Primary Market Financing Drives Securities Growth www.montsame.mn

Weekly Capital Market and Economic Review
(2026.06.15–2026.06.21)

 
MONGOLIAN STOCK EXCHANGE

A total of 5.3 million securities worth 7.7 billion MNT were traded on the Mongolian Stock Exchange last week. By trading value, Innovation Investment JSC, Khan Bank JSC, Trade and Development Bank, Mongolian Stock Exchange JSC, and Ard Financial Group JSC led the market. During this period, one block trade was executed. Specifically:

• 2.4 million securities of Innovation Investment JSC (QPAY) were traded at a unit price of 271 MNT, totaling 650.4 million MNT.

On the last trading day of the week, Mongolian Stock Exchange indices closed with mixed performance. The TOP-20 index fell by 0.09% to 51,371.42 points, reflecting profit-taking in large-cap stocks. Meanwhile, the MSE A index rose by 0.48%, and the MSE B index increased by 0.11%, indicating continued buying interest in mid- and small-cap stocks. The FTI index also rose by 1.28% to 1,057.61 points, reflecting positive movements in investment fund unit prices.

Market movements suggest that investors have begun selectively reallocating capital from large-cap stocks into mid- and small-cap companies and investment fund products. Overall, index performance indicates a relatively stable market environment dominated not by broad-based selling, but by rotation between sectors and instruments.

SECURITIES MARKET TRANSACTIONS INCREASE 2.4 TIMES, PRIMARY MARKET LEADS GROWTH

According to preliminary data from the National Statistics Office, total securities market transactions in Mongolia reached 797.5 billion MNT in the first five months of 2026, increasing by 465.1 billion MNT or 2.4 times compared to the same period of the previous year. The main driver of this growth was primary market financing, which accounted for around 70% of total transactions. 

Key indicators:

• Total securities transactions: 797.5 billion MNT (+465.1 billion MNT, 2.4x increase)
• Primary market transactions: 551.6 billion MNT (69.2% of total)
• Secondary market transactions: 245.9 billion MNT (+0.3%)
• TOP-20 index: 50,866.82 points, up by 1,293.4 points year-on-year

In terms of structure, corporate bonds accounted for 54.7% of total transactions, making them the largest component, followed by asset-backed securities at 16.3%, corporate equities at 15.2%, and government bonds at 13.6%. This indicates that investors continue to favor fixed-income instruments, while companies remain active in raising long-term financing through the capital market.

The number of traded securities fell to 235.4 million units, down 47.8% year-on-year. Secondary market trading volume also declined by 48.6%, indicating that overall transaction growth has been driven more by high-value primary market financing than by trading activity.

As of May 2026, total market capitalization reached 13.4 trillion MNT, up 9.1% year-on-year, while the TOP-20 index increased by 149.5 points from the previous month, indicating stable growth in major stock valuations. 

From a capital market perspective, the growth in transactions reflects the increasing role of the capital market in financing the economy. However, since most growth is driven by the primary market, secondary market liquidity and trading activity remain weak, indicating the need to expand investor participation and deepen market development.
 

TUGRUG WEAKENS SLIGHTLY AGAINST MAJOR CURRENCIES DESPITE RELATIVE STABILITY

According to data from the National Statistics Office and the Bank of Mongolia, the tugrik showed minor changes against major foreign currencies as of May 2026. The average USD exchange rate reached 3,576.06 MNT, weakening by 3.30 MNT year-on-year and by 2.55 MNT month-on-month. The tugrik also weakened against the yuan and ruble, while it slightly strengthened against the euro compared to the previous month.

Key indicators:

USD: 1 USD = 3,576.06 MNT (−3.30 MNT YoY, −2.55 MNT MoM)

EUR: 1 EUR = 4,175.46 MNT (−144.29 MNT YoY, +1.35 MNT MoM)

CNY: 1 CNY = 525.91 MNT (−30.82 MNT YoY, −3.40 MNT MoM)

RUB: 1 RUB = 48.97 MNT (−4.65 MNT YoY, −2.38 MNT MoM)

Exchange rate movements show that while the tugrik continues to weaken, the magnitude of change remains relatively small. This indicates that there have been no sharp fluctuations in the foreign exchange market and that the exchange rate has remained at a stable level.

