Inside Mongolia

Home
United States
New York, NY
Inside Mongolia

Stay in the loop by getting the top news reports about Mongolia. Market updates, useful insights and much more.

01/10/2024

Mongolia and UAE inked a MOU on visa exemption on November 29, 2023.

This memorandum grants UAE nationals holding regular, diplomatic, special, and mission passports visa-free entry to Mongolia for 30 days per visit starting from December 29, 2023. The same applies to Mongolian citizens with diplomatic, official, and regular passports entering the UAE.

12/27/2023

🔥 Capital Market Wrap 2023

Mongolian 7 companies raised a total of ₮338.1 billion through their IPOs this year. Among those companies are 3 banks, 2 fintechs, 1 logistics company, and 1 food company. Following these IPOs, the Mongolian stock market rose by ₮4.4 trillion and reached ₮10 trillion. A total turnover on the Mongolian Stock Exchange reached ₮669 billion, as of November.

🔗 Read the full article: https://insidemongolia.mn/post/S5pHYnvHa80

12/26/2023

🤓 ECON Wrap 2023

Mongolia's economy did well last year, growing by 6.9%. The foreign trade surplus for the first 11 months reaches $5.4 billion. Good news continued as inflation dropped from 12.3% to 8.6%.

🔗 Read the full article: https://insidemongolia.mn/post/7aBKAAvRd5f

12/25/2023

The Upcoming Parliamentary election is to take place in 13 constituencies.

Subsequently, the election is to be held with 7 constituencies in 21 provinces and 6 constituencies in the capital city Ulaanbaatar. In terms of electoral mandates, the I and II constituencies have the most or 10 mandates each.

12/25/2023

✈️ Tourism Wrap 2023

Did you know? The government of Mongolia announced 2023-2025 as the year to visit Mongolia. Despite the government’s goal to receive 1 million tourists in 2023, which remains out of reach, the results were undeniably impressive.

Record of Welcome to Mongolia 🇲🇳

As of December 20th, 2023, Mongolia welcomed a record-breaking 640,000 tourists, surpassing historical figures. This milestone year Mongolia witnessed strong inflows from key markets, with Russia contributing the highest number of 217,000 tourists followed by South Korea with 139,800 tourists. Boosted by record-breaking tourist arrivals, the tourism sector's revenue already surpassed $1 billion for the first time. FYI, according to the Mongolbank’s data, tourists in Mongolia inject an average of $2,000-$2,048 per trip into the economy.

🔗 Read the full article: https://insidemongolia.mn/post/wFNWIxqlD5h

12/20/2023

Did you know that Mongolia's Government designated 2023-2025 as the "Years to Visit Mongolia" to boost the country's tourism sector?

As a part of this initiative, the Government declared Mazaalai, also known as a Gobi bear, a National Animal. This move is expected to raise awareness about the endangered species locally and internationally. 🐻

12/20/2023

⏳ Ticking Clock for Oyu Tolgoi Tax Standoff

December marks the critical deadline for resolving the Oyu Tolgoi tax dispute. Meanwhile, the Mongolian Tax Authority recently issued a tax bill to Oyu Tolgoi. What is happening between the Government and Oyu Tolgoi?

Core issues

At the heart of the disagreement lies the interpretation of the 2009 Investment Agreement. While the agreement stabilizes specific tax rates for Business entity income tax, Mineral royalty, VAT, customs, and real estate at levels prevailing at the time, it remains ambiguous regarding overall tax environment stability.

🔗 Read the full article: https://insidemongolia.mn/post/flmb2zzG23N

12/19/2023

Mongolia's meat export revenues reach $260 million in 2023. 🥩

Meat exports from Mongolia increased 4 times compared to 2022. The main importers were China, Kazakhstan, Uzbekistan, the United Arab Emirates, Iran, Qatar, Vietnam and Russia.

Read more from 👉: https://buff.ly/3GNPNBx

12/19/2023

The total petrol reserves have decreased by 42.4% from the previous year, reaching 67.3 thousand tonnes as of December 5th. Specifically, national reserves of A-80 fuel declined by 66.8%, diesel fuel by 51.9%, and AI-92 by 28.1%. As of December 5th, a total of 2,210.3 thousand tonnes of oil products were imported. Among these, 0.9% was A-80 gasoline, 28.6% was AI-92 gasoline, and 54.7% was diesel fuel.

12/18/2023

Mongolia's exports surged by 23.9% to $13.8 billion in the first 11 months of this year, resulting in a foreign trade profit of $5.4 billion. What do Mongolians export and import? 🔎

🔗 Read the full article: https://insidemongolia.mn/post/TNHBQommOIu

12/13/2023

The Parliament approved a brand new Law on Pets that aims to protect public health, ensure responsible pet ownership, and reduce the number of stray animals. 🐾

According to the law,

◽ The legal guardian shall be 18 years of age and have full legal capacity,
◽ The legal guardian shall have a source of income to provide food and shelter for a pet, cover health care and services, and have attended dog and cat guardian training,
◽ Pet shall have appropriate equipment such as a collar, muzzle, and bag when traveling in public,
◽ The legal guardian shall take care of the pet’s offspring, etc.

