Events
Name | organizer | Where |
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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS
Mongolia’s Corporate Income Tax: A Gateway to Growth and Global Expansion www.etl-global.com
Mongolia’s Corporate Income Tax (CIT) structure offers a compelling incentive for businesses and investors, balancing economic growth with a supportive tax environment. With a 10% rate on profits up to MNT 6 billion (USD 1.8 million) and 25% on higher earnings, Mongolia’s CIT encourages local business growth while remaining competitive for international corporations.
The government provides targeted tax breaks in key sectors like mining, renewable energy, and export industries, fueling opportunities in sustainable development and resource-rich ventures. A streamlined, digital tax-filing system makes compliance straightforward, enhancing transparency and efficiency.
For companies seeking new markets, Mongolia’s CIT framework offers a rare blend of low taxes, high growth potential, and strategic incentives—an attractive choice for ambitious businesses ready to expand in Asia.
Rio Tinto’s abandoned Panguna copper mine still a threat, report says www.bloomberg.com
Rio Tinto Group contributed to widespread damage due to waste left at an abandoned copper mine in Bougainville, Papua New Guinea, and risks to local communities are ongoing, a report has found.
Panguna, which was operated by Rio subsidiary Bougainville Copper, was once one of the world’s largest copper mines. It was shut in 1989 after local protests over the disbursement of revenue from the mine degenerated into a civil war that killed as many as 20,000 people. The project has remained abandoned and Rio has struggled to obtain access to the site for remedial purposes.
In 2021, Rio agreed to fund an independent study, undertaken by environmental firm Tetra Tech Coffey. The report released Friday found serious contamination to the Jaba-Kawerong river and its tributaries, while the tailings dam — where waste from the mine is stored — is unstable and at risk of collapse. There is a risk of landslides, and parts of the mine are so unstable that there’s a threat to human life in nearby communities, it said.
“While we continue to review the report, we recognize the gravity of the impacts identified and accept the findings,” Rio’s Australia chief, Kellie Parker, said in a statement.
The Human Rights Law Centre, which lodged a complaint to the Australian government that prompted the report, welcomed the findings and called on Rio to commit to addressing its recommendations. It said the miner should contribute to a “substantial, independently managed fund to help address the harms caused by the mine and assist long-term rehabilitation efforts.”
“This is a defining moment for Rio Tinto’s social license to operate,” the centre’s legal director, Keren Adams, said in a separate statement. “Rio Tinto now has a critical opportunity to demonstrate that it is serious about meeting its human rights and environmental obligations by committing to remediation.”
(By Paul-Alain Hunt)
Mongolia Eyes India as Third Destination for Coal Exports www.thediplomat.com
Mongolia and India are taking major steps to boost economic activities between Ulaanbaatar and New Delhi. Amid disruptions in Australian coal supplies to India, in tandem with Mongolia’s drive to diversify its export destinations, the two countries are embarking on a new deal that may create a new supply line from Mongolia to India.
In late November, the Mongolian and the Indian governments discussed what could be a major deal for both Ulaanbaatar and New Delhi: exports of coking coal, which is a critical raw material for India’s steel industry. The deal concerns two specific companies, JSW Steel and Steel Authority of India (SAIL), but if it succeeds it will pave the way for more companies to follow.
Currently in progress, the India-Mongolia preliminary pact would involve exporting “coal, copper, and transit of these minerals.” Given Mongolia’s landlocked position, the country’s economy requires strategic connectivity with its neighbors for the use of their trade ports. Mongolia’s exports to third destinations will need to transit through either Russia or China, and those logistics will be reflected in India’s cost-benefit analysis.
In recent years, the changes in Australian coal supply to India and the intermittent tensions between India and China have pushed India’s Modi government to seek alternative sources of coal. Any India-Mongolia coal trade thus would be likely to transit through Russia. For Mongolia, these geopolitical tensions and economic rivalries only offers a window of opportunity for meeting it own economic goals.
According to the International Energy Agency (IEA), between 2000 and 2022, India’s coal consumption rose 219 percent. India’s continued growth and economic goals require a major uptake in coal consumption. Following Australia-India supply chain issues, in 2021, India’s JSW Steel imported 8,000 tons of high-quality coal from Mongolia as a test drive, the Mongolian Mining Journal reported. In that case, the coal transited through China. To Mongolia’s landlocked economy, having India, a major coal consumer, as a customer can make a big difference in revenue and development, while signaling other global partners to consider Mongolia as a coal exporter.