On the other hand, exchange rate movements remain a factor directly affecting import costs, corporate foreign payments, and household consumption. In particular, depreciation against the yuan and US dollar may increase import costs, while the slight strengthening of the euro may have a positive effect on transactions linked to European markets.

At present, exchange rate movements remain stable, but the outlook will largely depend on export revenues, foreign currency inflows, and global financial market conditions.
 

MONGOLIA RANKED 67TH IN GLOBAL COMPETITIVENESS INDEX

In the “World Competitiveness Yearbook 2026” published by the International Institute for Management Development (IMD) in Lausanne, Switzerland, Mongolia ranked 67th out of 70 countries with a score of 39.02. Last year, Mongolia ranked 65th out of 69 countries, meaning its position declined by two places this year.

Key indicators:

• Mongolia ranked 67th out of 70 countries with a score of 39.02
• Economic performance and government efficiency indicators declined, while business efficiency improved
• Inflation, policy instability, infrastructure, and access to financing were identified as key negative factors affecting competitiveness
• Foreign direct investment levels, goods export performance, and the share of educated women remain Mongolia’s relative strengths

The report noted that Mongolia’s economic resilience is weak and its services export competitiveness is insufficient. It also highlighted high inflation, debt pressure, skilled labor shortages, and logistics and infrastructure constraints as key challenges for the business environment.

On the other hand, increased investment in the education sector and improvements in labor force and population growth were assessed as positive long-term factors. The share of foreign direct investment in GDP and goods export performance remain relatively strong by international standards.

From a capital market perspective, competitiveness rankings are an important indicator for foreign investors in assessing Mongolia’s business environment, institutional quality, and economic stability. The improvement in business efficiency reflects a recovery in private sector activity; however, inflation, policy instability, and infrastructure weaknesses remain key challenges for long-term investment flows.

Urin.N

Six nations discuss Korean unification at Mongolia forum www.kdtimes.kr

Delegates share a vision of a free, prosperous unified Korea as a catalyst for peace and development in Northeast Asia

Lawmakers, policymakers, academics and youth leaders from six countries gathered in Mongolia to discuss strategies for peace in Northeast Asia and the peaceful unification of the Korean Peninsula.

Delegates from South Korea, the United States, Japan, China, Mongolia and India shared the view that a new, free and prosperous unified Korea could serve as a catalyst for regional peace and development.

They also called for stronger measures to reduce nuclear risks and expand a civil society-led movement supporting Korean unification.

The six-day Mongolia Forum and Workshop on Northeast Asian Peaceful Development and Korean Unification began Friday and concluded Wednesday in Ulaanbaatar.

The Global Peace Foundation, the Mongolian nongovernmental organization Blue Banner and Action for Korea United jointly organized the annual gathering.

The main conference was held at the Mongolian Foreign Ministry and addressed international cooperation for Korean unification, climate change, environmental protection and the development of young leaders.

Participants included Jargalsaikhan Enkhsaikhan, chairman of Blue Banner and a former Mongolian ambassador to the United Nations; Yeqing Li, a senior fellow at the Global Peace Foundation; In-Teck Seo, co-chairman of Action for Korea United and South Korean Rep. Cho Kyung-tae.

Other participants included Jargalsaikhan Zoljargal, a member of Mongolia's State Great Khural; former U.S. Rep. Matt Salmon; Henry Huiyao Wang, founder and president of the Center for China and Globalization; Komei Isozaki, a nonresident senior fellow at Hudson Institute and Rumit Walia, an Indian environmental advocate and youth leadership mentor.

The forum covered four main subjects: Korean unification as a catalyst for Northeast Asian peace and development, reducing nuclear risks in the region, Mongolia's green economy as a new path toward regional integration and forest conservation for peace and future generations.

Before the formal conference, participants spent several days together in traditional Mongolian dwellings known as gers.

Organizers said the private and informal discussions allowed participants to build personal relationships and trust before beginning formal policy talks.

Unified Korea presented as regional catalyst

Participants focused on strategies and policies to advance what organizers described as a new, free and prosperous unified Korea.

They said South and North Korea as well as other major regional powers should cooperate to create conditions favorable to unification.

They also proposed broader international cooperation to manage crises, maintain peace on the Korean Peninsula and build support for a long-term vision of unification.

