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AmCham Mongolia Daily Newswire

December 14, 2018

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Prime Minister U. Khurelsukh puts a spotlight on trade during his official visit to Japan
As part of Prime Minister U. Khurelsukh's official visit to Japan, he met with Hiromi Ishige, chairman of Japan External Trade Organization(JETRO), to discuss the implementation of the Economic Partnership Agreement signed by the two countries. Ishige underlined the challenges that Japanese businesses face in the Mongolian market and asked the Prime Minister to consider solutions. Prime Minister U. Khurelsukh emphasized that the Mongolian government greatly encourages foreign investment in Mongolia, and reported that a Mongolian trade representative office will be opening in Tokyo soon to support Japanese businesses who hope to operate in Mongolia.

Today /page A2/
Umnugobi power plant negotiations continue
Chief Executive Officer of Erdenes Mongol LLC P. Gankhuu met with Arnaud Soirat, Chief Executive of Copper and Diamonds at Rio Tinto, and Ulf Quellmann, CEO of Turquoise Hill Resources Ltd., and discussed ways to have domestically produced energy supplied to the Oyu Tolgoi mine and to build a power plant in Umnugobi Province. Soirat stated that if the Mongolian government advances negotiations on these issues, the projects could begin soon. P. Gankhuu emphasized that the best option being considered is to build Oyu Tolgoi’s power plant after plans for energy production capacity and tariffs have been clarified. P. Gankhuu underlined that the projects could benefit Mongolia's existing electricity network and economic growth.

The National Post /page 5/
Copper concentrate exports expected to grow next year
The National Statistical Office (NSO) reported that as of November 2018, copper concentrate export reached 1.8 billion USD, rising by 26.5 percent compared to the same period in 2017. Oyu Tolgoi LLC successfully began exporting copper concentrate to Japan this year, and exports are expected to increase next year. Zinc ore exports reached 183.5 million USD, increasing by 11.6 percent compared to the same period in 2017, with all ore being exported to the People’s Republic of China in 2018.
The Official Gazette /page 11/
NSO reports on foreign trade turnover as of November 2018
According to the National Statistical Office (NSO), Mongolia's total foreign trade turnover reached 11.9 billion USD in the first 11 months of 2018, rising by 23.6 percent compared to the same period in 2017. Exports reached 6.5 billion USD, increasing by 14 percent, and imports reached 5.4 billion USD, rising by 37.6 percent compared to the same period in 2017. The nation's foreign trade surplus reached 1.1 billion USD, down by 37.7 percent compared to the same period in 2017.
REWIND: Week of December 10, 2018
December 10
  • G. Zandanshatar meets with the World Bank's Jean-Pascal N. Nganou.G. Zandanshatar said that enrolling the  International Monetary Fund’s extended fund facility program has had positive effects on Mongolia's economic growth, attracting more foreign investment, and maintaining a balanced budget. 
  • D. Tsogtbaatar meets with North Korea's Foreign Minister. The parties discussed developing cooperation between the two countries, especially in regional industrial development. Minister Ri noted the importance of advancing plans to expand development in the two countries.
  • Economic summary for 2018.  Analysts note that this year started with growth in the economy, but ended up with lots of marketplace risks, especially as the main factor in economic growth was coal export and coal export started to slow down at the end of the year.
  • Foreign currency savings and loans increase. As of October 2018, 41.3 percent of corporate savings were in foreign currency accounts, rising by 4.1 percent compared to the previous month. In contrast, 37.2 percent of corporate loans were in foreign currency.
December 11
December 12 
December 13
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