Today, around 90 percent of Mongolia’s coal production is exported to China. The construction of railways and improving connectivity supports Mongolia’s export to its neighbors but also to third countries. As I wrote previously for Foreign Policy, new railroads are expected to increase “exports to between $14 billion and $17 billion in 2025-2028 and $20 billion by 2029.”
Considering the distance, pricing, taxation, and China-Mongolia railway connectivity, there is no better export destination than China. At the same time, Beijing’s extensive financial and technological shift to renewable energy will have a direct impact on Mongolia’s coal exports, forcing Ulaanbaatar to seek additional buyers. Although this by no means will replace China as a major buyer, in the long run, it does behoove Ulaanbaatar to secure alternative destinations for its exports.
In the last decade, Mongolia and India have successfully leveraged their strategic partnership in starting multiple economic ventures. India’s investment in Mongolia’s first oil refinery is one notable example. According to Mongolia’s Mineral Resources and Petroleum Authority, “The oil refinery is expected to reduce dependence on fuel imports and [reduce] foreign exchange outflows by 20 percent and increase Mongolia’s budget revenues by $150 million.” The refinery, with an output of 1.5 million tons, is supposed to be operational in 2026.
As Mongolia continue to seek avenues to diversify its energy sector, India’s participation will be crucial. In 2009, India and Mongolia signed a Memorandum of Understanding (MOU) on cooperation in radioactive minerals, nuclear energy, and uranium development in Mongolia. Similar to France’s interest in Mongolia’s uranium deposits, India is also looking to activate previous agreements into working mechanisms.
In 2019, during Mongolian President Battulga Khaltmaa’s state visit to India, the two countries signed multiple agreements that boosted their ties in diverse sectors including exploration and uses of outer space, cultural exchanges, animal husbandry, and enhancing disaster response.
In line with Ulaanbaatar’s third neighbor policy and its economic goals, Mongolia is constantly searching for diverse avenues to increase exports, attract investment, and remain globally relevant with its abundance of natural resources. Mongolia’s government, headed by Prime Minister Oyun-Erdene Luvsannamsrai, is pushing the diversification agenda while also strengthening its comprehensive strategic partnership with Russia and China.
These efforts supplement geopolitical shifts and emerging trade routes, which Mongolia has no control over nor direct access to. In this context, Mongolian coal exports to India have the potential to reduce Ulaanbaatar’s landlocked conundrum.
As Mongolia and India will celebrate the 70th anniversary of thee establishment of diplomatic relations in 2025, Ulaanbaatar and New Delhi’s cooperation will continue to expand on economic, trade, scientific, technical, and humanitarian issues. The two countries’ economic partnership, specifically exports of Mongolian coal to India, has the potential to create a new trade route Ulaanbaatar can utilize more broadly.
ADB, Orchlon School Sign $13.5 Million Loan for Mongolia’s First Internationally Certified Green Campus www.adb.org
The Asian Development Bank (ADB) signed a senior secured 45.7 billion Mongolian togrog (equivalent to $13.5 million) loan with Orchlon School and Kindergarten Complex LLC to support Mongolia’s first internationally certified green campus.
The financing will support the construction of a new 4-floor new school annex that incorporates climate mitigation and adaptation features, and includes modern facilities such as laboratories for science, arts, and engineering courses, as well as indoor multipurpose halls for sports. The campus aims to be certified under the internationally recognized Excellence in Design for Greater Efficiencies (EDGE) program, targeting at least 20% savings in energy, water, and embodied energy in materials.
“This project marks ADB's first private sector intervention in Mongolia's education sector and underscores ADB's commitment to fostering inclusive and sustainable development in the country,” said ADB Director General for Private Sector Operations Suzanne Gaboury. "By supporting the country’s first green campus, we are enhancing educational infrastructure while promoting environmental sustainability and resilience."
Mongolia is among the countries most impacted by climate change. The natural hazards caused by climate trends have increased the risk of absenteeism and dropouts, which could lead to reduced access to education, lower attendance rates, and potentially poorer learning outcomes. Green buildings are still relatively new in Mongolia.
"We are thrilled to partner with ADB on this groundbreaking project," said Orchlon School Principal and Founder Batmunkh Dashdeleg. "This expansion will allow us to provide more students with high-quality, bilingual education that preserves and promotes Mongolian culture, while also setting a benchmark for green building practices in Mongolia."
