Minister addresses 'Energy Mongolia - 2017' international conference
“I would like to assure investors and businesses on the stability of the current Government’s policy for the next 4 years”, remarked Minister of Energy P.Gankhuu as he delivered an opening speech at the annual ‘Energy Mongolia’ international conference & exhibition which is to take place on May 17-18 at the Corporate Hotel & Convention Center.
Exports surge as coal price increases
Some positive changes occurred in Mongolian economy in connection with the 100-120 percent increase in coal price on the global market against the same period of last year, reports the Bank of Mongolia.
Energy sector strives to sustain its success to operate profitably
Energy sector, which had always been running on losses, has been working profitably since 2015 and strives to sustain its current success, putting a goal to be an energy exporter country. Energy Regulatory Commission Chairman A.Tleikhan made this statement during a Consultative Meeting of Energy sector’ officials held today, May 16. In 2016, the energy sector received subsidy of MNT15 billion from the state budget, however, the sector paid MNT200 billion in tax, running operation with a pure profit of MNT11 billion.
Inflation rate stands at 3.4 percent
The National Statistics Office presented yesterday, May 15, Mongolia’s social and economic indicators as of the end of the fourth month of 2017. The economic highlights were the 1.3 increase in inflation, MNT 285.5 billion of budget deficit, MNT 747 billion of non-performing loans. Inflation went up by 4.8 percent in the first four months of this year, in specific, by 1.3 percent in April compared to the previous month and 3.4 percent against the same period of last year.
Genetic study to be conducted on camels in Dundgobi aimag
A genetic study will be conducted on camels in the Oldokhiin tal area of Dundgobi aimag by researchers of the Institute of General and Experimental Biology of the Mongolian Academy of Sciences. Camels in Oldokhiin tal are said to have distinctive qualities, but no scientific research has been done to confirm the peculiarity and exclusive benefits of them.
Oyu Tolgoi signs power agreement with National Power Transmission Grid of Mongolia
On May 12, Oyu Tolgoi LLC announced the signing of a new power purchase agreement (PPA) with the National Power Transmission Grid (NPTG) of Mongolia. Armando Torres, Chief Executive Officer of Oyu Tolgoi, said, “This is an important milestone for Oyu Tolgoi, and underscores the strong support and collaboration between the Government of Mongolia and Oyu Tolgoi – securing our future, and our long term contribution to Mongolia.”
Minister of Mining meets new CEO of Oyu Tolgoi
On May 10, Ts.Dashdorj, Minister of Mining and Heavy Industry of Mongolia received newly-appointed CEO of Oyu Tolgoi LLC Armando Torres. After giving information about the ongoing and future works and actions of the Oyu Tolgoi LLC, CEO Armando Torres introduced that the Oyu Tolgoi Company is working to support national suppliers, improve their communications of those domestic suppliers, simplify procurement activities and on issues on how to establish promote manufacturing.
Mongolian Economic Forum postponed
Annual Mongolian Economic Forum under the auspices of the Prime Minister of Mongolia has been postponed indefinitely upon the request of Prime Minister J.Erdenebat. The forum was scheduled for May 18 and 19. The PM has requested to postpone the forum until the agreement between the Government of Mongolia and the International Monetary Forum is finalized. Also, it is deemed that timing is not right to host the forum when the Presidential election process has already started.
Investment management company to be established
During its regular meeting on May 10, Wednesday, the Cabinet assigned Chairman of Board of Development Bank to establish and adopt the regulations for a subsidiary under the bank, designated to generate investment funds which will finance projects augmenting economic growth.
UN ESCAP projects 2 percent economic growth for Mongolia in 2017
The UN Economic and Social Commission for Asia and the Pacific (ESCAP) has released the 2017 Economic and Social Survey of Asia and the Pacific which was launched on May 9, Tuesday at UN House, Ulaanbaatar.
150 thousand Government securities traded
Today, May 09, the primary market trading of Government securities was conducted and 150.000 units of securities were supplied in accordance with the amount, announced by the Finance Ministry. The Mongolian Stock Exchange received orders to buy 232.929 units from 52-week Government securities with annual interest rate of 14.670 per cent or valued at MNT20.3 billion and 175.452 units from 104-week Government securities with annual interest rate of 15.995 per cent or valued at MNT17.5 billion.
Mongolia-Vietnam Business Meeting takes place
In scope of the official visit of Ms Dang Thi Ngoc Thinh, Vice President of the Socialist Republic of Vietnam to Mongolia, a Mongolia-Vietnam Business Meeting was co-organized by the Embassy of Vietnam, Vietnam Chamber of Commerce and Industry and Mongolian Employers’ Federation today, May 9 at Tuushin Hotel.
Oyu Tolgoi Board appoints Armando Torres as CEO
Oyu Tolgoi has announced the appointment of Armando Torres as Chief Executive Officer of Oyu Tolgoi LLC.
Over thousand construction products presented at Barilga Expo 2017
With an aim to promote advanced technologies of construction sector and encourage material producers, an international trade fair “Barilga Expo 2017” took place at Misheel Expo between May 5 and 7.
Feasibility study of ‘Coal to Synthetic natural gas’ complex is ready
A feasibility study of ‘Coal to Synthetic natural gas’ project was developed by Wuhuan Engineering company of the People’s Republic of China. Today, May 5, the work was officially handed over to the Ministry of Mining and Heavy Industry of Mongolia. ‘Coal to Synthetic natural gas’ project is one of subcomponents of Mining Infrastructure Investment Support Project, financed by the World Bank soft loan.
MNT 23.9 billion invested for mortgage loan funding
By the end of April 2017, Bank of Mongolia invested a total of MNT23.9 billion for financing of mortgage loan program to commercial banks. Mortgage loans were granted to 383 borrowers in Ulaanbaatar and 322 in rural area. According to a renewed regulation of mortgage funding, BoM finances mortgage loans every month with repayments of bond principal and coupon, which are guaranteed by mortgage.
ADB 50-Year History Book Launched
An ADB History Book, Banking on the Future of Asia and the Pacific: 50 Years of the Asian Development Bank, was released today at ADB’s 50th Annual Meeting of the Board of Governors in Yokohama. It details ADB’s activities from its origin in 1966, decade by decade to the present day. It also illustrates the genesis of ADB regarding different proposals from across Asia and the Pacific, preparatory meetings in Bangkok, Manila and other cities, and collaboration of people within and outside the region to discuss the Charter, membership, and location of the Headquarters.
Economic development policy to reflect proposals by business sector
The National Development Agency and Mongolian National Chamber of Commerce and Industry established a memorandum of cooperation on May 4 directed at developing public and private partnership in the formulation of social and economic development policy, upgrading the economic competitiveness and increasing investment.
Parliamentary standing committee discuss unprofitable enterprises
During the meeting of Parliamentary Standing Committee on Economics held on May 2, Ts.Nyam-Osor, Head of the Agency for Policy Coordination on State Property held a discussion on current issues.
Erdenet mine shows profit of MNT86.7 billion in first quarter
Erdenet Mining Corporation, one of the largest copper mine has worked with a profit of MNT86.7 billion, paying tax of MNT135.5 billion in the first quarter of this year. Yesterday, May 02, Parliamentary Economic Standing Committee heard of current situation and other issues related to the company. Some factors including copper price in the world market and exchange rates have influenced to work in such profit, said the Company Director Kh.Badamsuren.
“Mongolia is on the same level as developed countries for its development of IT and communications sector”
“InvesCore’s achievements will serve as a stepping stone for many more Mongolian companies to enter the foreign market”