Several participants called on South Korea to reduce nuclear risks and rebuild confidence by pursuing political and military talks with North Korea and seeking the resumption of economic exchanges.

Others urged the United States and Japan to support peacebuilding through dialogue with Pyongyang, including efforts toward the eventual normalization of U.S.-North Korean and Japan-North Korean relations.

Enkhsaikhan recommended that South Korea pursue political and military dialogue as well as economic exchanges with North Korea as part of a broader effort to reduce nuclear dangers and build trust.

Cho called on Mongolia to play an active bridging role in efforts to denuclearize the Korean Peninsula, citing the country's experience establishing and maintaining its nuclear-weapon-free status.

He said peace and unification on the Korean Peninsula should not be considered an issue for South Korea alone because their consequences would affect the stability and prosperity of Northeast Asia as a whole.

Cho also said he would support bipartisan cooperation in South Korea's National Assembly to help establish the foundations for eventual unification.

Seo presented the Korean Dream, a vision of peaceful unification centered on freedom, human rights, shared prosperity and Korea's traditional founding ideal of Hongik Ingan, meaning to broadly benefit humanity.

He said Action for Korea United is developing the Korea Link campaign as one practical initiative to share the vision of a free and prosperous unified Korea with North Korean residents.

The privately led project is exploring information delivery systems that could overcome the severe restrictions imposed on outside information in North Korea.

Seo said the organization is examining ways that low-Earth-orbit satellite networks such as Starlink could eventually be used to help reach North Korean residents.

The proposal is based on the belief that breaking down information barriers and giving North Koreans access to truthful outside information could become a powerful catalyst for peaceful change and unification.

American journalist Patrick Hickey and Ganbat Gonchigsuren, founder of Mongolia's Green & New Street movement, also emphasized the importance of building an international civil society movement for Korean unification.

They said international solidarity would be important but that the commitment and participation of the Korean people themselves would ultimately determine whether unification could be achieved.

Kyung-Young Chung, co-chairman of the International Cooperation Working Group for a Unified Korea and a former professor at Hanyang University's Graduate School of International Studies, proposed a "grand bargain" among leaders in Seoul, Pyongyang, Washington and Beijing.

Chung proposed pursuing peaceful settlements involving the two Koreas and relations between China and Taiwan.

The proposal represented Chung's individual recommendation and was not presented as a formal position adopted by the forum.

Young leaders call for peaceful unification

Youth representatives said South Korean nongovernmental organizations supporting unification should form closer partnerships with young people in other countries.

They called for an international youth network capable of increasing civic participation and building greater support for peaceful Korean unification.

The youth leaders agreed that unification must take place peacefully and should be accompanied by the denuclearization of the Korean Peninsula.

Participants also said efforts to promote peace and mutual understanding could not succeed while threats to peace persisted and nuclear risks continued to spread.

They said nuclear-armed states bear primary responsibility for reducing and ultimately eliminating their nuclear arsenals.

Any use of nuclear weapons, whether deliberate or accidental, would have catastrophic consequences for countries far beyond those directly involved, participants said.

The delegates called for stronger international measures to reduce the possibility of nuclear conflict.

Mongolia viewed as diplomatic platform

The forum concluded that lasting peace and shared prosperity in Northeast Asia would require dialogue, mutual understanding, cooperation and effective action based on a bold long-term vision.

Participants highlighted Mongolia's potential role as an independent diplomatic platform for inter-Korean reconciliation and regional cooperation.

Mongolia peacefully transitioned from communist rule to a democratic political system while maintaining friendly relations with both South and North Korea.

Participants said the country's proactive diplomacy and negotiating experience give it a distinctive ability to bring together countries and organizations that might otherwise struggle to engage directly.

They also said cooperation on environmental challenges, including desertification, green economic development and forest conservation, could help build relationships that support wider diplomatic and security discussions.

"Lasting peace and shared prosperity are possible only through a courageous vision and effective action grounded in dialogue, mutual understanding and cooperation," Chung said.

"This is the mutually beneficial path that can fully unlock the potential of the Korean Peninsula and Northeast Asia."

By Korean Dream Times and translated by UPI

Mongolia's Borteeg coal deposit starts production www.sxcoal.com

Mongolia's Borteeg coal deposit, located in the Tavan Tolgoi coal field in South Gobi province, officially started production on June 20, according to a government announcement. The commencement of mining operations at Borteeg marks a new chapter for Mongolia's mining industry development.

