriving Telecoms & IT sector.
International framework: Mongolia is persistently discussing to enter bilateral and multilateral agreements and actively participates in the process of regional integration. Till to this day, Mongolia has established Foreign Investment Protection and Promotion Agreement with 43 countries and Double Taxation treaties with 26 countries. Moreover, Mongolia is the member of the Seoul Convention establishing the Multilateral Investment Guarantee Agency and Washington convention on the Settlement of Investment Disputes. Consequently, in April, 2014, Mongolia has introduced its investment policy and the law to UN Conference on Trade and Development /UNCTAD/.
Analyzing the overall performance of Mongolia on a global level, international indexes of different type have shown the following results:
According to the World Bank's "Doing business – 2020" report, Mongolia is ranked 81st among 190 economies in the "Ease of doing business"; and
According to "Index of Economic Freedom 2021" by Heritage Foundation organization, Mongolia's economic freedom score is 62.4 and is ranked 86th among 178 countries. The scores in the categories such as Judicial Effectiveness and Government Integrity are low.
Law on Investment /2013/: In 2013, the Parliament of Mongolia passed a new law on investment, which replaced both the old Investment law of 1993 and the Law on Strategic sectors. The new Investment law enables as open as possible investment environment for investors focusing on:
No approval is required to enter into the market and buy a local company;
No discrimination between foreign and local investors;
Fast registration process;
Stability guarantees- Provision of Tax stabilization certificate; and
Flexibility and friendly conditions for investors.
Investment types:
Joint Ventures, Consortium;
Mergers and Acquisition;
Concession (PPP), Product sharing, management contract;
Bond, Securities and other assets;
Financial leasing, Franchising; and
Other investment types.
Legal forms for doing business in Mongolia
Despite the fact that Mongolian legislation provides for a wide range of legal forms of commercial entities (limited liability company or LLC, joint-stock company or JSC and joint venture), in practice, private businessmen and foreign investors mostly prefer with foreign invested LLC. Representative office of foreign legal entities is also common.
Limited Liability Company (LLC) with a foreign investment
According to the law, a foreign invested company is defined as "a business entity with an overall equity of US$100,000 or more (or MNT equivalent), where not less than 25% must be owned by (a) foreign investor(s)". Investments into Mongolia can be made in the following ways:
By establishing a solely or jointly owned business entity;
Through the purchase of a Mongolian companies' shares, bonds, and other types of securities;
Through merging or wholly acquiring Mongolian and foreign companies;
Through the establishment of franchise or financial leasing agreement; and
In other ways acceptable and not prohibited by law.
If two or more investors are planning to incorporate a foreign invested LLC in Mongolia, each investor must invest 100,000 USD or MNT equivalent.
An LLC is the most frequently used form of a legal entity established by one or more individuals or legal entities – founder/s/ or investor/s/ – who are not liable for its obligations while bearing the risk of losses related to the company's activity to the extent of their personal contributions (participatory interests). The liability of the company is limited to its assets.
The bodies of a limited liability company are:
the supreme body of a company shall be the Meeting of Shareholders(MoS).LLC has exclusive powers with respect to the issues covering business, finance, management, and structure of the company.
The executive body of a company (individual or collective). The day-to-day management of the company is performed by the Director (individual executive body) or Board of Directors (collective executive body), who are elected at the MoS. Under Charter of the company, power of management or management team shall be defined clearly. The authorities entrusted to the Board of Directors shall be specified in the Charter of the company. The company may also have a Supervisory Board, which is, however, not mandatory.
Any amendment on Charter such as change of shareholder, address or business activity is required to be registered at the State Registration authority per relevant laws. The state registration certificate of the LLC with foreign investment has a term of 1 or 2 years. Prior to expiry date of the state registration certificate, the representative of the LLC with foreign investment shall apply for extension.
Joint-Stock Companies (JSC)
A JSC is a legal entity, which issues shares in order to raise capital for its activities. The types of JSC shall be open or closed. An "open JSC" is a company whose capital invested by the shareholders is divided into shares, which are registered at the securities trading organization and which may be freely traded by the public. A "closed JSC" is a company whose capital invested by the shareholders is divided into shares, which are registered at the securities depositing organization, and which are traded in the market in a closed extent outside of the securities trading organization.
The open JSC may have an unlimited number of shareholders. Shareholders are not liable for the obligations of the JSC, but bear the risks of losses within the value of their shares. A JSC has assets separated from the assets of its shareholders, and shall not be responsible for their obligations.
The JSC is managed by the Meeting of Shareholders (MoS), Board of Directors, and Executive Body. The MoS is the supreme management body of a JSC, which decides upon the most priority issues such as the company's management, administration, business policy, corporate structure, financial aspects, elections and some other issues.
The Board of Directors performs overall management of a JSC covering lower priority issues such as finances, policies development and implementation, etc., except for the issues referred by the Law and the Charter to the exclusive competence of the MoS.
The management of daily activities shall be performed by the Executive Body. The Executive body may be collective or individual. The Executive Body shall have the right to undertake decisions on the issues relating to the company's activities, which are not considered by the laws/legislative of Mongolia and the company's Charter as being the competence of other bodies and officials of the company.
Representative Office
Representative offices of foreign legal entities are not deemed to be legal entities, but legal entity, a representative office is not entitled to conduct business activity, which would result in income generation in Mongolia. As a subdivision of a foreign legal entity, a branch may fulfill all or a part of the functions of its parent company.
To read the full article click here
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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Mongolia reports 349 new cases of COVID-19, seven deaths www.montsame.mn