12/13/2023

🥶 Entity Growth Slowed by Low Activity Rate

The total number of registered entities increased by 8.3% year-over-year, reaching 253,400. Among these entities, only 36.9% are currently active, while the remaining 63.1% have either not begun operations or have been temporarily or permanently closed.

12/12/2023

The Business Council of Mongolia or BCM appoints 15 new members to its Board of Directors, who will serve during the 2024-2025 term.

During the inaugural board meeting, Ts. Tumentsogt was appointed Chair, with Kh. Amarjargal, R. Koppa, and B. Byambasaikhan serving as Vice Chairs. B. Dulamsuren was appointed Treasurer.

12/12/2023

🤔 Unfavorable Business Conditions

Mongolia encounters challenges in its business landscape. Specifically, the overall evaluation of the business environment declined by 8% from 2020 to 2.68, indicating a less-than-ideal situation.

Research: The Mongolian Business Environment-2023 study, a collaboration between the National University of Mongolia and MNCCI, surveyed 4,606 enterprises. Participants rated the business environment on a scale from 1 (very bad) to 5 (very good).

🔗 Read the full article: https://buff.ly/3TnqcqD

12/11/2023

Mongolian Fintech Companies’ IPO

Mongolian fintech companies raised ₮14.2 billion in their IPO. What was interesting about these 2 IPOs? 🤔

Brief overview, MOST Fintech, which introduced the first fintech service in Mongolia, and Innovation Investment, facilitating daily finances with QPay services, conducted IPOs the previous week.

🔗 Read the full article: https://buff.ly/3TlHcha

12/07/2023

On December 6th, Mongolia formally established diplomatic relations with Botswana, thereby completing its goal of establishing diplomatic ties with all 193 UN member states.

12/06/2023

Rio Tinto and UNESCO established a comprehensive long-term partnership to foster sustainable development initiatives in Mongolia.

Within this partnership, they will focus on 3 key areas:

◽ Sustainable Tourism: Promoting Mongolia’s sustainable practices both domestically and internationally and raising awareness about the importance of preserving and celebrating cultural and natural heritage.

◽ Environment and Climate Change: By harnessing their combined expertise, the partners will support better environmental and climate change management practices across Mongolia.

◽ Quality Education: Rio Tinto and UNESCO to work towards ensuring high-quality, equitable, and inclusive Technical and Vocational Education and Training programs, building on Rio Tinto’s previous investments in the sector. By providing a new generation of Mongolians with specialized technical skills and knowledge, the partners aim to drive sustainable growth and socio-economic progress across Mongolia.

12/06/2023

🌟 Stock Market's Growing Grip on GDP

In the past 5 years, the stock market's ratio to GDP has expanded by 9.3 percentage points, now accounting for 17% of GDP. This expansion was mainly due to 5 major banks' IPOs.

12/05/2023

Ambassador Masaru Igawahara, the newly appointed Ambassador of Japan to Mongolia, arrived in Ulaanbaatar. 🇯🇵 🇲🇳

Following Ambassador Hiroyuki Kobayashi's departure, Masaru Igawahara arrived in Mongolia to assume his post. His official duties will begin after presenting his credentials to the President.

12/05/2023

Over the past decade, Mongolia has exported cars and related equipment valued at $75.1 million. But what exactly are we selling, and where is it going? 🚘

What's in the mix? Our automobile and related equipment exports cover a range of items, from trucks and vehicles to special-purpose vehicles, motorcycles, headlights, alarms, and windshield wipers.

🔗 Read the full article: https://buff.ly/3T8Vguj

12/04/2023

Mongolia reigns supreme in chess equality, topping FIDE's 105-nation ranking with a stellar 86.53 score. Nearly 40% of their active players are women, crushing the global average of 16%.

The Gender Equality in Chess Index (GECI) evaluates each country's gender equality in chess. A higher GECI score implies more gender equality in chess activities. Also, the index score based on 3 indicators including participation, performance, and progress.

12/04/2023

🤙🏻 Mongolian Stock Market Calls Foreign Investors

Mongolia’s stock market will reduce the sales income tax rate imposed on foreign investors to 10%, offering them a more flexible investment environment. In addition, 2 amendments were made to the law that will be effective starting in 2024.

🔗 Read the full article: https://buff.ly/3RshIgI

11/29/2023

During the working visit to the UAE for COP 28, Mongolian President Khurelsukh. U signed a memorandum of understanding with the President of UAE to exempt visa requirements for diplomatic, official, and ordinary passport holders. 🤝

Also, Minister of Foreign Affairs Battsetseg. B emphasized that Hunnu Air, the air transport company, will commence direct flights between the 2 countries starting from December.

11/29/2023

The Grand Bull Awards, which recognize outstanding achievements of the last 5 years of Mongolia's stock market, to hold this Friday. Let’s review the last 5 years of the stock market.

