Mongolia Business and Mongolian Daily Business News

D.Demberel, Speaker of the Parliament will pay an official visit to the Republic of Korea with an invitation from National Assembly of Korea. Speaker Demberel will hold meetings with Kim Hyong-O; Speaker of National Assembly, Yu Son Ho, head of the Standing committee on justice and Park Jin, head of the Standing committee of foreign affairs and trade. The both sides will shares views on the bilateral relations and cooperation. The Speaker will visit Jeju Island and will give interviews to TV channels and the press. He will also be received by Lee Myung-bak, the President of the Republic of Korea. The Speaker’s delegation includes D.Odkhuu MP and other members of the Mongolia-South Korea parliamentary group.

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 »

Mr. Yu Myung-hwan, Minister of Korean foreign affairs trade visited Mongolia at the invitation of the Minister of Foreign Affairs S.Oyun during 12th and 13th of September. This is the first MFA visit to Mongolia since 1998. At the beginning of his visit, he visited the President of Mongolia N.Enkhbayar. Noting the bilateral amiable relations and cooperation of the two have been extended in all sectors via “Good neighborhood friendship and cooperation partnership” principles, the President mentioned that there were thousands of Mongols living and working in Korea and expressed gratitude for humanity services towards them. Read the rest of this entry »

Prime Minister S.Bayar scheduled to pay an official visit to Republic of Korea, in 16-17 September, 2008. But due to the urgent need of forming coalition government within the legal time, he had to postpone his visit temporarily. His Cabinet structure in the next four years is not approved. He said that he would form coalition Government with Democratic Party with ratio of 60:40, but it has not concluded yet. It was the main reason of his decision.

Sept. 12 (Bloomberg) — Mongolia’s stock exchange is studying plans to offer derivative products within two to three years to boost trading at Asia’s smallest bourse.

Margin trading, where investors take out loans to buy shares, will also be introduced, Tsendmaa Tsedev, head of the listing and surveillance department at Mongolian Stock Exchange, said in an interview in Ulan Bator yesterday. The bourse is working with the Korea Exchange to improve its trading systems, she said.

“The infrastructure of the stock market is under- developed,” Tsedev said. “We want to upgrade our trading process to international standards.” Read the rest of this entry »

11 September 2008 – Officials in Mongolia and Pacific Island States are set to receive training in information and communication technology (ICT) geared towards helping them achieve their social and economic development goals, thanks to two new agreements signed with the United Nations.

The UN Asian and Pacific Training Centre for ICT for Development (UN-APCICT), which is leading the effort, will customize its training curriculum – known as the Academy of ICT Essentials for Government Leaders – in cooperation with Mongolia’s Information and Communication Technology Authority (ICTA) and the Pacific Islands Applied Geoscience Commission (SOPAC). Read the rest of this entry »

Foreign Minister Yu Myung-hwan will leave for Russia Tuesday to pave the way for President Lee Myung-bak’s visit to Moscow later this fall.
For the next three days, Yu will meet with Russian Foreign Minister Sergey Lavrov and other officials to discuss Lee’s itinerary.
Yu and Russian officials will also discuss ways to expand bilateral cooperation, including the development of Russia’s Far East and Siberian regions. North Korea’s nuclear issue will also be on his agenda.

On Friday, Yu will head to Mongolia for a two-day visit. He will meet with Mongolian President Nambaryn Enkhbayar and Prime Minister Sanjaa Bayar.
Yu will seek to strengthen cooperation with Mongolia’s new government and ask Mongolia to allow Korean firms to take part in its resource development projects.

SOURCE: KBS

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 »

Minister of Foreign Affairs and Trade Yu Myung-hwan will visit Russia next week for talks on bilateral ties, a ministry official said Wednesday.
“Minister Yu will leave for Russia Tuesday and is considering visiting Mongolia before returning to Seoul on the weekend” said the official.
In Moscow, Yu will meet with his Russian counterpart Sergei Lavrov to discuss the schedule and agenda for a summit between Presidents Lee Myung-bak and Dmitry Medvedev slated for later this month in Moscow, he said.
Yu and Lavrov will also discuss ways to resolve North Korea’s nuclear issue as well as promote bilateral ties, he added.
There has been no fixed schedule for Yu’s visit to Mongolia, said the official.

SOURCE: The Korea Times

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 »