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

NEWS

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Mongolia needs mining investments ramp up to meet GDP target – finance minister www.reuters.com

Mongolia hopes to double its GDP-per-capita to $10,000 before the decade is out but that will require a huge ramp up in investments in its key mining and metals sector, the country’s Finance Minister Javkhalan Bold said on Tuesday.
The landlocked and mineral resources-rich country derives a quarter of its gross domestic product and 90% of exports from mining, and is home to Oyu Tolgoi, one of the world’s largest-known copper and gold deposits in the Gobi desert.
“Both in terms of explorations for the mining or the exploitation and also even in the processing … we would be very much happy to look to work with foreign investors,” said Javkhalan, declining to give any details on projects in the works.
It expects GDP-per-capita to rise to $6,000 this year from $5,000 last year, aiming to reach $10,000 before 2030.
To realise its growth targets, Mongolia needs another two or three projects the size of Oyu Tolgoi, in which the government had invested as much as $10 billion, the minister said, adding the terms of any arrangement would have to be win-win for both sides.
Wedged between China and Russia, the country has garnered attention from governments such as the United States and company bosses including Tesla CEO Elon Musk seeking to secure access to metals to power the green energy boom.
But Mongolia has struggled in the past to cash in on its riches, with poor governance of its state-owned mining companies leaving the country saddled with billions of dollars of debt.
In August, the country said it had settled almost all of its outstanding tax issues with Rio Tinto over development of Oyu Tolgoi, which is owned 66% by the Australian mining company and 34% by the government respectively. Some of those issues were still outstanding, the minister said.
“Of course we will try to reach some depth of understanding without any court process,” he said, adding that going to court would be a last resort – though he did not expect this to be an impediment to the future project development.
Credit rating hopes
On the wider economy, where inflation is running at 8.6% in November according to central bank data, Javkhalan said he had no expectations that “Mongolia’s policy rate will go down anytime soon” with the benchmark interest rate standing at 13%.
However, he was hopeful to advance talks with credit rating agencies this year.
“It is very likely that Mongolia will be successful in terms of getting our sovereign country rating upgraded,” Javkhalan said. Fitch reaffirmed Mongolia’s rating at B in 2023.
Javkhalan also said the government had no plans to issue on international markets, having completed a buyback of a 30-billion yen ($208 million) Development Bank of Mongolia bond and a tender of its 2024 note, with the next international bond coming due in 2026.
The government will ramp up its support for corporate issuance from Mongolian companies and was also looking into supporting the capital Ulaanbaatar in launching its debut municipal bond in the near future.
($1 = 143.9900 yen)
(By Jorgelina do Rosario and Karin Strohecker; Editing by Emelia Sithole-Matarise)
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Mongolia Sets Goal to Double GDP per Capita, Seeks Investment in Mining Sector www.bnnbreaking.com

In a bold bid to boost its economic strength, Mongolia plans to double its Gross Domestic Product (GDP) per capita to $10,000 by the end of this decade. The ambitious target hinges on substantial investment in the country’s dominant mining and metals sector, as announced by Finance Minister Javkhalan Bold. Rich in mineral resources, Mongolia depends heavily on its mining industry, which contributes to a quarter of its GDP and accounts for 90% of its export revenue.
Untapped Potential of a Mineral-Rich Nation
The vast Oyu Tolgoi copper and gold deposits in the Gobi desert are a testament to Mongolia’s mineral wealth. The country, now open to partnerships with foreign investors for exploration, exploitation, and processing within the mining sector, sees this as a pivotal step to achieve its economic goal. However, the government has not yet revealed specific project details.
From a GDP per capita of $5,000 last year, Mongolia is projecting an increase to $6,000 this year. To reach the ambitious $10,000 target, the nation would need to develop two or three projects on the scale of Oyu Tolgoi, signifying a substantial investment. In the past, the government has invested around $10 billion in Oyu Tolgoi, which it partially owns alongside Australian mining giant Rio Tinto.
Overcoming Past Challenges
Mongolia’s journey has not been devoid of obstacles. The country has grappled with issues such as poor management of state-owned mining entities and debt problems. However, the recent settlement of tax disputes with Rio Tinto over Oyu Tolgoi signifies progress and a move towards a more stable economic environment.
The country maintains a cautious approach towards external finances. With a high policy rate of 13% due to inflation concerns, Mongolia has no immediate plans to issue on international markets following recent bond buybacks. The government is also contemplating supporting corporate and municipal bond issuances, with the capital Ulaanbaatar potentially launching its first bond soon.
Hope for a Brighter Economic Future
Mongolia looks forward to improving its sovereign credit rating. The hope was bolstered after Fitch reaffirmed its rating at B in 2023. As the country moves towards its goal, the focus remains on leveraging its rich mineral resources and securing strategic investments in the mining sector, paving the way for a prosperous economic future.
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Mongolia moves to promote winter tourism www.xinhuanet.com