Daily COVID-19 press briefing for today, May 18, by the Ministry of Health, reported that 349 new coronavirus cases were detected in the past 24 hours across the country.
In specific, 318 new cases were confirmed in Ulaanbaatar city, six were hospital-acquired cases, and 25 cases were detected in rural regions. As a result, the nationwide infection tally is now 49,524.
In the last 24 hours, 877 patients made recovery, making the total recoveries 42,721. As of May 18, a total of 3,870 patients are undergoing treatment at hospitals in Ulaanbaatar city and the rural aimags. Among them, 104 patients are in serious conditions, reports the National Center for Communicable Diseases (NCCD).
The NCCD also reported seven new COVID-19 related deaths, raising the country's death toll to 221.
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Mongolia's GDP grows 22.5 pct in Q1 www.xinhuanet.com

May 17 (Xinhua) -- Mongolia's gross domestic product (GDP) grew 22.5 percent year on year in the first quarter of 2021, official data released by the country's National Statistics Office (NSO) showed Monday.
The GDP amounted to 9.2 trillion Mongolian Tugriks (about 3.22 billion U.S. dollars) in the January-March period, the NSO said.
The significant increase was mainly due to revenue from the mining sector, which grew by 34.1 percent, according to the statistical agency.
Mongolia is rich in natural resources, and the mining sector has been one of the main drivers of the country's economic growth for many years.
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Steppe Gold says cold weather disrupted production in Mongolia in first quarter www.kitco.com

Steppe Gold (TSX: STGO) reported today that it produced zero ounces of gold in Q1 2021. The company said it has paused leaching and gold production at its ATO mine in Mongolia in first quarter as cold weather made leaching conditions less favourable.
The company added that this cold weather disruption will be remedied for the 2021/22 winter season with the installation of a boiler plant to heat process water nearing completion.
Steppe Gold’s revenue for the three months ended March 31, 2021 was $1,634,000 on sales of 945 gold ounces and 861 silver ounces with average realized prices per ounce of $1,938 and $26 respectively.
During the three months ended March 31, 2021, 170,130 tonnes of ore was mined and 189,283 tonnes of ore was stacked on the leach pad with an average gold grade of 1.91 g/t and an average silver grade of 10.1g/t. Steppe said it resumed leaching and production in early April 2021 with a successful gold pour in late April.
The company said it is targeting annual production in 2021 and 2022 of 50,000 oz and then a transition to the fresh rock ores in 2023. However, the achievement of full year production forecasts is dependent on no further delays on procurement due to COVID 19, Steppe explained. Reagent supplies are currently unpredictable and any further delays will reduce production forecasts for 2021, the company warned.
By Vladimir Basov
For Kitco News
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Sole leader Terunofuji completes perfect opening week www.news.mn

