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01/15/2025

Ulaanbaatar 2040: Metropolis or Mirage?

The development plan for Ulaanbaatar until 2040 is submitted to Parliament.

👁️👁️ Ulaanbaatar in 2040: A Vision of the Future

The ambitious construction plan requires ₮243 trillion in funding, with 51% coming from foreign and domestic private investments, and 49% from state budgets, foreign loans, aid, and bonds. Ulaanbaatar’s population is expected to grow by 25%, reaching 2 million. To accommodate this growth, 405,000 people will settle in satellite cities, which will require additional heating, electricity, housing, and infrastructure. Key highlights include:

🏙️🌆 Satellite cities: 14 city centers, 14 local-level cities, and 42 neighborhoods as “20-minute cities.”

🔥 Heat Sources: 15 new locations double the current heat load to 7,480 MW.

⚡ Energy: Electricity generation increases by 4.6 times to 5,408 MW, with 30% from renewables.

🔗 Visit insidemongolia.mn to read the full article.

01/14/2025

Mongolia records 57.8 thousand births nationwide last year, showing a 10.2% decrease, or 6.6 thousand fewer births compared to 2023. 👶

Monthly data shows that May has the highest number of births, with 5 thousand children born, while January has the lowest, with 4.7 thousand births.

Since 2008, Mongolia’s annual births regularly exceed the 60 thousand mark. However, for the first time in 17 years, this number falls below the threshold. The highest number of births occurs in 2014, with 82.8 thousand children born.

01/13/2025

Today marks the 33rd anniversary of the adoption of Mongolia's democratic Constitution. 🎉

Throughout its history, Mongolia has adopted 4 Constitutions, in 1924, 1940, 1960, and 1992. While the earlier Constitutions were based on Marxist ideology, the 1992 Constitution ushered in democracy. It safeguards the rights and interests of all citizens, ensuring equality without discrimination based on social class or ideology. As a result, Mongolia recognizes January 13th as Constitution Day each year.

The 1992 Constitution establishes a legal framework for a balanced system of governance, outlining the procedures, rights, and responsibilities of the Parliament, the President, the Government, and the judiciary.

01/13/2025

Development Bank Unveils New Strategy

The Development Bank of Mongolia plans to finance ₮2 trillion in projects this year, revises its strategy for 2030, aiming to increase its share to 12.8% of GDP. This ambitious plan seeks to grow the bank’s assets by $7 billion over the next 5 years, positioning it as a cornerstone of Mongolia's economic development.

🕵️‍♂️ 5 Main Directions of the Revised Strategy

In 2023, the Development Bank contributes 3.5% to GDP. To expand its influence, the strategy outlines five priorities: responsible governance, professional management, green financing, innovation, and supporting digital transition.

1️⃣ Balance Sheet Clean-up

The bank’s current assets total ₮2.4 trillion, with ₮2.3 trillion in outstanding loans, but 57.5% of these are non-performing, amounting to ₮1.7 trillion. To address this, the bank plans a ₮700 billion equity infusion, focusing on repaying state-related loans and stabilizing finances.

🔗 Visit insidemongolia.mn to read the full article.

01/10/2025

Between July 2023 and December 2024, RedDelta, a Chinese state-sponsored cyber group, targets governments in Southeast Asia, Mongolia, and Taiwan using customized PlugX malware. 🧑‍💻

The group uses spear-phishing tactics with lure documents themed around topics such as the 2024 Taiwanese presidential candidate Terry Gou, the Vietnamese National Holiday, flood protection in Mongolia, and invitations to ASEAN meetings.

RedDelta evolves its tactics, starting with spear-phishing documents, then moving from Windows Shortcut files to Microsoft Management Console Snap-In files, and finally using HTML files hosted on Microsoft Azure. They use Cloudflare CDN to disguise command-and-control traffic, blending it with legitimate data. This activity aligns with China’s strategic focus on government and diplomatic organizations in the region.

🕵️‍♂️ RedDelta’s Actions in Mongolia

In Mongolia, RedDelta compromises the Ministry of Defense in August 2024 and carries out spear-phishing campaigns targeting sensitive government sectors. The group also targets Mongolian NGOs, Buddhist activists, academics, and mobile app developers.
These actions highlight the growing threat to national security and emphasize the need for stronger cybersecurity measures across the region.

01/09/2025

Aranjin Resources, an emerging copper exploration company with a focus on Mongolia, announces a private placement offering of up to 8,125,000 units at $0.08 per unit, aiming to raise up to $650,000. 💸

In connection with the offering, certain insiders of the company, including officers and directors, subscribe for 1,891,538 units.

The company also announces that it has negotiated debt settlements with certain arm's-length creditors. Subject to acceptance by the TSXV, the company agrees to settle a total of $219,100 in debt by issuing 2,738,750 common shares at a deemed price of $0.08 per share.