The project is managed by Erdenes Tavan Tolgoi JSC (ETT) in cooperation with domestic firms for stripping and mining operations, following a 2025 parliamentary resolution and a government decision on June 3, 2026.

ETT holds five main mining blocks at Tavan Tolgoi — Tsanghi, Borteeg, Oortsog, Onchharaat and Bortolgoi — with past operations concentrated only at Tsanghi, where ETT has produced 200 million tonnes of coal over 16 years since 2010.

Borteeg is the second-largest block by reserves at Tavan Tolgoi coal field, with 424.2 million tons of proven reserves for open-pit mining, of which 95% is coking coal and 5% thermal coal, based on current exploration data.

Once fully operational, the mine can produce 15 million tonnes of coal annually. Mongolia's total coal output in 2025 reached 95.45 million tonnes, up 0.37% year on year, according to the National Statistics Office.

In the first 10 years of operation, the project is expected to generate 4.4 trillion tugrik in taxes and fees for national and local budgets, equivalent to about 13% of Mongolia's consolidated fiscal revenue.

Cooperation with domestic firms for mining, drilling, blasting and transport will inject 10.2 trillion tugrik into Mongolia's economy over the same period.

The Tavan Tolgoi coal field is one of the world's largest undeveloped coking coal basins, with Borteeg estimated to hold over 300 million tonnes of high-quality hard coking coal.

Mongolia's risky fuel strategy gamble www.eastasiaforum.org

Mongolia’s dependence on Russian fuel gives it short-term supply stability but leaves it structurally exposed. Russia’s temporary petrol export ban spared Mongolia through bilateral arrangements, underscoring the strength of the relationship while revealing the risks of relying on Moscow. The planned domestic refinery may improve fuel availability, including aviation fuel, but affordability and sustainability challenges will remain. Mongolia’s energy strategy must move beyond refining and supplier diversification towards reducing oil demand through electrification and renewable power expansion.

Mongolia’s mining-led economy is fully dependent on imported fuel, which stands as the country’s single largest import, accounting for roughly one-third of total imports. Despite Mongolia’s goal of energy independence, the country is constrained by structural and financial barriers that weaken its energy security calculations.

The transport and power sectors dominate Mongolia’s energy security policy, while agriculture and industry play less visible but important roles. The transport sector is particularly exposed to external shocks and geopolitical pressures because the country relies on imported fuel, including for an expanding aviation industry. To develop a coherent energy security strategy, Mongolian policymakers must balance the need for reliable supply, affordability and long-term sustainability.

Mongolia’s transport sector relies entirely on imported fuel, with 95 per cent coming from Russia and the remainder from China. Ulaanbaatar’s close relationship with Russian energy company Rosneft has allowed the country to secure a discounted supply of petroleum products. Mongolia has its own crude oil deposits, but the lack of a domestic refinery limits its ability to convert this natural endowment into usable fuel. To address availability and sustainability challenges, the country is pursuing a diversification strategy, though with limited success.

Mongolia began construction on its first oil refinery, financed by India, in 2018, which is expected to be completion expected by 2028. According to Mongolia’s long-term development plan, Vision-2050, once the refinery project is fully operational, domestic oil production is expected to surpass imports, reducing dependency on foreign supply. Yet Mongolia’s Ministry of Finance has noted that financing reforms are needed to ensure the refinery becomes operational by its target deadline.

Recognising the geopolitical risk of near-total dependence on Russian energy, Ulaanbaatar has sought to diversify its fuel supply by pursuing partnerships with other countries. In March 2026, the government announced that Mongolia had entered talks with Kazakhstan on the trade of petroleum products. Despite these efforts, Mongolia’s economy continues to rely heavily on Russian fuel.

On 1 April 2026, Russia imposed a temporary ban on petrol exports as Kyiv and Moscow exchanged attacks on critical infrastructure and global energy prices rose amid the conflict in the Middle East. Countries that had intergovernmental agreements with Moscow were exempt, including Mongolia, signalling the strength of the bilateral relationship despite Russia’s geopolitical position. But energy prices have increased amid the global oil crisis, further amplifying affordability concerns. The government is working to maintain a stable price for AI-92 fuel, used in most road vehicles, while allowing price increases for other fuel types.

