March 12, 2018

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Ministry of Agriculture's Cashmere Program launches         


For the launch of the Cashmere Program, Minister of Agriculture, Food and Light Industry (MoFALI) B. Batzorig visited several cashmere factories in Ulaanbaatar. The program will be implemented in two phases over  four years and plans to create over 9,000 jobs in the textile industry and related parts of the industry, and to increase the production of finished products and exports by 5.7 times. In 2017, Mongolia produced 5,413 tons of washed cashmere, 509 tons of combed cashmere, and 915,000 units of knit and woven clothes. The Cashmere Program has set a target to export 19.8 million pieces of clothing and make sales of 2.2 to 4.3 trillion MNT over the course of its implementation. Minister B. Batzorig stated, “The Cashmere Program will aim to establish a Cashmere Development Fund with a reserve of 500 trillion MNT. This will allow us to revive cashmere processing plants and increase income for herders.” 

Keywords: Minister B. Batzorig, MoFALI, exports     Today /page 1/

Speaker of Parliament pays an official visit to Turkey


The Speaker of Mongolian Parliament, M. Enkhbold, is paying an official visit to Turkey upon the invitation of the Speaker of the Grand National Assembly of Turkey, Ismail Kahraman. During his visit, M. Enkhbold concluded an official agreement with Ismail Kahraman and paid a courtesy visit to the President of Turkey, Recep Tayyip Erdoğan. During the meeting with President Erdoğan, both parties specified the importance of the visit to upgrade relations and cooperation between the two countries, which have historical roots and an exceptional ties based on friendship and peace.
The parties also agreed that in the interests of the two countries and their people, it is important to expand cooperation, which has slowed down in recent years. They agreed that it was important to celebrate the 50th anniversary of diplomatic relations, which will be marked next year, with new successes and achievements that have brought relations to a new level. M. Enkhbold highlighted that Mongolia has been always supportive of Turkey, a country on the frontline of efforts to fight terrorism. He added that Mongolia is ready to cooperate with Turkey to enrich relations between the two countries in terms of economic development by mobilizing available resources and through the development of important sectors, such as agriculture, light industry, tourism, city planning, construction, education, art, and health.
President Erdoğan said that the he will be supportive in mobilizing Turkish investment in sectors of interest for Mongolia, and suggested several cooperation proposals in education, aviation, city planning and investment. President Erdoğan expressed his readiness to support M. Enkhbold’s proposal to establish a tourism complex in the Orkhon River Valley, and promised to explore opportunities to purchase Mongolian meat and meat products.  
Since 2010, the Government of Mongolia has been building the basis for strengthening a green economy, and according to state, private, and international stakeholders, the government has been actively engaged in supporting green development.
Currently, the Government of Mongolia is working on integrating green development concepts into legislation and regulations. State procurement is now focused on green development and amendments to the Law on Procurement are being developed. In addition, the government hopes to set green development criteria for the development and implementation of bigger state-funded projects. The green development initiatives and efforts of Mongolia's commercial banks are well acknowledged internationally, and several days ago an international sustainable funding association rated Mongolia and its commercial banks as progressive. The Green Climate Fund has confirmed that it will be allocating  145 million USD in financing to Mongolia's green development projects.        

Keywords: President Erdogan, M. Enkhbold, foreign trade and investment   Daily News /page 2/


BoM says inflation rate will stabilize


As forecasted by experts from Bloomberg TV Mongolia's Economists Club, inflation rate may stay close to the Bank of Mongolia’s (BoM) eight percent projection for 2018. Most analysts predicted that the inflation rate would be at around seven percent in the first quarter and that the annual inflation rate would remain in the single digits. Even if the inflation rate rises, the BoM believes it will stabilize as a result of new monetary policy. As of January 2018, due to the increased taxes on alcohol, tobacco, and fuel, the inflation rate was at 6.9 percent. According to National Statistics Office, Ulaanbaatar's inflation rate reached its target of eight percent. The BoM believes that due to the improved consistency of copper ore and increased investment in production, expansion in non-mining sectors will intensify and contribute to economic growth.   

Keywords: consumer spending, Bank of Mongolia, Bloomberg        The Official Gazette /page 11/ 

online story  

ADB to receive Green Climate Fund financing to combat
climate change     


Asian Development Bank (ADB) has announced that it will be receiving financing of 190 million USD from the United Nations' Green Climate Fund to implement projects and programs combating climate change in Mongolia, Cambodia, and Tajikistan. Grants totaling 85 million USD will be disbursed by ADB  and 105 million USD will be issued as loans. ADB has said that it plans to increase the financing of projects and programs within the Asia-Pacific region, with a goal of providing six trillion USD per year by 2020. In addition to 399 million USD received from ADB and other sources, Mongolia will receive another 50 million USD from the Green Climate Fund in the form of a grant and a 95 million USD loan. These funds will be used to turn 100 hectares in the ger district into a green zone and the construction of 10,000 green apartments in UB. In 2017, ADB allocated 4.5 billion USD in financing to efforts to combat climate change.     

Keywords: green development, UNFCCC

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The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 15000 · Mongolia