Minister Confirms Fuel Stability, Warns of Geopolitical Risks www.montsame.mn

Minister of Industry and Mineral Resources Damdinnyam Gongor announced during a briefing on Cabinet decisions that Mongolia's fuel reserves are currently sufficient, with storage tanks full.

However, the Minister noted that the future outlook remains uncertain due to the global geopolitical situation and the ongoing war between Russia and Ukraine. “Over the past year, we have met with the Russian side eight times. I will travel there again at the end of this month. We will do everything within our power, utilizing every effort. There is currently a fuel shortage in Moscow, and distribution is being rationed in outlying regions. As for Mongolia, we are receiving AI-92 gasoline as a result of agreements established with the Government of Russia,” he stated.

Additionally, Minister Damdinnyam announced the completion of the preliminary selection process for the Steel Complex construction project. An open international tender was announced for the project, with information distributed through all diplomatic missions and international websites. Over the course of more than a month, five enterprises expressed interest in the project, of which two have been shortlisted. He noted that a proposal request regarding the project has been sent to these enterprises with a one-month deadline. Following the evaluation, the issue of entering into an investment agreement with the single selected participant will be brought before the Cabinet and subsequently presented to Parliament.

He added, "The steel project is a government initiative that will make a valuable contribution to Mongolia's development and progress, transitioning us toward domestic processing rather than extracting and directly exporting our natural resources raw. Furthermore, the winner of the selection process for the copper smelting plant has been determined, and the Cabinet is currently conducting negotiations. For the aluminum industry project, decisions will be made regarding securing the required land for special state needs and granting authorizations. Negotiations for the construction of a gold refinery are also ongoing, and an open selection process will be introduced to the public soon."

Quality Testing Begins for Widely Used Medicines www.montsame.mn

Quality testing has commenced on June 17 for medicines that are widely used by citizens, funded by the state, or discounted through the Health Insurance Fund.

Within the framework of directives issued by Prime Minister Uchral Nyam-Osor, Minister of Health Batshugar Enkhbayar has instructed the Medicine and Medical Devices Regulatory Agency (MMRA) to improve control and strengthen the system of pharmaceutical quality and safety. The testing will be conducted at the National Reference Laboratory for Medicines and Medical Devices.

The laboratory, which officially opened on June 16, is equipped with 224 instruments and pieces of equipment. It will evaluate 27 chemical and microbiological indicators and conduct methodological analyses specified in 119 monographs and general chapters of eight international pharmacopoeias.

In the initial phase, 56 drug samples of 27 types of medicines will be tested, with results expected within one month.

Based on the primary testing results, the quality and safety of the medicines will be evaluated to determine whether they meet requirements.

This initiative aims to improve pharmaceutical quality control and ensure the provision of reliable medicines that meet international standards. Moving forward, samples of both domestically manufactured and imported medicines will be randomly collected from the market for testing at this laboratory.

Korea, Mongolia discuss ways to accelerate economic ties, trade talks www.koreatimes.co.kr

Korea and Mongolia discussed ways to accelerate economic cooperation, including progress on a trade agreement under negotiation, as the two countries seek to bolster cooperation in supply chains for key minerals, the trade ministry said Wednesday.

Trade Minister Yeo Han-koo met with Jadambyn Enkhbayar, Mongolia's minister of economy and development, in Ulaanbaatar, where the two sides exchanged views on the progress of negotiations for a comprehensive economic partnership agreement (CEPA), according to the Ministry of Trade, Industry and Resources.

A CEPA is a type of free trade agreement that emphasizes a broad scope of economic cooperation and exchanges in addition to market opening.

Korea and Mongolia launched the first round of negotiations in 2023.

The trade ministry said Mongolia is rich in minerals vital for cutting-edge industries, including copper, molybdenum and rare earth elements, and plays a key role in Korea's efforts to establish stable supply chains.

"The CEPA between Korea and Mongolia will serve as a key institutional framework not only for the expansion of trade and investment but also for establishing a stable joint supply chain," Yeo said in a release.

"We intend to accelerate negotiations to achieve mutually beneficial results," he added.

China section of China-Mongolia cross-border railway completes T-beam installation www.ceic.com

The installation of all 94 T-beams on the Chinese section of the Ganqimaodu–Gashuun Sukhait China-Mongolia cross-border railway project was successfully completed on June 13, laying a solid foundation for subsequent bridge deck works and track-laying operations.