Mongolia will hold an international ice and snow festival to enhance winter tourism, local media reported Tuesday, citing the country's Ministry of Environment and Tourism.
The festival "Mazaalai" co-organized by the ministry and the non-governmental Mongolian Tourism Organization, is to be held at the ski resort Sky Resort on the southeastern outskirt of the capital Ulan Bator from Jan. 14 to Feb. 8.
Competitors from six countries, namely Mongolia, China, Russia, France, the United States and Thailand, will carve ice and snow sculptures with free-style themes, according to the organizers.
During the festival, visitors can enjoy various ice and snow events, folk music and dance concerts, among others.
Currently, Mongolia's economy primarily depends on its export-oriented mining sector, and developing tourism is seen as the most viable way to diversify economy as the Mongolian government has taken measures to promote the development of tourism.
In 2023, the country received over 650,000 foreign tourists and earned 1.2 billion U.S. dollars from the tourism sector, hitting an all-time high.
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Mayor Nyambaatar: An International Open Tender for the Construction of a Metro Will Be Announced This Month www.montsame.mn

The capital has initiated the construction of a high-capacity metro in Ulaanbaatar. The Governor of the Capital City, and the Mayor of Ulaanbaatar, Nyambaatar Khishgee, presented this development to journalists yesterday.
The Mayor, in his address, highlighted that the metro construction project has commenced, following recent government discussions and resolution on financing. The capital city itself will bear 100 percent of the budget. Additionally, in the event of a need to guarantee construction performance, the government will issue a partial guarantee.
A meeting of the Governor's Council of the capital is scheduled to discuss the construction. In the upcoming weeks, the budget will be presented at the meeting of the Citizens Representative Khural of the Capital, with subsequent approval of the budget.
The city of Ulaanbaatar collects USD 100-200 million in tax revenue in the state budget. According to this government's resolution, it has been decided that the revenue collected by the capital city can be used to finance the metro project.
Based on a preliminary feasibility study, the metro project has an estimated budget of USD 1.3 billion. The capital city anticipates raising an average of USD 200 million annually through its budget revenues for project financing. The Mayor provided further clarification on the project.
- So, does it mean that the feasibility study for building the metro is ready? Is it a new one, or is it based on the feasibility study previously done by JICA?
- The idea of having the first metro in the capital was discussed in the mid-1980s, and the then urban development management and the scientists and experts of the former Soviet Union jointly drilled 5 large boreholes in the center of Ulaanbaatar and conducted the first analysis.
Since then, discussions have been ongoing since 2005, and the first basic research was carried out until 2013. In 2011, South Korea's "Soosung Engineering" company made the first preliminary feasibility study, and then, by combining the collected analysis and data, in 2013, Japan's international cooperation organization JICA made the preliminary feasibility study that we have now.
According to this feasibility study, the construction of a one-line metro in Ulaanbaatar, along with the depot, is planned to be approximately 18.3 km long horizontally from Tolgoit to Amgalan. Of this, a feasibility study is planned for 6.6 km in the central part of the capital to go underground, and the remaining parts will have a pillar-based bridge structure.
- What preparations have started now?
- Within this month, an international open tender will be announced for the selection of the consultant to manage the project and the contractor. Negotiations will commence with the selected companies and institutions. The finalization of how many years the project will take and at what cost, will be based on the outcomes of the open tenders.
Furthermore, the feasibility study mentions the pre-sale of some immovable assets of the capital during the project's implementation. This preliminary estimate is aimed at financing the metro project by utilizing our internal resources.
In the future, with funding from 2025-2028, the capital's treasury will conduct calculations and research on several scenarios to advance the metro project. Currently, over MNT 300 billion per year is allocated for public transport subsidies in the capital. There are plans to conduct calculations and studies on how to make efficient investments with the funds provided in this manner.
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Mongolian police seize more than 72,000 doses of synthetic drugs in 2023 www.akipress.com