The 15-year aviation fuel agreement between Russia and Mongolia, signed in April 2026, suggests that Ulaanbaatar prioritises a stable fuel supply even at the cost of continued geopolitical dependency. This choice may explain the lack of domestic aviation fuel production. Though the long-anticipated oil refinery has the capacity to produce 80,000 tonnes of aviation fuel per year, Mongolia has chosen to rely on bilateral ties amid growing tourism and the global energy crisis.

Transport electrification should also play a central role in Mongolia’s energy security strategy. Total reliance on oil for the transport sector is neither sustainable nor secure, given national security and climate concerns. The Vision-2050 strategy identifies the need to reduce transport emissions through electrification, but implementation remains at a preliminary stage. The government must take concrete steps to electrify Mongolia’s transport system, supported by incentives, infrastructure investment and expanded grid capacity.

By late 2024, Mongolia had only 1670 electric vehicles, even as transport electrification expanded globally. Proximity to China, the world’s largest electric vehicle market and manufacturer, has arguably created opportunities for adoption, yet this has not translated into concrete policy.

It is unclear why policymakers and other stakeholders have not emphasised electrification, but it should become a central priority in Mongolia’s energy security strategy. Ulaanbaatar could seek Chinese investment in domestic charging infrastructure and electric vehicles. Policymakers could also provide incentives, including low tariffs on imported electric vehicles, tax incentives for charging costs and even grid connections with northern China.

Accelerating Mongolia’s transport electrification would require substantial investment, incentives and a stable grid. During the 2025–26 winter, Ulaanbaatar — the world’s coldest capital city — experienced frequent electricity and heating disruptions caused by its fragile and outdated power system. Decades of underinvestment and subsidised utility prices led to near-paralysis of the city’s power grid. Strong state intervention is necessary if electrification is to be prioritised. Mongolia’s efforts to expand solar and wind capacity could further push policymakers towards adopting policies that strengthen domestic power supply and transport electrification.

Mongolia has taken a strategic approach to its energy security policy, from constructing a domestic oil refinery to forging fuel partnerships. But it remains structurally exposed to global price shocks and geopolitical risks. Ulaanbaatar relies on Russian fuel, a fact that Moscow understands. This arrangement does not protect the country from external shocks or geopolitical pressure. To secure its energy future, Mongolia must look beyond domestic fuel production and foreign partners by adopting an ambitious electrification plan, strengthening grid infrastructure and seeking investment from China.

Telmen Altanshagai is NXT Fellow at NXT Conclave.

Chinese premier meets Mongolian PM www.english.cctv.com

Chinese Premier Li Qiang on Tuesday met with Prime Minister of Mongolia Nyam-Osor Uchral in the northeast China city of Dalian, where Uchral is attending the 17th Annual Meeting of the New Champions.

Li said that China has always placed China-Mongolia relations in an important position in its neighborhood diplomacy, and is willing to work with Mongolia to further consolidate political mutual trust, firmly support each other's core interests and major concerns, continuously expand practical cooperation in various fields, and strive to build a China-Mongolia community with a shared future featuring peaceful coexistence, mutual assistance and win-win cooperation.

Li pointed out that China is willing to deepen cooperation with Mongolia in areas such as agricultural product trade, coal and mineral resources, and people's livelihood, promote the development of new business forms like cross-border e-commerce, digital economy and artificial intelligence, and steadily advance the interconnection of infrastructure including border ports, railways and highways.

It is hoped that Mongolia will continue to create a favorable business environment and effectively safeguard the legitimate rights and interests of Chinese enterprises in Mongolia, Li added.

Uchral said that in recent years, high-level exchanges between Mongolia and China have been continuous and practical cooperation has achieved fruitful results, adding that Mongolia firmly adheres to the one-China principle, and that issues related to Xizang, Xinjiang and Hong Kong are China's internal affairs.

Mongolia is willing to enhance the alignment of its national development strategy with China's 15th Five-Year Plan, deepen cooperation in bilateral trade, connectivity, infrastructure, energy and mineral resources, agriculture, green economy and other fields, and continuously enrich the connotation of the comprehensive strategic partnership between Mongolia and China, Uchral said.