Aranjin Resources actively explores and develops copper projects in Mongolia, including the "Sharga" project in Govi-Altai province and the "Bayan-Undur" project in Bayankhongor province. Outside of Mongolia, the company executes additional copper exploration projects, bringing its total portfolio to 4 active projects globally.

01/07/2025

📑 New Laws for the New Year

2025 begins with a series of notable increases, including adjustments to the minimum wage, pensions, salaries of civil servants, and special increments for armed forces and border guards.

🔺 Increases on the Horizon

The authorities uphold their electoral promise to enhance pensions and benefits. For instance, pensions increased by 6%, the Mother’s honor money doubled, the civil servants’ salaries rose by 6%, and the minimum wage significantly boosted by 20%.

🆕 Pensions Tied to Inflation: Starting January 1st, 2025, pensions rise annually in step with inflation. While the government loudly champions pension fund reform and the rollout of a multi-layered pension system in 2024, the reality paints a different picture, cash increases surge ahead, leaving meaningful reforms trailing behind.

🔗 Visit insidemongolia.mn to read the full article.

01/06/2025

Mongolia's foreign currency reserves hit an all-time high of $5.5 billion in 2024. 🚀

The figure represents an 11.85% increase compared to the previous year. Mongolia's foreign currency reserves dwindle to $2.6 billion in August 2022, the lowest level since 2017, due to a deepening current account deficit driven by challenging internal and external economic conditions. In March 2024, the reserves surpass the $5 billion mark for the first time in history.

💡 For your information, the Government of Mongolia sets an ambitious target to double its foreign currency reserves over the next 3 years, aiming to reach a remarkable $10 billion. This bold plan is embedded in the government's development agenda, signaling a long-term vision to fortify Mongolia's financial standing.

01/06/2025

How the Bank of Mongolia Sees 2025

In this article, we present a translation of the Bank of Mongolia President’s interview, offering an overview of the economic outlook for 2025.

⚔️ Government Programs: A Double-Edged Sword

The government’s targeted soft loan program, which starts during the COVID era, provides ₮10 billion in 2020 to preserve jobs. Initiatives like the “Food Revolution” and the “New Cooperative” program issue $1.2 billion and over ₮660 billion in loans, respectively, to stimulate growth. The upcoming “White Gold” program focuses on industries processing agricultural raw materials, continuing the government's economic push. Additionally, the government allocates ₮200-₮300 billion annually on interest subsidies for these programs.

While these loans total ₮2 trillion, a fraction of the ₮35 trillion in total loans, they raise long-term concerns. Concessional loans, offered at favorable terms, help businesses in the short term but disrupt market norms. The BOM President warns that businesses struggle to transition to non-concessional financing later, risking long-term financial instability.

🔗 Visit: https://insidemongolia.mn/post/udsX2BhE74t

12/31/2024

Happy New Year to all our dear Inside Mongolia readers! For our final wrap-up of the year, we’re providing an A-to-Z overview of Mongolia’s economy in 2024.

🙌🏻 Growth and Policy

Mongolia’s economy grows by 5% in 2022 and 7.4% in 2023, with a 5% increase in the third quarter of this year. To further stimulate the economy, the Bank of Mongolia lowers its policy interest rate to 10%, aiming to support medium-term growth, encourage lending, and increase consumption. This move leads to a 33.4% rise in lending, totaling ₮8.7 trillion compared to last year.

💰 External Debt: $36 Billion

As of Q3, Mongolia’s total external debt rises by 7.2% year-on-year to $35.6 billion. Savings institutions’ external debt shows the highest increase, at 23.1%.
The government repays major bonds, such as Gerege, Samurai, and Chingis, issuing new ones to cover $800 million and $600 million repayments. This genius strategy leaves us with 3 delightful bonds maturing between 2026 and 2029, racking up a princely $1.6 billion in principal payments. Oh, and let’s not forget the average 7.2% interest rate. The real challenge, however, lies in the Government’s impeccable ability to spend and control these funds. Fingers crossed, right?

On the city front, the Capital joins the bond parade by issuing 2 of its own. One for ₮500 billion and another for $500 million. For the ₮500 billion bond, a solid 60% is earmarked for the Buuruljuult power plant, while the remaining 40% generously goes towards upgrading roads, the Tuul collector, and flood dams. As for the $500 million bond? Every last cent goes into building the Selbe substation. Let’s hope this grand investment spree finally pays off because optimism never hurts anyone.