Mongolian police detained 298 suspects involved in drug trafficking and consumption and seized more than 72,000 doses of drugs in 2023, local media reported on Monday, citing data from the country's Main Police Department.
A total of 214 crimes related to the illegal trafficking and consumption of narcotic and psychotropic substances were registered in Mongolia, the official statement noted.
According to experts, there has been a sharp increase in the number of crimes on illicit trafficking and consumption of narcotic and psychotropic substances in Mongolia in recent years.
"The main reasons for the increase in drug crimes in Mongolia are the lack of knowledge about drugs, curiosity and the want to earn money," they added.
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Foreign Trade Turnover Increases by 15 Percent www.montsame.mn

As of December 2023, Mongolia’s total foreign trade turnover increased by 15 percent (or USD 3194.0 million) compared to the previous year, reaching USD 24,437.0 million. The foreign trade balance was in surplus as exports exceeded imports by USD 5932.0 million. In 2023, trade through temporary ports amounted to USD 395.3 million, constituting 1.6 percent of the total trade turnover, 2 percent of exports, and 0.5 percent of imports.
A total of USD 15,184.5 million worth of goods and raw materials were exported, an increase of 21.1 percent compared to the same period last year. 98.8 percent of the export goods were traded with foreign currencies. Compared to 2022, it increased by USD 2533.1 million or 20.3 percent.
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Mongolia reconnects with global payment system www.news.mn

The Trade Development Bank became the first bank to reconnect Mongolia to the global payment system in US dollars.
Mongolia improved its rating by fully complying with 40 FATF recommendations last July. International payments were restored as a result. Previously, a number of difficulties occurred in their implementation.
Mongolia has become the first country in Asia and the Pacific region and the fifth country in the world to fully implement the 40 FATF recommendations.
The Trade and Development Bank for the first time began cooperation with the Bank of New York Mellon, a leading commercial bank in the United States, by opening a nostro account.
A nostro account is a bank account held in another country by a domestic bank, denominated in the currency of the overseas country.
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Mongolia allocates MNT 744.8 billion in science projects www.news.mn

The Ministry of Education and Science of Mongolia plans to finance 442 educational and science projects worth MNT 744.8 billion in 2024. The overall budget allocated to the education sector is MNT 4.2 trillion, 5 percent of the gross domestic product.
It is planned to build 142 schools, 149 kindergartens, and 40 dormitories in 2024 to expand education facilities. A total of MNT 330.5 billion will be allocated for 173 projects.
Some MNT 14.5 billion will be provided for teacher education scholarships, while MNT 6.9 billion will cover tuition fees for children of teachers and employees with at least 15 years of service, who will study in leading professions.
The Ministry will grant a six-month bonus to rural teachers for every five years of service (awarded every three years in the future), totaling MNT 105.3 billion.
And MNT 196.8 billion will be allocated to finance variable costs of vocational institutions. The “Lunch” program will be implemented for secondary school students with MNT 87.4 billion.
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Mysterious medieval wall spanning 250 miles in Mongolia is studied for the first time www.news.yahoo.com