Ozeki Terunofuji finished the first week of the Summer Grand Sumo Tournament with a perfect 7-0 record. The sole overnight leader remained the only undefeated wrestler through seven days at Tokyo’s Ryogoku Kokugikan, where entry is capped at 5,000 fans per day under the ongoing coronavirus state of emergency.
Gunning for his second consecutive Emperor’s Cup, Terunofuji continued his imposing run at the 15-day meet by dispatching Takanosho (3-4) with a slap down.
The 29-year-old Mongolian maintained his composure and momentum after Takanosho fended off his opening attempt at a belt grip and wrenched the sekiwake to the clay. Terunofuji has now won 12 straight bouts, since Day 11 of March’s Spring tourney.
One of four ozeki sharing top billing in the absence of injured grand champion Hakuho, Terunofuji has stood head and shoulders above the other wrestlers at sumo’s second-highest rank in the first week of competition. Winning a fourth top-level championship here would continue a remarkable comeback story for the powerfully built grappler, whose victory in March clinched his promotion back to ozeki.He previously held the rank in September 2017, before debilitating injuries to both knees saw him plummet as low as the fifth-tier Jonidan Division.
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Investments worth almost $25 billion inked at Silk Road expo www.rt.com

A number of cooperation deals involving investments of 158.3 billion yuan ($24.6 billion) were sealed at the Fifth Silk Road International Exposition in China, Xinhua News Agency reported.
The agreements cover 72 key projects in sectors including education, modern agriculture, and high-tech industry. Foreign investment projects worth $7.7 billion have been also signed at the expo, according to the report.
The five-day expo in Xi’an, the capital of northwest China’s Shaanxi Province, attracted more than 1,900 envoys and guests from 98 countries and regions such as Slovakia, Belgium, the Republic of Korea, Tajikistan, and Zambia.
The ambitious multi-trillion-dollar Belt and Road Initiative (also known as the ‘New Silk Road’), announced by Chinese President Xi Jinping in 2013, aims to boost connectivity and cooperation between East Asia, Europe, and East Africa. It is expected to significantly boost global trade, cutting trading costs in half for the countries involved.
According to official data, the total trade turnover between China and the Belt and Road nations amounted to $9.2 trillion from 2013 to 2020, while combined investment by Chinese enterprises in those countries reached $136 billion.
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Elon Musk crushes bitcoin again with just one word www.rt.com

The world’s largest crypto, bitcoin, went into freefall on Sunday, after billionaire Elon Musk fueled speculation in a Twitter exchange that his company, Tesla, may consider selling or has sold its holdings in the cryptocurrency.
“Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings,” a user named CryptoWhale said in a tweet on Sunday. “With the amount of hate @elonmusk is getting, I wouldn’t blame him,” he added.
Musk simply responded with a single word: “Indeed.”
The price of bitcoin sank almost 8.5% afterwards to as low as $42,441 a coin on Monday. That was the biggest slump in more than three months, and one of bitcoin’s biggest drops in value since the price first began to soar in January.
Last week, Musk hit the top crypto with an unexpected announcement that Tesla was suspending purchases of its vehicles using bitcoin, due to environmental concerns. The billionaire cited issues with the increasing use of fossil fuels in mining bitcoin, particularly coal, as it takes massive amounts of electricity to create a single token. He added that Tesla had no plans to sell any more of its bitcoin, but confirmed that the company is looking at other cryptocurrencies that are much less reliant on energy.
Just three months ago, Musk, a big supporter of cryptocurrencies, revealed that Tesla had invested $1.5 billion in bitcoin. In March, he announced that the automaker would accept the cryptocurrency as payment for Tesla’s pricey electric vehicles.
The announcements sent bitcoin prices soaring at the time.
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