Daily Business News Mongolia

Dr. Graeme Hancock, senior mining specialist for the World Bank’s Oil, Gas and Mining Policy Division: State ownership of 51% is not the best alternative

Q: How does the financial crisis affects the Mongolia?
Dr. Graeme Hancock: It affects Mongolia enormously. Copper and iron price fall paralyzes mining companies.

Q: How long the world financial crisis would continue?

Dr. Graeme Hancock: Experts and economists are studying it, but it is too early to predict. There was a prediction that it would continue 3-4 years. (more…)

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The very first conference on economy policy will be held in Mongolia

On October 28 2008, the very first conference on economy policy will be held in Mongolia, jointly organized by the Government of Mongolia and World Bank resident representative office in Mongolia, at the Government House. Honorary guests, the President of Mongolia N.Enkhbayar, Prime Minister S.Bayar and J.Adams, the Vice President of World Bank are attending to the conference. Also Mr. Justin Lin, the Chief Economist and Senior Vice President of World Bank, senior officials from Russian Federation and Australia and foreign and domestic policy makers are attending.

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World Bank highly appreciated works of Telecommunication Regulatory Committee

World Bank and Mongolian Government are jointly implementing project “Improvement of information telecommunication infrastructure”.
World Bank sends a letter of appraisal on the activities implemented by the Telecommunication Regulatory Committee, the Government of Mongolia. In the letter, the issue of forming legal environment of establishing the Public Service Role Fund at the Telecommunication Regulatory Committee with aim to bring wires communication to the countryside and remote areas, expand its service area, improve service quality, successfully launching its activities was highly appreciated. (more…)

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William Pesek: Mining wealth not an automatic remedy to poverty

Everyone has globalization moments, those surreal intersections of foreign influences and familiar rhythms. This one involves Pink Floyd and Mongolia.

On a recent Friday, Air China 902 was packed with more white faces than you would typically see on flights from Ulaanbaatar — Mongolia’s capital and largest city — to Beijing. It was carrying many of the 200 international financiers attending a EuroMoney conference on investing in Mongolia.

As they shuffled aboard, Pink Floyd’s “Money” was playing overhead. It was impossible to miss the irony of a diatribe against capitalism serving as a soundtrack of sorts to the gold-rush dynamic in one of Asia’s most impoverished nations. Thanks to underground riches such as copper and gold, Mongolia is on the cusp of a huge influx of money. (more…)

Posted in Business, Economy, Government, Mining | 1 Comment »

Mongolia creates new Ministry of Mining and Energy to emphasize mining’s importance

Mongolia now seems on the way to enabling new mining legislation with the formation of a new Cabinet including a Ministry responsible for Mines and Energy.

The Mongolian Parliament Wednesday approved the structure of its new coalition government with 15 ministries and 11 ministers including the new created position of Minister of Mining and Energy.

The new institution will be charged with overseeing mining, including minerals and petroleum, as well as fuel and energy, the UB Post reported Thursday. It replaces the Ministry of Industry and Trade.

Prime Minister Sanj Bayar said the country is recognizing the vast potential wealth available to Mongolia through development of the mining industry, Chinese state news agency Xinhua reported Thursday. (more…)

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Pink Floyd’s Money Travels Long Way to Mongolia: William Pesek

Sept. 15 (Bloomberg) — Everyone has globalization moments, those surreal intersections of foreign influences and familiar rhythms. This one involves Pink Floyd and Mongolia.

Last Friday, Air China 902 was packed with more white faces than you would typically see on flights from Ulaanbaatar to Beijing. It was carrying many of the 200 international financiers attending a EuroMoney conference on investing in Mongolia.

As they shuffled aboard, Pink Floyd’s “Money” was playing overhead. It was impossible to miss the irony of a diatribe against capitalism serving as a soundtrack of sorts to the gold- rush dynamic in one of Asia’s most impoverished nations. Thanks to underground riches like copper and gold, Mongolia is on the cusp of a huge influx of money. (more…)

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Mongolian leaders headed to Middletown

A cultural festival in Middletown will host a business conference for United States and Mongolian business leaders.
The conference, from Oct. 1-3 will occur as part of the Middfest International at Manchester Inn, a festival that seeks to expose people to other cultures.

Mongolia is a country slightly smaller than Alaska and wedged between China and Russia.

The program begins on Oct. 1 with an overview of Butler County’s economic development activities followed by group tours of area businesses. Participants from Mongolian companies will be matched with area business entities in their sectors of interest. One-on-one meetings and visits to offices and plants are scheduled for Thursday, followed by tours of the U.S. Air Force Museum and industrial areas surrounding Wright-Patterson Air Force Base. The program activities conclude on Friday morning with a breakfast and roundtable discussion followed by a tour of AK Steel Corp.’s (NYSE: AKS) Middletown plant. (more…)

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World Growth Organization Urges Mongolian Government and Parliament to Support Mining and Economic Policies That Reduce Poverty, Raise Living Standards and Create New Jobs

“Mongolia stands at a crossroads in its development. The economic policies adopted in the immediate future will be the basis for prolonged growth in the long-term. World Growth encourages the adoption of policies that put Mongolia on a high-growth path that will raise living standards and generate new wealth for all Mongolians.”

Ambassador Alan Oxley, Chairman of World Growth     

Economic Growth Key to Mongolia’s Future

World Growth believes that Mongolia should set itself on a high growth path to raise living standards and generate new wealth for the people. The economic future of Mongolia can be bright but the right policies need be adopted today by the Government.

Achieving economic freedom, a principle of World Growth’s Path to Prosperity Project, is realized when government policies support free markets and open trade and promote policies that give protection to domestic and foreign investors(companies). (more…)

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Mongolian Economic Development Lacks Good Management

According to the World Bank, economic growth in developing East Asia would drop down by 1-2 percent, reaching 8.5 percent approximately. “This change is related to the worldwide slow-down outcome, resulted by fiscal crisis in USA. In recent years, East Asia, especially China has become the supportive ground for the world economic growth, which maintains equilibrium of industrial countries of which growth has slowed down. In addition to it, East Asian countries, not depending upon US import decline and instability in the world financial market, maintain economic stability from 2007 to the commencement of 2008. (more…)

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