Established in 2001, Orchlon is the largest private K-12 institution in Mongolia. It is the only Mongolian school that provides a dual curriculum from preschool to grade 12, comprising the Mongolian National Secondary Education curriculum and the Cambridge International curriculum. With nearly 2,000 students and a strong focus on academic excellence and holistic development, Orchlon has received numerous accolades and continues to lead in educational innovation.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.
European Union and United Nations support Mongolia’s progress in public finance and decent work www.eeas.europa.eu
The European Union (EU) and the United Nations Development Programme (UNDP), alongside the Food and Agriculture Organization (FAO) and the International Labour Organization (ILO), concluded the "SDG-Aligned Budgeting to Transform Employment in Mongolia" (SDGBE) project.
Launched in October 2020 as part of the European Union’s €50.8 million Budget Support Programme for Mongolia, the €7.4 million project has been instrumental in enhancing Mongolia’s public financial management and employment systems. By aligning budget planning with national development priorities, it has advanced sustainable development, decent work, and inclusive economic growth.
Key results include the adoption of Results-Based Budgeting (RBB) to align budget proposals and reporting with Mongolia’s development priorities. Six budget governors and local governments will now implement results-based budgeting starting in 2025, supported by an online system launched at the Ministry of Finance. To improve transparency, the project enhanced public and parliamentary oversight of budgets, enabling better analysis of policy effectiveness, piloting SDG performance audits and encouraging public participation in budget discussions.
On employment, the project introduced more proactive and client-focused policies for wage-based and self-employment measures. In technical and vocational education and training (TVET), it supported demand-driven curricula, inclusive learning environments, and alignment with international standards, including the approval of the National Qualification Framework and Occupational Indexing. Labour standards were also improved including enhanced capacity for labour inspectors and public awareness campaigns about decent work and youth rights in the workplace.
H.E. Mr. Enkh-Amgalan L. acknowledged the significant contributions and achievements of the project, stating, “The Government of Mongolia, particularly the Ministry of Family, Labour and Social Protection, will continue to enhance and sustain results-based policies and budgeting approaches to ensure accessible and efficient public services, contributing to social and economic development.”
Collaboration between public and private sectors also advanced economic growth, with initiatives like developing export products in the camel milk and offal meat value chains. Young entrepreneurs received support to build businesses, while technology transfers strengthened agri-food systems.
H.E. Ms. Ina Marčiulionytė, Ambassador of the European Union to Mongolia, celebrated the project as a significant milestone in 35 years of European Union-Mongolia diplomatic relations. She stated, “I hope all stakeholders can sustain the achievements of the project and prioritize to continue capacity building, knowledge sharing, and the adoption of best practices in public financial management and employment services.”
During the event, partners discussed strategies to sustain these achievements, with a focus on institutionalizing Results-Based Budgeting and enhancing employment outcomes. Resources developed during the project were shared through a dedicated knowledge website: www.sdgbeproject.mn
Ms. Matilda Dimovska, UNDP Resident Representative in Mongolia, added, "What we have done over the last four years has laid down roads—the foundation for a nationwide journey toward sustainable, human and environment centered development. The systems are in place, the tools are ready, and the vision is clear. So, now I call for taking what we have built together and moving forward with even greater determination."
The training of over 17,000 public sector officers in areas such as results-based management, budget oversight, employment promotion, and labour standards highlights the transformative impact of the project. This sustainability effort has created a multiplier effect, benefiting hundreds of thousand job seekers, unemployed individuals (including youth in remote areas and persons with disabilities), as well as employers seeking more productive and satisfied workers, and employees striving for better working conditions.
About European Union
The European Union is an economic and political union of 27 European countries. It is founded on the values of respect for human dignity, freedom, democracy, equality, the rule of law and respect for human rights, including the rights of persons belonging to minorities. It acts globally to promote sustainable development of societies, environment and economies, so that everyone can benefit.
About UNDP
UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries, we help nations to build integrated, lasting solutions for people and planet.
About FAO
The Food and Agriculture Organization of the United Nations (FAO) is the leading international agency dedicated to achieving food security for all and ensuring that no one is left behind. Active in over 130 countries, FAO works to eliminate hunger, improve nutrition, and promote sustainable agriculture. Guided by its Four Betters—Better Production, Better Nutrition, a Better Environment, and a Better Life—FAO partners with governments, organizations, and communities to deliver innovative, sustainable solutions to global challenges such as poverty, inequality, and climate change, creating a resilient and equitable future for people and the planet.