The Great Wall of China has long overshadowed the Mongolian Arc, a less imposing medieval wall system that snakes across 250 miles of Asiatic grassland.
But now, the arc is finally getting its day in the sun as the first-ever comprehensive study of its structure has been completed.
The study, published on Dec. 27 in the Journal of Field Archaeology, examines the formation and function of the “monumental” Mongolian wall.
Consisting of an earthen wall, dozens of structures and a trench, the arc stretches across a sparsely populated region in eastern Mongolia. It is believed to have been built between the 11th and 13th centuries.
After using remote sensing data and conducting archaeological field surveys, researchers determined the wall is significantly crumbled with gaps interrupting its path.
“We found that the walls are preserved to a maximum height of 1–1.5 (meters) but are usually much more eroded and are barely visible above the ground level,” researchers said. “It should be stressed that these walls are not as impressive as the popular imagery of the ‘Great Wall of China’ may have us assume.”
Twenty-one gaps were identified in the wall — from only a quarter-mile wide to over 10 miles wide — making up about 25% of its entire length.
“One possible explanation for the gaps, which were points of vulnerability in the system, is that the Mongolian Arc was hastily built during the final years of the Jin dynasty as a defense against the expected invading Mongol armies,” researchers said.
However, evidence gathered by researchers casts doubt on a purely military function of the wall.
Buildings found throughout the wall system provided limited visibility to each other, making visual communication impossible.
The wall, instead, may have been used to control the travel of people and herds across the steppe — perhaps allowing for taxes to be collected.
“Nonetheless, if the function was to defend against the Mongolian invasions (or even against smaller scale raids), perhaps the positioning of the wall and its structures was affected by consideration of convenience and cost,” researchers said.
The study did not unravel all of the wall’s mysteries, though it may spur future investigation, researchers said.
It also “prompts crucial questions about the motives, functionality, and broader implications of such colossal constructions,” according to a news release from the Hebrew University of Jerusalem, whose researchers were involved in the study.
‘Unusual’ 1,400-year-old gravesite — with remains of feast — found near castle in Wales
‘Mysterious’ inscription on ancient sphinx is deciphered, revealing ‘unusual’ message
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Innovative wind-solar hydrogen production project goes live in Inner Mongolia www.chinadaily.com.cn

A photovoltaic hydrogen demonstration project in Juungar Banner, Inner Mongolia autonomous region, was recently connected to the grid in a step to stabilize power generation.
It is the first hydrogen-producing integrated project for wind-solar hydrogen production in Inner Mongolia and the world's first 100,000-ton green hydrogen demonstration project.
It utilizes green electricity from solar power to electrolyze water into hydrogen and oxygen through water electrolysis devices. By exploring a new mode of pollution-free and zero-emission hydrogen production using renewable energy, the project aims to address power absorption for high-proportion grid integration of renewable energy sources.
"About 80 percent of the generated solar electricity is used for water electrolysis to produce hydrogen, while the remaining 20 percent is fed into the grid. The annual hydrogen production reaches 10,000 tons, with an additional byproduct of 85,000 tons of oxygen. The hydrogen production facility consists of 15 electrolyzers with a maximum load of 90,000 kilowatts, which satisfies 10,000 tons of annual hydrogen production target," said Ji Mengbo, the technical director of the Narisong photovoltaic hydrogen project.
Ji added that it achieves overall profitability through equal substitution and power settlement with the grid.
Photovoltaic power generation is stochastic, fluctuating and intermittent, while hydrogen production requires a stable power supply. To ensure the power demand of China's first 10,000-ton new energy hydrogen production, Xuejiawan power supply company of Inner Mongolia Electric Power CO Ltd has invested 233 million yuan ($32 million) into the construction of the Andinghao 220 kV substation project.
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