T-beam installation underway on the China-Mongolia cross-border railway bridge

The bridge structures installed along the line mainly consist of prestressed concrete T-beams in two specifications: 24 meters and 32 meters. Project records show that the heaviest individual beam weighs up to 149.5 tons. Owing to the substantial weight and large dimensions of these key load-bearing components, the heavy-lift installation work on this section imposed exceptionally high engineering requirements on the deployment of large-scale equipment, the precision of structural alignment and comprehensive safety monitoring throughout the entire process.

During the installation phase, the project team relied on high-precision surveying and control technologies as well as a systematic dispatching system to ensure the millimeter-level positioning of beam structures weighing more than 100 tons on complex bridge piers. Moving forward, the project will efficiently advance bridge deck and ancillary works while ensuring safety and quality, making every effort to accelerate overall construction progress.

The successful completion of core structural installation on the Chinese section marks a significant step toward the full connectivity of this cross-border energy transportation corridor. Once completed, the railway will substantially improve the cross-border logistics network at regional ports of entry, enhance freight transit efficiency, and provide high-standard transport infrastructure to support large-scale international trade operations.

Budget Revenue Up by MNT 2.1 Trillion in First Five Months www.montsame.mn

 Mongolia’s consolidated state budget revenue and grants reached MNT 13.5 trillion in the first five months of 2026, increasing by 18.7%, or MNT 2.1 trillion, from the same period last year, according to the National Statistics Office.

Balanced revenue and grants totaled MNT 11.7 trillion, up 9% year-on-year. Total expenditure and net lending amounted to MNT 13 trillion, resulting in a budget deficit of MNT 1.4 trillion, which was 5.2 times higher than a year earlier.

Tax revenue reached MNT 10.7 trillion, rising by 6.4%. The increase was mainly driven by growth in social insurance contributions and value-added tax (VAT) revenue, while income tax and excise tax revenues declined.  

State budget expenditure and net lending increased by 18.7%, or MNT 2.1 trillion, compared to the same period in 2025. Capital expenditure recorded the strongest growth, rising 72.5% to MNT 1.9 trillion, led by higher spending on construction projects, major repairs, and other capital investments.  

National Medicine Testing Laboratory Inaugurated www.montsame.mn

The National Reference Laboratory for Medicines and Medical Devices, established to strengthen Mongolia's system for monitoring the quality and safety of medicines and medical products, was inaugurated on June 16.

Attending the inauguration and turnover ceremony were Prime Minister Uchral Nyam-Osor, Minister of Health Batshugar Enkhbayar, Regional Director for the Western Pacific of the World Health Organization Dr. Saia Ma'u Piukala, WHO Representative in Mongolia Socorro Escalante, Members of Parliament Chinburen Jigjidsuren, Munkhsaikhan Togtmol, Ganmaa Davaasambuu, and other officials.

Opening the laboratory, Prime Minister Uchral said, “This laboratory is a tangible outcome of the effective cooperation between the Government of Mongolia, the World Bank, and the World Health Organization. Mongolia now has a National Reference Laboratory for Medicines and Medical Devices. I have instructed that all medicines being sold on the market be tested within a month.”

Minister of Health Batshugar emphasized that, “The quality and safety of medicines are not solely issues for the health sector. They are fundamental to the lives and health of every citizen, public trust in government services, and national security. Therefore, the Government is consistently implementing reforms to bring the country's pharmaceutical regulation and quality control system in line with international standards.”

Dr. Saia Ma'u Piukala, WHO Regional Director for the Western Pacific, noted, “One in every ten medicines used in low- and middle-income countries is either substandard or falsified. This is not merely a technical issue — it is a matter that puts lives at risk. A strong laboratory is more than just a building; it is a protective system that safeguards individuals, families, and society from harm. Today, Mongolia is strengthening that protection.”

With the commissioning of the National Reference Laboratory, Mongolia now has the capacity to test between 4,000 and 5,000 samples annually. The facility is expected to strengthen quality and safety assurance for medicines and medical devices supplied to the public while bringing inspection and testing capabilities up to international standards.

The laboratory is equipped with modern instruments and advanced analytical systems that support the professional development of specialists, helping them build expertise in line with international best practices.

15,000+ Hectares of Land Rehabilitated Over Past Five Years www.montsame.mn

A total of 17,612 hectares of land were rehabilitated nationwide between 2020 and 2025, including 13,980 hectares through technical rehabilitation and 3,632 hectares through biological rehabilitation, according to the Ministry of Environment and Climate Change.

In Selenge aimag, surveys recorded 3,635 hectares of degraded land in 2017 and an additional 1,609.56 hectares between 2018 and 2025, bringing the total degraded area to 5,244.56 hectares. Most rehabilitation work has been carried out in Yeroo, Khuder, and Bayangol soums. Over the past five years alone, 4,817.71 hectares have been restored.   

