February 15, 2017
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Mongolian embassies overseas to close

Summary: Parliament’s Security and Foreign Policy Standing Committee convened to discuss the closing of Mongolian embassies and consular offices. The Mongolian embassies in Indonesia and Brazil, and the Mongolian consular offices in Osaka (Japan) and in Hailar (China) are scheduled to close within the first half of this year. The Ministry of Foreign Affairs states that the closing of the diplomatic offices will be temporary, carried out in response to the nation's economic situation, and that they will be re-opened as the economic situation improves.

Keywords: diplomacy, Ministry of Foreign Affairs   The Century News /page 1/

MPP reviews the results of Parliament's fall session

Summary: Parliament’s Chairman of the MPP Caucus D. Khyankyarvaa and MPP Vice Chairman B. Saranchimeg held a press conference to discuss the results of the fall session. D. Khyankyarvaa stated, “As of the first two months of the year, state revenue was  580 billion MNT more than planned and expenditures decreased by around 100 billion MNT. SMEs were granted tax breaks and will be able to import equipment free of customs tax. Senior citizens will receive a bi-annual grant from the state and before Tsagaan Sar, 122,000 seniors will receive in total 20.5 billion MNT. The pension loan interest rate will be lowered from 18% to 15%, and significant changes have been made to the pension program. Members of our party and the public have proposed making Erdenet Mining Corporation a more transparent joint stock company. We will discuss and finalize the matter of creating the opportunity for companies and citizens to own stock in the company.”

Keywords: MPP, state revenue, budget reform   Daily News /page 5/


AmCham rolls out its 2017 priorities and advocates for strong and growing private sector

Summary: The American Chamber of Commerce in Mongolia released its 2017 Roadmap for Growth, and Chairman of the AmCham Mongolia Jay Liotta spoke about the organization's plans for 2017 and the critical problems that the country is facing today.
Jay Liotta stated, “The members of our Board and Directors and myself see that the private sector, the current businesses in Mongolia, is one the most viable solutions to addressing a large number of  Mongolia’s social, economic, and health issues. In order for Mongolia to prosper, the business sector must develop. Based on this philosophy, we drafted our roadmap for growth. The roadmap focuses on main four strategic areas: greater access to financing, economic diversification through the development of agriculture and renewable energy, U.S. franchising, and improvements in the legal and regulatory environment. Stability in the legal environment will attract investment and will also support the private sector. The government should be involved in the private sector by setting the necessary regulations for a given sector. Mongolia experienced rapid economic growth, and due to critical policy mistakes, the economic growth stalled in a very short amount of time. In order to revive the economy, approving new laws and regulations will not be enough. It takes 3-4 to fully implement a law, and the legal environment must be stable. This revives the interest of investors and attracts them. We must start now. AmCham strongly believes in the rule of law, and we have observed that the legal environment changes with each new administration. The current situation will not foster growth. If Mongolia wishes to be successful, the business sector must flourish.”

Keywords: AmCham, Roadmap for Growth   The Official Gazette/ page 1,11,12/

Housing prices drop

Summary: A study of the housing market was carried out by Tenkhleg Zuuch at the request of the Bank of Mongolia, with results released this week. The housing price index for January was -1.93%, a decrease of 2.83% in housing prices compared to last month, and a decrease of 7.18% compared to last year. The price index for new apartments was 12.71%, a decrease of 2.43% compared to last month, and a decrease of 4.65% compared to last year. The price index for old apartment’s stands at -8.02%, a decrease of 0.31% compared to last month, and 6.31% decrease compared to last year.

Keywords: housing price index, real estate   Today /page A7/

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MAK exported 5.4 million tons of coal from Nariinsukhait in 2016

Summary: Mongolian Gold Corporation (MAK) announced that 5.4 million tons of coal from the Nariinsukhait mine was exported in 2016. One-third of the coal from Nariinsukhait is coking coal and the rest is energy coal. Vice President of MAK G. Tsogt noted that coking coal is currently sold for 340 CNY per ton at the mine and prices might increase. Erdenes Tavan Tolgoi currently sells coking coal at the Tavan Tolgoi mine for 59.3 USD per ton, and is set to sell coal at the Baruun Tsankhii mine for 71.5USD.  The price at the border for Energy Resources' coal stands at 120 USD per ton.
MAK is building cement and lime factory at Khukh Tsav, which is expected to be finished by the end of the 1st quarter of the year. The factory is expected to produce 100,000 tons of lime annually and one million tons of cement each year. MAK announced that they are also preparing to introduce the Tsagaan Suvarga copper-molybdenum mine to the market and that they are currently researching financing.  

Keywords: MAK, Nariinsukhait mine, coal

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