August 28, 2018

President Kh. Battulga to meet with Vladimir Putin in September


President Kh. Battulga will attend the fourth annual Eastern Economic Forum, which will be held from September 11 through 13 in Vladivostok. Press Secretary for the President of Russia Dmitry Peskov reported that President Vladimir Putin will meet with President Kh. Battulga during the forum. During the 2016 Eastern Economic Forum, 216 trade and investment agreements valued at 32 billion USD were signed, while investment agreements for 32 projects and programs with a value of 20.8 billion USD were signed in 2017.  

Keywords: Russian Federation, Eastern Economic Forum   Today /page A2/


Central bank’s gold purchases expected to rise by 10 percent


In 2018, the Bank of Mongolia aims to purchase 10 percent more gold than it did in 2017, to bring the total amount of gold purchased this year to 22 tons. Central bank analysts say that 20 tons of gold can generate approximately 700 million USD in foreign currency reserves. According to Bank of Mongolia officials, the amount of gold being purchased by the central bank has been continually increasing over the last several years, mainly due to a reduced mineral royalty tax. Since the gold royalty abatement period is scheduled to end in 2019, Bank of Mongolia has submitted a proposal to Cabinet to extend the period through 2024.  

Keywords: Bank of Mongolia, mining, economy   The Official Gazette /page 5/

Gobi’s sales revenue up by 64 percent


In the first half of 2018, Gobi JSC earned 55.6 billion MNT in revenue, an increase of 64 percent compared to the same period in 2017. The growth was mainly driven by the company’s foreign sales, which went up by 88 percent. Since the beginning of 2018, Gobi has opened stores in the Inner Mongolia Autonomous Region of China, Germany, as well as Turkey. Expanding its online sales channel, the company started selling its products on Amazon. As of the first six months of 2018, Gobi had stores in 34 cities in 13 countries, along with 53 franchises.

Keywords: cashmere, manufacturing industry     The Official Gazette /page 5/

online story  

Cabinet Secretariat to continue civil service reviews in the province


The Cabinet Secretariat of the Government of Mongolia has been taking step-by-step measures to ensure the implementation of a Cabinet resolution on the accountability of those in civil service. Deputy Chief of the Cabinet Secretariat U. Byambasuren has been meeting with the heads of governor’s offices in the provinces to provide specific instructions on the implementation of the resolution. The Press and Public Relations Division of the Cabinet Secretariat reported that the reviews in the provinces will commence on September 3.

Keywords: government reform, Cabinet

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The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 14251 · Mongolia