Daily Business News Mongolia

The Mongolian-American Business Forum Will Be Organized

In April 2008, the business forum will be organized in Washington D.C. by the Embassy of Mongolia in United States, Department of Commerce of United States and Foreign Investment and Foreign Trade Agency of USA. Interested companies can be registered at FIFTA of Mongolia until March 28 2008.

The main focus of the forum is the presentation of projects of the Mongolian companies to American investors and the introduction of the Mongolian business environment and current situation. Also there will be a meeting to increase the American investment into Mongolia, increase of varieties of export products of Mongolia to USA and importing the American tech and equipment into Mongolia.

Posted in Economy, Government, News | No Comments »

Center for Individual Freedom Calls on Bush Administration to Defend Western Interests in Mongolia

US Taxpayer Monies Undermining American Interests, Benefiting Russians

WASHINGTON, March 13  — Today, the Center for Individual Freedom (CFIF) sent a letter urging U.S. Secretary of State Condoleezza Rice to investigate the rapidly-deteriorating situation in Mongolia, a key U.S. ally, as it seeks to expropriate Western interests.

The Mongolian Government in recent weeks has moved to force Western companies to relinquish control of mineral deposits to the state. These actions pave the way for Russian companies to make billions in profits at the expense of Western firms. (more…)

Posted in Business, Economy, Government, Mining, News, Politics | No Comments »

Project of USD 285 Million Is Urged

The U.S. Millennium Challenge Account has signed on an agreement to grant aid of USD 285 million to Mongolia. A total 4 projects are to be implemented with this money in health, education, registration and railways sectors. With reference to it, Mr. Robert Reed, Mongolia Country Director, MCA visited Mongolia between 7 and 14 of this month to start preparation for realization of compact agreement, concluded between USA and Mongolia. He met with Mr. Mark Minton, Ambassador Extraordinary Plenipotentiary of the United States to Mongolia and the U.S. Embassy staff. A progress of creating sedentary position of MCA in the Embassy structure has been started. (more…)

Posted in Economy, Government | No Comments »

O.Chuluunbat: We Are Importing Inflation

Inflation is related with the political decisions.

You are the product of the period when the professionals were produced according to the policy. When did you graduate, specializing in what major?

I studied at International Relations Institute of Moscow between 1976-1981, majoring in international economy, financial relations. My generation was educated during the centrally planned economy and under one party strict control. The State prepared me as the world financial expert and appointed in the currency clearance and administration of currency reserve of the Central Bank of Mongolia. I studied market economy so called market of capitalist world. I measured, made research and investigated about many financial relations of the market economy, such as why increase price of commodity, budget deficit occurs and so on. Finally, I understood the market and have my own view towards many operations and acts. Anyone will become same as me if study the market for many years. Then, between 1987-1991, I worked at the International Bank of Moscow. (more…)

Posted in Business, Economy, Government, Mining, Politics | No Comments »

MINING-Key Card of Mongolia’s Foreign Policy

Taking advantage of its minerals, Mongolia is trying to have new allies. The Minister of Foreign Affairs noted that it is aiming to conclude investment contracts with Canadian and Australian companies in this regard. In spite of maintaining regular relations with its two giant neighbors including Russia and China, Ulaanbaatar seeks opportunities to strengthen cooperation with Japan, USA, South Korea and Australia which are in desperate need of minerals. Efforts are being made to create opportunities for investing in mining sector.

S.Oyun, Minister of Foreign Affairs underlined, “It is important for us to maintain trade and economic relations with two neighbors; however we need to attract so-called third neighbor investment. We don’t specify any country, but we prefer amiable relations with these countries, considering them our partners.” In order to realize this policy, it is essential to finalize investment agreements with Australian Rio Tinto and Canadian Ivanhoe Mines on using Oyutolgoi copper deposit in the Great Gobi of Mongolia. (more…)

Posted in Business, Economy, Government, Mining, Politics | No Comments »

The Mongolian Gobi Becomes The Top Destination of The World Tourism Industry

Last week, the Mongolian Gobi was selected as one of the world top destinations of year 2008.

Magazine “Adventure”, a publication of the National Geography Society of the USA, is the well-known publication of the tourism industry and determines the mainstream of the tourism industry. Six nominations were announced and the organizers handed the prize to the officials of the Ministry of Road, Transportation and Tourism, during the press conference at New York City.

The magazine said that it is magnificent to travel to Mongolia, a country with less density and endless steppe, mysterious gobi desert and grandeur mountain ranges. Upcoming solar eclipse, which will occur in the August 1 2008, archaeological and paleontological findings, trails, peculiar life and livelihood of nomads and the content of Oscar nominee film “Mongol” were the main stimulus to obtain such a award.

In other five categories, mountains ranges, aqua world, forest, snow and road, Columbia, Albania, Senegal, Norway and India were selected.

Posted in Business | No Comments »

Mongolia Would Rank 3rd in the World.

Mongolia may rank 3^rd in the world’s copper market by its resource after Chile and the United States. One of biggest exporters Chile has a 150 mil.ton copper resource. According to the officials, Mongolia has a 45 mil.ton copper resource. Some huge mines such as Erdenet and Oyutolgoi, Tsagaan Suvarga could raise Mongolia’s ranking. We should have approximately 95 mil.ton copper resource when we exploit Oyitolgoi and Tsagaan Suvarga, says the person near the situation.

Posted in Mining, News | No Comments »

237 Immigrants from 16 Countries Stay in Mongolia

Foreign Citizen and Immigration Office, Mongolian Ministry of Justice and Home Affairs tells that 320 foreigners, 24 organizations violated Mongolian Law this month. Investigators of Immigration Office check foreign invested companies including “Rudet House”, “Mongol-Sino Jejing Pharma”, “Mongol Sor”, and “Tenger” hotel. During this investigation, officials exposed many illegal residents staying at the “Rudet House” children welfare center. Tenger Hotel, 100% Chinese invested company also violated Mongolian Law. Number of illegal and visa expired citizens of China, Vietnam, South Korea, Nigeria, Philippines, Russia, are deported from Mongolia, prohibited to enter to Mongolia again. Since January 1^st 2008, Immigration Office provided long term existing license to 296 foreigners, 4 immigrant permission and extended license of 540 foreigners as well as deprived 486 from the account. As of Febraury 25, 2008, 237 immigrants from 16 countries live in Mongolia. Office granted 6 child adoption approval for the family of Germany, Netherlands, USA and South Korea.

Posted in News | No Comments »