March 27, 2017
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Speaker of Parliament to pay an official visit to Japan

Summary: Speaker of Parliament M. Enkhbold is on his way to meet with the Prime Minister of Japan, Shinzo Abe, to discuss partnership between the two countries. M. Enkhbold is also expected to meet with representatives of the Japanese parliament. M. Enkhbold is set to discuss the finalization of the mid-term program for strategic partnership between the two countries. The Speaker of Parliament will meet with Japan’s Minister of Finance to discuss possible loans and grant. After his visit to Japan concludes, the Speaker is scheduled to attend the 136th Inter-Parliamentary Union in Bangladesh.

Keywords: foreign relations, strategic partnership, Japan   The Official Gazette /page2/

Prime Minister discusses investment in Gobi-Altai Province infrastructure

Summary: Prime Minister J. Erdenebat continued his visit to the provinces with a visit to Gobi-Altai Province. While meeting with province residents, the PM announced that 285 billion MNT of investment will be made in the province to develop roads, steel pipes, and other infrastructure. Financing for the projects will come from the Australian government and Asian Development Bank.
Continuing his visit, the PM visited Bayankhongor Province. While meeting with province residents, the PM highlighted that the agriculture sector is key to economic development and that the government will pay special attention to its development. The PM announced that an agreement has been signed to issue low interest rate loans for the lease and purchase of 10 million USD in tractors and other farming equipment. The PM also noted that 60 powdered milk factories will be opened through cooperation with Japan.

Keywords: Prime Minister, agriculture, development   The Century News /page 2/


New direct route opens for minerals export

Summary: In order to diversify Mongolia's market for international coal buyers, the first train transporting coal directly from Dornogobi Province to Tianjin Port launched last  week. With direct access to Tianjin's maritime port, Mongolian coal could be exported to Russia, Indonesia, and other countries at international market prices. Minister of Roads and Transportation Development D. Ganbat stated, “Mongolia opened a new path for export and we are working toward utilizing this opportunity.”
Through the Olon-Ovoo Station in Dornogobi, Chinggis’ Black Gold, Friendship, and other companies will be exporting minerals from the Altantolgoi mine. The price of coal has increased since February 2016, and Mongolia exported 25 million tons of coal last year, netting one billion USD, reaching an all-time high. Three companies operating at the Altantolgoi mine have signed agreements to export 800,000 tons of coal, and have stated that it is possible to increase the amount to 4 million tons annually. With plans for further upgrades for the railway and the Olon-Ovoo station, the export amount is expected to increase. With the start of minerals transportation, Ulaanbaatar Railway is set to earn around 9 billion MNT each month.       
The Deputy Director of Chinggis’ Black Gold, A. Davaajav, stated, “Our company plans to export 600,000 tons of coal, or 9,400 wagons, selling 28 billion MNT worth of coal and  paying 9.4 billion MNT for transportation fees and 4.2 billion MNT to the state and province.

Keywords: Tianjin Port, export, minerals   Today /page A1,B2/

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Non-banking financial institution assets increased by 26.3%

Summary: The Financial Regulatory Commission announced that the total assets of non-banking financial institutions reached 787.2 billion MNT in 2016. The FRC highlighted that the sector's total assets increased by 26.3% (163.9 billion MNT). The weighted average interest rate at 454 non-banking financial institutions with special licenses stands at 4%, a decrease of 0.2% compared to last quarter. The number of non-banking financial institution has reached 518, an increase of 15.1% since the beginning of the year. The majority of non-banking financial institutions mainly focus on loans, and 27.8% of the institutions engage in foreign currency exchange. The largest 21 non-banking financial institution’s total assets make up 24.5% of all assets in the sector.

Keywords: non-banking financial institutions, economy, FRC

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