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AmCham Mongolia Daily Newswire

February 25, 2019

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Two new ambassadors present their Letters of Credence to President Battulga
The newly appointed Ambassador of the United States to Mongolia, Michael Stanley Klecheski, presented his Letter of Credence to President Kh. Battulga last week. During the meeting, President Kh. Battulga highlighted that the effective duty-free export of cashmere and other textiles to the United States, increasing bilateral trade and increasing job creation for women. He asked the new ambassador to support the Third Neighbor Trade Act which has been submitted to the U.S. Congress. 
The new Ambassador of India to Mongolia, Mohinder P. Singh, also presented his Letter of Credence to President Kh. Battulga last week. President Kh. Battulga thanked the ambassador for his support of the 1 billion USD oil refinery project financed by India. He asked the ambassador to follow up on an action on the agreement between India and Mongolia to open branches of Indian technology schools in Mongolia.

The Official Gazette /page 2/
G. Zandanshatar meets with Asia Foundation Country Representative Mark Koenig
Speaker of Parliament G. Zandanshatar met with Mark Koenig, Asia Foundation's country representative in Mongolia, last Friday. The two exchanged views on ongoing projects with the Asia Foundation. The Speaker stated that how Parliament’s projects directly affect citizens and the importance to empower Parliament activities. He noted that amendments to key laws affecting socio-economic development will be reviewed by Parliament soon.

The National Post /page 2/
Mongolian Economic Diversity Support program releases its 2018 report
The Board of Directors of the Mongolian Economic Diversity Support program, launched in 2016 to support small and medium-sized enterprises (SMEs), met last Friday and reported that the program provided 90 million USD in financing to support SMEs in 2018. Khan Bank, XasBank, and Transcapital NBFI are providing 1 to 30 million USD in financing to program participants with loans that have up to five-year terms. The program has concluded 179 consulting projects, which has positively affected the income of 70 percent of participating entrepreneurs and created 534 jobs in 2018.
The National Post /page 8/
Market value of mining companies dropped by 4 billion USD in 2018
Asian Mining Magazine reported that the market value of mining companies registered on foreign stock exchanges dropped by 4 billion USD in 2018. Analysts have stated that the main reasons for the drop are declines on the New York Stock Exchange and other factors in 2018. Turquoise Hill Resources (registered on the New York Stock Exchange) saw its market value reach 3.2 billion USD in 2018, down from 7 billion USD, which directly affected Oyu Tolgoi’s value as well. The S&P Metals and Mining Index dropped by 27 percent in the last months of 2018. The 10 to 20 percent decline on foreign stock exchanges resulted in declining values of 30 to 70 percent for companies operating in Mongolia.
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