Mongolia Business and Mongolian Daily Business News

Mr. G.Zandashatar, Minister for Foreign Affairs and Trade received Mr. Kobayashi, Board Director of Itochu Corporation. Mr. Kobayashi has vast experience in the relationship between Mongolia and Japan, leading Economy Committee of Mongolia – Japan, and Itochu has been active in Mongolia over 20 years. Read the rest of this entry »

Center for International Private Enterprise (CIPE) sends a complimentary letter to Prime Minister S.Batbold in relations with the Mongolian Government announcement of “Year 2010 as the Year of Business Environment Reform”.

The letter states that “… this announcement and initiative will surely support the enterprises in Mongolia and its positive results and outcome will promote and encourage similar initiatives around the world. It is the one example that Democracy in Mongolia eminently develops …” Read the rest of this entry »

Monday, MPRP fraction held its regular meeting.  The fraction leader D. Lundeejantsan, and vice chair D. Dondog called a press conference on the issues that were discussed in the meeting. The meeting was focused on the harsh winter conditions, according to them.
In association with the current situation in rural areas PM S. Batbold made an announcement in which he stated to spend two thirds of the state reserve in supporting herders.  The state fodder and hay reserves are running out, hence politicians are discussing about importing it from the two neighbors. However, the biggest challenge that the government is facing at the moment is the funding, for the state has spent MNT two billion in purchasing H1N1 vaccines. Read the rest of this entry »

Minister for Roads Transportation Construction and Urban Development Kh.Battulga shares his opinion on recent developments in the political and economy issues.

Q: What is your opinion on Olon Ovoot gold deposit, which was held in loan security of Zoos Bank, was transferred to Just Group?

Minister Kh.Battulga: It is pure company issue. The Government has no right to interrupt it.

Q: But, Zoos Bank was re-named into the State Bank and issued the government Bond, why? Read the rest of this entry »

Last Friday of 2009, the Parliament passed a resolution on issuing MNT 100 billion bonds to State Bank, formerly known as Zoos Bank. However, 16 Parliamentarians have opposite positions. Let’s get their comments.

MP D.Ganhuyag: Let’s stop state responsibility for bank losses

Q: You have rejected the issuing of bonds to the State Bank. Do you think it is wrong to issue bonds?

MP D.Ganhuyag: These bonds are not for supporting State Bank but for taking responsibility for losses of the commercial bank for guarantying savings of the people by the state. Bond is a debt to be returned with interest rate. Also it is linked with the fact that the bank lends loans several times bigger than its equity to companies of their relatives or those with political influences. Actually the Mongol Bank is obliged to control financial rationals of commercial banks and guard people’s savings on behalf of the state. But the state, on behalf of commercial banks, taking obligations of insurance organizations on people’s savings, resulting growing number of frauds. Read the rest of this entry »

MP. Ch.Saikhanbileg, the Chairman of Democratic Party group at SGK, made statement regarding the President’s veto on budget law of 2010.According to the source, Demparty members were divided.

As for MP. Ch.Saikhanbileg, President’s veto can’t solve the issue, therefore, the election structure should be solved completely and other related laws, especially, laws on budget. If the veto is accecpted, budget performance might be improved, but it will be cut by ₮76 billion, leading further decrease of budget investment.

photo courtesy gogo.mn

President Elbegdorj put veto on budget law of 2010. This issue creates many public discussion and social dialogue within the public. Many people consider it as a legalized “bribery”. Moreover, being as MP, D.Enkhbat took challenge of declining his ₮1 billion, said in his twitter, twitter.com/enkhbat

Q: Political parties are talking about their election promises. Is it possible to make it happen?

MP D.Enkhbat: I am with MP Oyun, Altai, we are all against it from the very beginning. Mongolia has chosen democracy and market economy for over 20 years. As for me, if this law is adopted, we need to make historical choice of which to call justice. I think that it is fairy tale to get money during the term of this parliament.

Q: Why? Read the rest of this entry »

Who will be the next Prime Minister?

Last week’s gossip on possibility of Prime Minister’s resignation has cleared. Upon his arrival from South Korea, he summoned Cabinet Meeting and made request to resign from his post.
In relationship with the request, MPRP will have meeting on Wednesday. Governing Council of MPRP will have meeting soon. Therefore, there is much talk is made on who will be the next PM. Some sources inform that strongest candidate will be Vice Speaker N.Enkhbold.

Some sources constantly report that PM S.Bayar, Leader of MPRP, would end his political career in next months. He received the post from his previous leader M.Enkhbold, currently Deputy Prime Minister. He established Coalition Government regardless hiss party victory at the State Great Khural election.

Also, he supported D.Zorigt, Minister for Mineral Resources and Energy, instead of ex-President N.Enkhbayar for the candidate of by-election and now, D.Zorigt has become MP. But he is stepping down from Prime Minister’s post and leader of MPRP, because of his health. If he decides so, there will be re-distribution in the coalition government.