The Ministry is currently studying vegetation recovery in technically rehabilitated mining areas in Umnugobi and Bulgan aimag, Shariin Gol soum of Darkhan-Uul aimag, and Yeroo and Khuder soums of Selenge aimag. For instance, 21 enterprises operating in Selenge, Umnugobi and Bulgan aimags have been inspected. Of them, five companies were not operating, while 13 had environmental impact assessments in place. Inspectors identified 64 violations, partially suspended the operations of eight license holders, and referred six cases with indications of criminal activity to the relevant authorities.

The Ministry noted the need to address identified violations, reduce environmental impacts, intensify land rehabilitation efforts, and ensure the implementation of environmental management plans.

Inspections of exploration drill-hole rehabilitation and safety measures revealed that SouthGobi Sands LLC had sealed 16 drill holes drilled in 2025 in Gurvantes soum of Umnugobi aimag, but six of those sites had subsequently been converted into coal unloading areas.

In Selenge aimag, 939.77 hectares of land have been rehabilitated, and 149 exploration drill holes have been sealed.

Abandoned pits, shafts, and excavations left behind by illegal artisanal mining continue to pose serious risks to public safety. Some of the approximately 200 pits and drill holes created through illegal mining activities have expanded due to natural erosion and collapse, increasing the likelihood of accidents.

Measures are being taken to curb illegal mining, rehabilitate degraded land, conduct environmental impact assessments, safely seal exploration holes and excavated pits, and improve conditions for citizens to live in a safe environment.     

Kakao Bank eyes bigger role in Mongolia's digital banking push www.koreaherald.com

Kakao Bank said Tuesday it had held talks with the governor of Mongolia's central bank and executives from MCS Group on expanding cooperation in digital banking and financial innovation in the country.

The meeting was held during the Korea visit of Narantsogt Sanjaa, governor of the Bank of Mongolia, and was attended by Kakao Bank CEO Yun Ho-young and representatives from Mongolia's MCS Group.

Kakao Bank introduced its digital banking platform, customer-focused user experience and interface capabilities, as well as expertise in data-driven credit assessment and risk management. The participants also discussed ways to expand digital financial services tailored to Mongolia's market and accelerate financial innovation.

The meeting follows a strategic partnership agreement signed in April between Kakao Bank and MCS Group, one of Mongolia's largest conglomerates.

Under the agreement, the two sides plan to cooperate on a wide range of initiatives, including Kakao Bank's strategic investment in M Bank, Mongolia's first digital bank, enhancement of credit-scoring models, development of alternative credit-assessment systems, user experience and interface consulting and joint expansion into Central Asia.

Kakao Bank said it is developing an alternative credit-scoring model tailored to the Mongolian market, with the goal of improving financial inclusion and supporting the country's digital financial ecosystem.

"Mongolia is a market with significant growth potential in digital finance," Yun said.

"We believe Kakao Bank's experience in digital banking and data-driven credit assessment can help drive financial innovation in the country."

jwjeon7625@heraldcorp.com

China, Mongolia vow deeper ties, support www.asianews.network

 China and Mongolia have reiterated their commitment to be good neighbors and partners who trust and support each other, vowing to further develop mutually beneficial economic ties.

The pledge was made during Foreign Minister Wang Yi’s three-day visit to Mongolia, to be wrapped up on Monday.

During a meeting with Mongolian President Ukhnaa Khurelsukh in Ulan Bator on Saturday, Wang said China has always put China-Mongolia relations at an important place in its neighborhood diplomacy.

China has both the will and capability to be a neighbor that Mongolia can rely on, a trustworthy friend, and a partner in accelerating its development, he said.

Wang reaffirmed China’s respect for Mongolia’s independence, sovereignty and territorial integrity, as well as the development path that Mongolia has chosen for itself.

Describing China as Mongolia’s good neighbor, Khurelsukh said developing friendly relations with China is a top priority of Mongolia’s foreign policy.

Mongolia is committed to the one-China principle, regarding Taiwan as an inalienable part of China’s territory, and opposes any form of “Taiwan independence” activities, he said.

The country will not do anything that harms China’s interests, regardless of its relations with other countries, he said.

According to the Mongolian president, the bilateral trade is expected to reach $20 billion this year.

Wang expressed readiness to work more closely with Mongolia to align development strategies; tap into the full potential of bilateral cooperation; advance existing collaboration in connectivity, energy and mineral resources, and trade and investment; and create new growth drivers for cooperation in key minerals, green development, the digital economy, and other emerging fields.

