Mongolia Business and Mongolian Daily Business News

Total of USD 78 million is to be invested in to road sector in the capital. This amount comes from International Banks, Financial organisations and investor countries. Grant aid from Japan, Soft loan from South Korea and Urban Development project of Development Bank of Asia secures this amount to be invested into the capital’s road construction and extension. Read the rest of this entry »

New International Airport is planning to be built at the hollow of Khushig, 50km away from the city of Ulaanbaatar. This is due as the current International Airport, Chinggis Khaan does not meet the world standard of International Airports says the experts. To complete this project Japan is to provide 28.8 billion JPN Yen of soft loan. This loan is agreed to be paid back in 40 years. Read the rest of this entry »

John Hill is the Principal Director for East Asia for the U.S. Under Secretary of Defense for Policy. Speaking at a forum hosted by the Asia Foundation in Mongolia’s capital, Ulaanbaatar, Mr. Hill noted that democracy took root in nations like Great Britain, France, Japan, Germany, and the United States only after centuries of evolution, which included violent conflict.

“So it is in this context of a long-term perspective that we should look at the progress Mongolia has already achieved in just a little more than twenty years of democratic government,” said Mr. Hill. “It is indeed a remarkable progress,” he said, “that reflects the free and independent spirit of Mongol culture over the millennia and a determination to protect that freedom and independence in a modern system of democratic government that provides the basis for economic development, that affords equal protection under the law, and that ensures the government serves the people by providing them the secure legal and social framework within which they can pursue their dreams.” Read the rest of this entry »

TOKYO: Grand champion Asashoryu of Mongolia defeated Estonian wrestler Baruto on Sunday, the opening day of the Autumn Grand Sumo Tournament.

Asashoryu came in low at the faceoff and got a grip of Baruto’s belt before hauling the komusubi down at Ryogoku Kokugikan.

Asashoryu is gunning for his 23rd Emperor’s Cup. He missed July’s Nagoya meet with injuries and will be looking to bounce back with a strong showing in this tournament. Read the rest of this entry »

At a training centre west of Ulan Bator, troops from Mongolia, the US and a host of other nations are taking part in the Khaan Quest 2008 military exercises.

Over a three-week period, almost 500 soldiers and military representatives from around the world will participate in drills aimed at improving multinational peacekeeping operations.

Two hundred and twenty of the troops are Mongolian and another 100 are from the US. Representatives from Thailand, Nepal, France and India are also taking part. Read the rest of this entry »

IRKUTSK, September 9 (Itar-Tass) – The 5th Baikal Economic Forum (BEF) that opens here on Tuesday is held under the motto “Europe-Russia-Asia-Pacific Region: Roads of Integration and Cooperation”.
An official at the BEF organising committee has specified that the meeting of the political, business and scientific elites on the shores of Lake Baikal will be dedicated to the development of this country’s eastern territories and removal of economic development imbalances between Russia’s west and east.

It is planned to discuss the role of Siberia and the Far East in the socio-economic development of the entire country, the competitive advantages of Siberia’s potential, the development of Russia’s transportation system for eastern regions and a rise in transport accessibility to the population. Read the rest of this entry »

VANCOUVER, BRITISH COLUMBIA, Sep 05, 2008 (MARKET WIRE via COMTEX) —-Peter Meredith, Chief Executive Officer of SouthGobi Energy Resources Ltd. (TSX VENTURE: SGQ), and Gene Wusaty, Chief Operating Officer, Coal Division, announced today that the company has increased its ownership in the Mamahak Coal Project in East Kalimantan, Indonesia, from 56% to 85%. The original Joint Venture Agreement with Score Resources Ltd. included a provision allowing for SouthGobi to increase its ownership position based on a predetermined pricing mechanism. SouthGobi has elected to increase its ownership to 85% by paying Score Resources US$13.2 million, comprised of US$8,013,800 cash and 320,000 common shares of SouthGobi Energy Resources at a deemed value of US$16.15 per share. Read the rest of this entry »

CHANGCHUN, Sept. 2 (Xinhua) — Vice Premier Wang Qishan told a forum here on Tuesday that China was willing to strengthen energy, trade and investment cooperation, and push forward regional logistics development with other countries in northeast Asia.

“China will make concerted efforts with other countries in this region to further lower trade barriers and boost investment in infrastructure, high technology, agriculture and modern service industries,” he added.

Top officials from China and other northeast Asian countries said that they would strive for joint regional development at the Second High-Level Forum on Northeast Asia Economic and Trade Cooperation.

The forum is a part of the ongoing Fourth Northeast Asia Investment and Trade Expo held here in the capital of northeastern Jilin Province. Read the rest of this entry »

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 2, 2008) – Red Hill Energy (TSX VENTURE:RH) announced today that a Detailed Environmental Impact Assessment (DEIA) and Environmental Protection Plan (EPP) for its Ulaan Ovoo coal project have been approved by the Mongolian Ministry of Nature and the Environment. Under Mongolia’s 2006 Minerals Law and 1995 Environmental Protection Law, approval of the DEIA is required before the project can be developed. The Ulaan Ovoo Project is now fully compliant with all necessary environmental legislation.

The Ulaan Ovoo Coal Project has already been granted a fully transferable mining licence from the Mongolian government. The mining license is valid for 30 years and is extendible for an additional 40 years. Upon receipt of the project’s forthcoming prefeasibility study (see June 16, 2008 press release) the Company will be well positioned for rapid advancement. Read the rest of this entry »

Watch out Visa and Mastercard – South Koreans, Japanese, Mongolians and Russians are increasingly coming to China armed with Chinese UnionPay cards issued abroad.

Chinese credit card and interbank network UnionPay recently launched a strategy to form a “Northeast Asia payment ring” with the hopes of carving up some market share long enjoyed by Visa and Mastercard in the region. Its final goal: become a truly international brand in the industry.

First Stop: South Korea
UnionPay’s strategy is still in infancy – it has issued about 150,000 credit cards to South Koreans. Considering that China has received some five million South Koreans visitors annually, and with another one million residing and working in China, UnionPay had so far tapped a minute portion of the potential market. Read the rest of this entry »