Shining last 5 years ✨

Mongolia's financial sectors witnessed significant growth, with the stock market's capitalization surging by 337.9%. NBFIs assets followed closely, expanding by 207.1%, while insurance, banking, and credit unions recorded growth rates of 56.2%, 54.2%, and 47.8%, respectively from 2018 to Q2 2023. In addition to market expansion, various indicators have demonstrated positive trends, underscoring the resilience of Mongolia's financial sector.

🔗 Read the full article: https://buff.ly/40Yd3Gm

11/28/2023

Mongolia's population reached 3.49 million last September.

According to the National Statistics Office, the population is projected to reach 3.5 million by the end of this month.

FYI, the estimates were based on data on fertility and mortality for the first 10 months of 2023.

11/28/2023

More than half of Mongolians, or 1.8 million people, have bank loans. The number of borrowers has increased steadily over the past year, with 163,600 more people taking out loans in the last 12 months. 💸

11/27/2023

✨ New IPO

Mongolia's biggest digital payment tool, QPay Mongolia , is getting ready for its first-time public offering (IPO). Instead of using cash or bank cards, people in Mongolia usually make payments with digital wallets like QPay. Let's take a closer look at Innovation Investment , the company behind QPay.

The Beginning

In 2016, Innovation Investment LLC started developing the QPay service, officially establishing itself in 2017. The company currently operates with two subsidiaries: KKTT LLC, which provides electronic payment services using QR codes, and DMS LLC, a developer of mobile and web apps for merchants.

🔗 Read the full article: https://buff.ly/3sXEQKj

11/23/2023

South Korea's Ministry of Transport fines Vietnam Airlines, Aero Mongolia for aviation law violations. ✈

The ministry imposed a ₩10 million fine on Aero Mongolia for operating the Incheon-Ulaanbaatar route without approval since July.

About the Vietnam's flag carrier, they fined ₩25 million for keeping passengers on board for an extended period. On July 14, the airline's plane, which departed from Hanoi, temporarily landed at Incheon International Airport, west of Seoul, before arriving at Gimhae International Airport in South Korea's southeastern port city of Busan.

Address

New York, NY

Website

http://insidemongolia.lemonpress.mn/

Alerts

Be the first to know and let us send you an email when Inside Mongolia posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Videos

The Mongolian Economic Forum 2023 continues successfully. Here is part of the interview with Tapan Mishra - United Nations Resident Coordinator for Mongolia Tapan Mishra - United Nations Resident Coordinator for Mongolia.

Ngaire Woods- Independent Non-Executive Director at Rio Tinto, Founder of the Global Economic Governance Program at Oxford University

The Mongolian Economic Forum 2023 continues successfully. Ngaire Woods- Independent Non-Executive Director at Rio Tinto, Founder of the Global Economic Governance Program at Oxford University: Most important thing in Mongolia needs to do is attracts the very best, smartest, brightest, most resilient people to its public sector and then have them deploy to good effect new technologies. #mef2023 #economy #forum #technology #insidemongolia

MEF 2023

The Mongolian Economic Forum 2023 has started. In addition, the Lemon Press team is currently working to cover the event.

The Mongolian Economic Conference 2023 continues successfully. ◽️ Marc Uzan - Founder and Chief Executive Officer of the Reinventing Bretton Woods Committee

MEF 2023

Who will participate in MEF 2023? Over 1,500+ participants, including 500+ representatives from international organizations, and the entire Rio Tinto management team are attending MEF 2023. Also, the top 45 global financial organizations featuring JP Morgan, Morgan Stanley, Goldman Sachs, and CITI are visiting Mongolia at the invitation of Rio Tinto. #riotinto #economicforum #conference #finance #lemonpressmongolia #MEF2023 #WelcometoMongolia

Here are 4 summer Festivals, you must attend in Mongolia. - https://www.instagram.com/playtimefestival/ - Naadam Festival - https://www.instagram.com/spiritofgobi/ - https://www.instagram.com/khar.khorum/ #mongolianfestivals #visitmongolia #travelmongolia #insidemongolia #newsletter

During a BCM (Business Council of Mongolia / Монголын бизнесийн зөвлөл) meeting, Ganbold Enkhtaivan, deputy governor for Mongolia’s central bank, discussed the country’s dollar inflow. He noted that more than 80% of the dollar inflow comes from exports, followed by foreign lending and assistance and the central bank’s gold trade. #bcm #goldtrade #mongolia #dollarinflow #insidemongolia

Last Friday marked a significant milestone for the Mongolian Stock Exchange, which surpassed the ₮7 trillion valuation mark. This remarkable achievement was made possible by the trading of shares from 39 companies, resulting in a substantial daily trading volume of ₮1.2 billion. As of now, there are 183 stocks, 16 bonds, 7 asset-backed securities, and 2 investment funds registered on the MSE. #stockmarket #mongolianstockexchange #valuation #insidemongolia