Ulaanbaatar /MONTSAME/ The American Chamber of Commerce in Mongolia (AmCham Mongolia) hosted Alan Beebe, President of AmCham China, for the April Online Monthly Meeting to hear about the best practices of businesses operating in China concerning how to cope with emerging realities and discussed ways to address the economic implications of COVID-19 on businesses.

The meeting convened representatives of AmCham member organizations, local and international businesses. AmCham Mongolia’s Board Member Nick Cousyn highlighted AmCham Mongolia’s sincere appreciation to AmCham China, for leading the way for precautionary measures in the fight against the outbreak of COVID-19. The Government of Mongolia has taken some policy measures, including a seven-point economic stimulus package of MNT 5 trillion. However, lessons learned from businesses in China will be very timely and of great value for our members.

In his presentation, Mr. Beebe provided updates on the COVID-19 pandemic situation in China, experiences, and lessons learned from foreign companies operating on the front line in China, and how AmCham China is supporting their members facing unprecedented business challenges. Mr. Beebe noted AmCham China is on the front line, helping our members and the government navigate this crisis through our chapter in Wuhan to support members at the epicenter and gather frontline information, and distributing that information daily by the aggressive use of technology, media, and social media platforms, and by conducting a monthly survey on the impact of COVID-19. In his presentation, Mr. Beebe provided updates on the COVID-19 pandemic situation in China, experiences, and lessons learned from foreign companies operating on the front line in China, and how AmCham China is supporting their members facing unprecedented business challenges. Mr. Beebe noted AmCham China is on the front line, helping our members and the government navigate this crisis through our chapter in Wuhan to support members at the epicenter and gather frontline information, and distributing that information daily by the aggressive use of technology, media, and social media platforms, and by conducting a monthly survey on the impact of COVID-19. He also stated that China gave out digital coupons of 750 million RMB to retailers to drive consumer demand, which was a creative response, unlike the United States giving out trillions of USD in cash support to individuals. Large corporations in China also acted as private bankers for small and medium-sized enterprises (SMEs) by offering more relaxed payment terms to support them financially. Alan Beebe suggested that Mongolian companies could take similar actions for the country’s SMEs during this difficult time. Mr. Beebe ended his presentation highlighting AmCham China’s top 20 recommendations for businesses operating during the COVID-19 pandemic and gave examples of businesses around the world that are proactively exploring and capturing new business opportunities in digital arenas.

In conclusion, AmCham Mongolia Board Member Nick Cousyn thanked the speaker for sharing his insightful perspectives on best practices for overcoming COVID-19. About 50 participants, including AmCham members, took part in the meeting and Q&A session, which was a great learning experience for all.

Source: AmCham Mongolia