Mongolia can do more than mediate in bringing peace to Korean Peninsula: ex-PM www.en.yna.co.kr

Mongolia is well placed to serve as a bridge in broadening regional dialogue to help establish peace on the Korean Peninsula, the country's former prime minister has said.

In a recent interview with Yonhap News Agency, Gombojav Zandanshatar said his country occupies a rare diplomatic position as a country that "maintains friendly relations with both Koreas" and as "a nuclear-weapon-free state with a multi-pillared foreign policy and no hidden agenda."

"Peace on the Korean Peninsula cannot be separated from trust and regional cooperation," he said, adding "our role is not to act as a great-power mediator or impose outcomes. That is not who we are."

What Mongolia can offer instead, he said, is quiet diplomacy by serving as "not merely a participant, but a connector" that works to "preserve communication channels, build confidence, and support practical cooperation when opportunities arise."

That is exactly "the philosophy behind the Ulaanbaatar Dialogue," established in 2014 as a regional platform for security and peace cooperation in Northeast Asia, he said.

"The most valuable role is not to produce a dramatic breakthrough, but to keep conversation alive when the political environment becomes difficult."

Earlier this month, South Korea's Unification Minister Chung Dong-young attended the annual forum in the Mongolian capital, where he proposed a four-way dialogue involving the two Koreas, the United States and China for denuclearization on the Korean Peninsula and eventually expanding it to include other nations, including Mongolia, whose geographic position between Russia and China makes it a natural fit for such an expanded framework.

He also pointed out lasting peace requires more than security arrangements. Energy, critical minerals, supply chains, climate cooperation, technology and people-to-people ties can create shared interests, and that shared interests, he said, are what would help rebuild trust over time.

He singled out people as the most enduring element in building trust.

"Strategic partnerships last longer when ordinary people, businesses, universities and communities carry them, not only government," he said.

One of Mongolia's most seasoned political figures, Zandanshatar has served as the country's 34th prime minister, parliament speaker, foreign minister and chief of staff to the president. He remains active on the international stage, including through the Trans-Altai Sustainability Dialogue, a global forum co-hosted with the Ban Ki-moon Foundation and Stanford University, where he served as a visiting scholar, focusing on sustainable development.

On the country's future, he said, "Ten years from now, I hope Mongolia will be known not only for what lies beneath our soil, but for what we build above it."

Currently visiting South Korea, he was set to attend the Jeju Forum for Peace and Prosperity, an annual global peace forum aimed at exploring ways to enhance global cooperation in peacebuilding.

He was scheduled to appear in the World Leaders' Session later in the day alongside former U.N. Secretary-General Ban, former Indonesian President Susilo Bambang Yudhoyono and former Japanese Prime Minister Yukio Hatoyama to discuss the 21st annual forum's theme, "Reinventing Cooperation in a Fragmented World."

By Woo Jae-yeon

jaeyeon.woo@yna.co.kr

Kyrgyzstan Processes Gold-Bearing Raw Materials from Mongolia www.montsame.mn

Kyrgyzstan's Kyrgyzaltyn OJSC has successfully processed gold-bearing raw materials from Mongolia for the first time in its history. Kyrgyzaltyn OJSC reported the successful implementation of the project on June 16, marking a significant milestone for the country's precious metals refining industry.

According to Kyrgyzaltyn OJSC, the total proceeds from the sale of the refined gold, certified under the internationally recognized Good Delivery standard, exceeded USD 12 million on the global bullion market.

The company noted that its internationally recognized London Bullion Market Association (LBMA) accreditation confirms that its refined gold meets the highest international standards of quality, purity, and traceability.

"The successful implementation of this project demonstrates that Kyrgyzaltyn OJSC possesses modern production facilities, advanced technological expertise, and a strong international reputation, enabling it to provide refining services to foreign partners and produce high-liquidity gold with a purity of 999.9," the company said in a statement.Kyrgyzstan Processes Gold-Bearing Raw Materials from Mongolia

Kyrgyzaltyn believes that the successful completion of this project creates new opportunities to expand cooperation with international partners in the fields of precious metals refining and processing.

Ананд.Т

EAM Jaishankar visits construction site of India-funded refinery in Mongolia www.dailyexcelsior.com

External Affairs Minister S Jaishankar on Tuesday visited the construction site of a USD 1.7 billion India-funded refinery project in Mongolia, reviewing the status of work on the "landmark friendship initiative".