In recent years, mutually beneficial cooperation between the two countries has continued to expand, and China has remained Mongolia’s largest trading partner and a major source of investment for many years.

The construction of their second cross-border railway is being accelerated and is expected to become another major artery of connectivity.

Fast track of growth

China supports Mongolia in developing its economy and improving people’s livelihoods, and welcomes Mongolia to ride the fast track of China’s development, Wang said at a news conference on Saturday after his meeting with Mongolian Foreign Minister Batmunkh Battsetseg.

Wang cited estimates by international institutions that every 1 percent of growth in China’s economy can drive a 4 percent increase in Mongolia’s exports and a 0.6 percent rise in its economic growth.

This fully demonstrates the highly complementary and closely interconnected economic ties between the two countries, he said.

To help Mongolia respond to the recent foot-and-mouth disease outbreak, China has decided to supply 1 million doses of vaccines, Wang announced at the news conference.

Li Chao, an assistant research fellow at the Belt and Road Initiative Research Institute at the Inner Mongolia Academy of Social Sciences, said China-Mongolia ties are at the best stage in history, with cooperation across various fields continuously yielding new outcomes.

The emphasis that the two countries put on the positioning of their relations reflects their unchanged consensus on developing friendly relations and promoting mutually beneficial cooperation, Li said.

Bilateral cooperation is key for Mongolia to promoting its own economic stability and development, he said.

And for China, Mongolia plays an important role in maintaining stability along the northern border, as the two countries share China’s longest border with any neighbor, he added.

Li highlighted cooperation in green mining, ecological protection and clean energy, saying leveraging China’s technological strengths to deepen cooperation with Mongolia in green development would help both countries move toward their carbon reduction and climate goals.

Mongolia, China should continue strengthening trust, support to maintain correct direction of bilateral ties: Chinese FM www.xinhuanet.com

Mongolia and China should continue strengthening mutual trust and support to maintain the correct direction of bilateral ties, said visiting Chinese Foreign Minister Wang Yi here on Monday.

In a meeting with Mongolian Prime Minister Nyam-Osor Uchral, Wang, who is also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, said both sides should maintain mutual trust and support as strong guarantees for collaboration across various sectors.

During the meeting, Uchral emphasized that maintaining good-neighborly relations with China and strengthening bilateral cooperation remain Mongolia's top foreign policy priorities. He noted that Mongolia and China have consistently respected each other's independence, sovereignty, territorial integrity, and chosen paths of development.

Uchral reaffirmed Mongolia's firm adherence to the one-China principle, stating that matters related to Taiwan, Xinjiang, Xizang, and Hong Kong are China's internal affairs. He underscored that the Government of the People's Republic of China is the sole legitimate government representing all of China and reiterated Mongolia's opposition to "Taiwan independence."

The prime minister expressed Mongolia's willingness to work closely with China to effectively implement the important consensus reached by the two heads of state, maintain high-level exchanges, deepen political mutual trust, enhance connectivity, advance cooperation agreements and major projects, and promote the continued development of the Mongolia-China comprehensive strategic partnership.

Describing China as Mongolia's most important economic and trading partner, Uchral noted that bilateral trade is expected to reach the target of 20 billion U.S. dollars this year.

He expressed hope that both sides would introduce additional measures to facilitate trade, diversify trade structures, strengthen connectivity through infrastructure projects such as ports and railways, and expand cooperation in the mining sector.

He also stated that Mongolia is committed to providing a more business-friendly and law-based environment for Chinese enterprises investing in the country.

For his part, Wang said China highly appreciates Mongolia's commitment to prioritizing relations with China in its foreign policy and its support for China's positions on issues concerning its core interests.

He noted that the CPC and the Mongolian People's Party could further enhance exchanges on governance and development experience, thereby contributing to national development, improving people's livelihoods, and deepening the traditional friendship between the two countries.

Wang added that development and national revitalization are shared goals of both China and Mongolia, while stronger cooperation reflects the common aspirations of both peoples. Given the strong complementarity of the two economies and their shared interests, he said there remains significant potential for expanded cooperation.

China, he said, is willing to strengthen the alignment of development strategies with Mongolia, jointly advance high-quality Belt and Road cooperation, and support Mongolia in making full use of bilateral cooperation mechanisms, as well as regional platforms such as China-Mongolia-Russia cooperation and the Shanghai Cooperation Organization, in pursuing a modernization path suited to its national conditions