🔗 Visit: https://www.insidemongolia.mn/post/DJbDVfOJvpO

12/30/2024

Mongolia’s business scene booms in 2024, with major strides in banking, mining, and tech fueling growth both domestically and internationally. From groundbreaking green bonds to bold international expansions, companies make significant moves and secure major investments. Let’s scuba dive into this year’s Mongolian business wrap-up. 🦈

🪽 Domestic Expansion: Banking + Mining

In 2024, the financial performance of Mongolia’s TOP-5 systemically important banks grows stronger each quarter, with all reporting positive indicators through the third quarter, including a 26% increase in revenue and a 47.5% rise in net profit compared to the previous year. Alongside these financial achievements, the banking sector places increasing emphasis on green financing, successfully issuing green and social bonds on both domestic and international stock exchanges. Here’s the kicker: TML Plastics becomes the first company to issue a green bond, marking a milestone in sustainable finance.

⛏️ In the mining sector, several forward-looking projects are progressing to the next stage, including TMK Energy’s (TMK.AX) Gurvantes ###V coalbed methane gas project, Erdene Resource Development’s (ERDN) Bayankhundi gold project, and Xanadu Mines’ (XAM.TO) Kharmagtai copper-gold project. Some of these projects have announced they are on track to begin production next year, signaling a promising future for the sector.

🔗 Visit: https://insidemongolia.mn/post/yZAA79znjPI

12/26/2024

Mongolia starts to export live sheep to Uzbekistan. 🐏

This development results from agreements reached during Mongolian President U. Khurelsukh's state visit to Uzbekistan in June 2024. During the visit, the presidents of Mongolia and Uzbekistan pledge to enhance cooperation in various areas, particularly in the trade of agricultural products such as wool, cashmere, leather, meat, and meat products from Mongolia to Uzbekistan and other Central Asian markets via Uzbekistan.
The cooperation agreement between the agricultural ministries of the two countries now takes effect.

Under this agreement, Mongolia starts to export a total of 100,000 heads of livestock to Uzbekistan. As part of this initiative, Mongolia transports 1,440 live sheep to Uzbekistan via 2 flights starting December 21, 2024, according to the Ministry of Food, Agriculture, and Light Industry. Agriculture accounts for over 10% of Mongolia’s GDP. By the end of 2023, Mongolia has a total livestock population of 64.7 million, with sheep constituting 45.5% of the total.

12/24/2024

Koji Kurushima: KDDI Injected More Than $1 Billion Through Mobicom in Mongolia

This time, Inside Mongolia features an insightful interview with Koji Kurushima, CEO of Mobicom Corporation. In this interview, we delve into the opportunities for foreign investment in Mongolia's telecommunications sector, as well as Mobicom’s journey from its past achievements to its future ambitions. 🎤

Mobicom stands as a successful example of foreign investment in Mongolia. Since becoming a subsidiary of KDDI, how much capital has the Japanese telecom giant invested in Mongolia through Mobicom?

Since becoming a subsidiary in 2016, KDDI has invested over $300 million into Mobicom, focusing on network expansion and if considered from its birth more than $1 billion. This investment includes not only KDDI’s direct capital but also revenue reinvested from the business itself. As Mobicom generates income through customer payments, it reinvests these funds into further network development, ensuring a sustainable investment cycle.

Moreover, KDDI has shared extensive technological expertise with Mobicom, particularly in advanced technologies like 4G and 5G. Given Japan's leadership in technology, KDDI has enabled Mobicom to access cutting-edge solutions. Additionally, exchange programs allow Mobicom employees to work at KDDI’s facilities in Japan, gaining hands-on experience in a global context, which is then applied to improve local business practices.

🔗 Visit insidemongolia.mn to read the full article.

12/24/2024

🤝 Mongolian Deputy Prime Minister S.Amarsaikhan continues working in St. Petersburg following the meeting of the Russian-Mongolian intergovernmental commission on trade, economic, and technological cooperation held in Moscow on Friday.

"The sides discuss issues relating to the development of cooperation in the gas sphere," the company says in a brief statement.

🛢️ Gazprom begins assessing the possibility of gas supplies to China through Mongolian territory in 2020. The Union-East gas pipeline, which extends the Power of Siberia 2 pipeline, is planned to run through Mongolia.

Scientists from the Melentyev Institute of Energy Systems at the Siberian Department of the Russian Academy of Sciences estimate that natural gas consumption in Mongolia, a transit country for the pipeline from Russia to China, reaches 5.6 billion cubic meters annually by 2040.

12/23/2024

Inside Mongolian Politics: Major Events of 2024

As Mongolia navigates a politically dynamic 2024, five key developments define a year marked by legislative challenges, strategic partnerships, and an evolving global role. These events, ranging from historic elections to significant foreign policy moves, shape a transformative year for the nation.

👨‍💼 Parliamentary Expansion and a Historic Veto

This year, Mongolia holds historic parliamentary elections, expanding the legislative body to 126 seats for the first time. The newly elected Parliament approves the 2025 state budget amid public scrutiny. However, in a rare move, the President issues a full veto just 11 days later, sending the budget back for revision and sparking debates about the balance of power in Mongolia’s political system.