Jaishankar is in Mongolia on the first leg of a two-nation visit.

In a post on X, Jaishankar said he visited the construction site of the Mongol Refinery Project with his Mongolian counterpart Battsetseg Batmunkh and Industry and Mining Minister Gongor Damdinnyam.

"This landmark India-Mongolia friendship project is making steady progress. Reviewed the status of works under implementation with the various teams involved," he said.

Jaishankar also interacted with the Indian and Mongolian workforce at the project site and thanked them for "their dedication and commitment in realising such a major project under challenging conditions".

The Mongol Oil Refinery Project is being implemented with the support of a USD 1.7 billion Line of Credit extended by the Indian government and stands as a "flagship initiative and a vital component of Mongolia's sustainable energy strategy", according to the Ministry of External Affairs.

Parliament Speaker Meets Indian External Affairs Minister www.montsame.mn

Chairman of the State Great Khural (Parliament) Byambatsogt Sandog received Minister of External Affairs of India Dr. Subrahmanyam Jaishankar on June 22.

Chairman Byambatsogt highlighted India’s role as Mongolia’s “third neighbor” and a trusted partner in the region, emphasizing the importance of further deepening the two countries’ Strategic Partnership and expanding bilateral cooperation. He noted that Minister Jaishankar’s visit would contribute significantly to advancing bilateral relations.

He recalled that Mongolia and India celebrated the 70th anniversary of diplomatic relations and the 10th anniversary of their Strategic Partnership in 2025. He also noted that President Khurelsukh Ukhnaa’s state visit to India last year provided new momentum for bilateral cooperation.

The two sides discussed expanding parliamentary cooperation between Mongolia’s State Great Khural and India’s Lok Sabha, as well as strengthening exchanges of experience in legislative and development policies. Byambatsogt expressed Mongolia’s interest in learning from India’s experience in technological innovation, digital transformation, and economic development.

During the meeting, the Chairman underscored the importance of completing the Mongolia-India Oil Refinery Project on schedule, describing it as a strategically important project for Mongolia’s energy security and economic independence. He also expressed appreciation for India’s support in implementing major development projects, including the oil refinery, the India-Mongolia Friendship Secondary School, and the Atal Bihari Vajpayee Center for Excellence in Information Technology, Communication and Outsourcing (ABVCEITO).

Minister Jaishankar conveyed greetings from the Speaker of India’s Lok Sabha and reaffirmed India’s commitment to further strengthening the Strategic Partnership. He stressed the importance of defining new priorities for bilateral cooperation over the next decade and expressed support for the timely completion of the oil refinery project.

Describing Mongolia and India as “spiritual brother nations,” Minister Jaishankar emphasized the value of expanding parliamentary exchanges and welcomed Mongolia’s invitation for India to participate in the World Women Parliamentarians Conference to be held in Ulaanbaatar in October 2026. He also expressed India’s interest in importing natural resources from Mongolia.

The meeting was attended by members of the Mongolia-India Parliamentary Group and other officials.

Unurzul.M

Mongolia-China cross-border rail project 33% complete, set for Apr 2027 launch www.sxcoal.com

Construction of the Gashuunsukhait-Ganqimaodu cross-border railway between Mongolia and China has passed the 33% completion mark, with operations slated to begin in April 2027, according to Mongolian media and government disclosures on June 21.

Mongolia's prime minister, during a site inspection, instructed relevant departments to accelerate the project's pace to ensure it meets the scheduled commissioning deadline.

Bridge works, one of the railway's most critical components, have reached 25.01% completion. Manufacturing of 2,376 piles, 74 piers and 282 beams required for the bridge structure is finished, with installation work proceeding intensively.

The Gashuunsukhait-Ganqimaodu link extends the Tavan Tolgoi-Gashuunsukhait railway. Once operational, the project is expected to boost Mongolia's coal export volumes, enhance port clearance capacity and lower transport logistics costs, contributing significantly to expanded bilateral economic and trade ties.

Upon commissioning, the broad-gauge line will have an annual freight capacity of 20 million tonnes, while the narrow-gauge line will handle 10 million tonnes. The project is projected to lift Mongolia's economic growth by 0.8 percentage points annually and raise per capita GDP to $10,000.