🏃‍♂️ Outstanding Escape of the Year: The Prime Minister, at a critical moment, embarks on diplomatic visits to China, Saudi Arabia, and the UAE. His absence from budget discussions draws criticism, making it the ‘outstanding escape’ of 2024.

🔗 Visit insidemongolia.mn to read the full article.

12/20/2024

Pepper Lunch signs a franchise deal to enter Mongolia. 🌶️

Pepper Lunch, the Japanese restaurant chain, signs a franchise agreement with local distributor BlueMon Group, marking Mongolia as its 17th country.

On Wednesday, Global CEO of Pepper Lunch, Yuto Tago, announces the deal through his LinkedIn account, saying, "We signed a master franchise agreement with our Mongolian franchise partner yesterday. I cannot wait to see the first restaurant opening next year!”

Known for its DIY casual dining concept, Pepper Lunch operates over 400 locations in Japan, Asia, and Australia. Founded by trained chef Kunio Ichinose, the brand specializes in premium steaks, pasta, and cheese curry rice.

12/19/2024

Amid local opposition to Mongolia's entry into the interim free trade agreement (FTA) with the Eurasian Economic Union (EAEU), the government has decided to postpone the signing. 🫸

💼 Authorities emphasize, "This delay does not mean an end to negotiations, but an extension to ensure that we thoroughly consider and incorporate the feedback of domestic producers and businesses. Our aim is to enhance export opportunities, support local industries, protect consumer interests, and ensure a diverse range of affordable, high-quality goods."

🥷 Factors behind this opposition: The resistance stems from the EAEU's push to finalize the interim FTA by the end of the year, while the list of tax-free goods under the agreement remains undisclosed. Domestic business owners and producers are calling for more time to fully assess the FTA's potential implications.

Mongolia's only current FTA partner is Japan. However, despite the agreement entering its eighth year, the trade deficit has grown, rather than seeing an increase in exports. In light of this, the Mongolian National Chamber of Commerce and Industry cautions against hastily entering another agreement that could negatively impact domestic producers.

12/19/2024

United Nations Secretary-General António Guterres appoints Jaap C. van Hierden as the United Nations Resident Coordinator (RC) in Mongolia, effective January 1, 2025, with the Mongolian government’s approval. He succeeds Tapan Mishra, who serves in the role since 2019 and contributes significantly to advancing Mongolia’s development priorities in partnership with the UN system. 🤝

Van Hierden, a seasoned diplomat with over 30 years of experience in development, humanitarian action, and peacebuilding, assumes this critical role. His career spans strategic leadership, policy development, operational management, and coordination across diverse global contexts.

Before this appointment, he serves as the UN RC in Micronesia. As the highest-ranking UN official in Mongolia, the RC leads and coordinates the activities of UN agencies, funds, and programs. Van Hierden’s appointment reflects the United Nations’ commitment to promoting sustainable development and fostering collaboration in Mongolia.

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Business Spotlight Ep #2: TML Plastic Factory ♻️🌿 In 2018, after China banned imported unrecycled plastic waste, Mongolia turned to landfilling as a primary waste solution. In response, MCS Coca-Cola initiated TML Plastic Factory, a transformative step for plastic recycling in Mongolia. With a capacity to recycle 75 tons of plastic waste daily, or 27,000 tons annually, TML Plastic Factory processes beverage and container plastics through a comprehensive 30-stage system, marking a significant advance in sustainable waste management for Mongolia.

Exciting news! You can now listen to the audio version of Inside Mongolia’s newsletter on our website. Just one click away—give it a try! Here’s the guide: Visit Inside Mongolia’s website.Navigate to the newsletter section.Click on the audio icon to start listening.It’s that simple! Enjoy staying informed on the go.

The Central Asia Tech Summit took place on the second day of the (Mongolian Economic Forum) MEF, featuring the top 20 promising startups from the region pitching their innovative ideas. As a result, Cerebra from Kazakhstan, Rock Rigid from Kazakhstan, ONDO Space from Mongolia, and Investbanq from Kazakhstan secured tickets to the Startup World Cup Grand Finale in San Francisco. The Startup World Cup is a prestigious global conference and competition that brings together top startups, venture capitalists, entrepreneurs, and world-class tech CEOs from over 70 countries worldwide. This year, Exponential Zaisan Partners is collaborating with Pegasus Tech Ventures, Nomadic Minds, and Ard Financial Group to host the first Startup World Cup Central Asia.

During the visit of a delegation of Mongolian tech sector representatives in the U.S., Lemon Press had a chance to interview a representative from Stanford's Human-Centered Artificial Intelligence (HAI) Institute to explore the potential of AI research for fostering growth and positive impact in developing countries like Mongolia. FYI, Stanford HAI stands out for its unique approach to AI development, prioritizing human-centered solutions that directly address specific challenges and enhance human capabilities.

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

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

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