About ILO
Advancing social justice, promoting decent work.
The International Labour Organization is the United Nations agency for the world of work. We bring together governments, employers and workers to drive a human-centred approach to the future of work through employment creation, rights at work, social protection and social dialogue.
For further inquiries:
Otgongerel Kh., SDGBE Project Communications Officer (otgongerel.khalzanbanid@undp.org)
Tselmeg Chuluunbaatar, Press Officer,
Project knowledge website: https://sdgbeproject.mn/
Mongolia sees value in virtual collaborations www.peacecorps.gov
Interest in virtual, intercultural collaboration is growing among Peace Corps Mongolia's partner organizations. Since 2023, in addition to their in-person work, some Peace Corps Mongolia Volunteers have collaborated with partners to complete capacity-strengthening projects online. This enables organizations that are too remote to host a Volunteer to still benefit from collaboration with the Peace Corps while also expanding the Volunteers’ connections and knowledge of the country. Interest is so high and diverse that it has outpaced the volume and experience that the 44 current Volunteers can accommodate.
To meet the increasing number and complexity of partner projects, Peace Corps Mongolia decided to submit the partner requests for virtual collaboration through the agency’s third way to serve: the Virtual Service Pilot (VSP). VSP is especially useful in supporting partner projects that require more specialized skills or fall outside of Peace Corps Mongolia’s typical education sector.
“If the project and activities require someone with more experience or [an advanced] academic background in a specific field than the Volunteers we have in country, then we recommend VSP,” explained Ariunaa, who coordinates Peace Corps Mongolia's online collaborations.
Likewise, virtual service is a new way that U.S. citizens, who have special skills but may not be able to serve in person, can collaborate with Peace Corps partners. We asked a few of the recent Participants to share their experience.
Co-teaching conversational English with aviation staff
With direct flights between the United States and Mongolia now offered, the National Civil Aviation Center of Mongolia’s Aviation Training Center was interested in partnering with the Peace Corps for the first time to enhance their English language training. The training center was excited to provide their engineers and administrative staff members an opportunity to practice conversations with a native English speaker for 14 weeks.
One of the aviation staff members involved shared, “I find the English conversation class with my colleagues to be an amazing experience. It is not just about practicing English; it’s a space where we share personal stories, knowledge, challenges, and push ourselves beyond our comfort zones. This experience will help me communicate more fluently and confidently with English speakers.”
Enhancing an NGO guidebook with the United Nations Association
There are over 20,000 registered NGOs in Mongolia, but less than half are active due to a lack of capacity, financial opportunities, and support. The United Nations Association (UNA) Mongolia sought to change that by expanding its existing guidebook to include chapters on topics such as monitoring and evaluation, financial management, grants management, social entrepreneurship, and advocacy for social impact.
“By developing a comprehensive, ready-to-use guidebook on organizational strategy and management, we aim to provide a sustainable resource for all NGOs to improve their activities according to global best practices. We hope to hold several in-person and virtual workshops to disseminate the learnings,” shared UNA’s secretary general and VSP counterpart, Khishigjargal.
The VSPP involved, Nicora G., shared that even as a Returned Volunteer (Mongolia 2004-2006), virtual engagement allowed her to learn more about the local culture. “It has been interesting to learn about the growth and changes in Mongolia over the past 18 years since I lived there as a Peace Corps Volunteer. It was especially fun to see how the Naadam festival is celebrated in the capital, since I only experienced it in more rural settings. I was very intrigued to see the costume parade and to see the beautiful improvements to Sukhbaatar Square."
Supporting internship programming and mentoring young professionals
Jennifer M., who has over 15 years of related experience, quickly signed up to support the NGO for 25 weeks. Jennifer shared youth-empowerment resources and engaging workshop approaches, which her counterpart incorporated into their trainings for on-the-ground Volunteers and NGO trainers.
The CEO and founder of the NGO said, “The insights I have heard from youth participants are incredible. Participants have attended workshops [on] work-life balance and various soft skills, including stress management and self-observation. I have no doubt that these [lessons] will be important for these individuals in their personal ambitions and more.”
Ariunaa also shared that partners are excited for more online support early next year. “We received requests for virtual collaboration in a variety of sectors, such as environment, climate change, waste management, digital management system development, and social [work]. This shows that [we are] expanding our collaboration in variety of sectors through VSP,” she said.
Mongolia and the UAE Exchange Views on Expanding Bilateral Relations and Cooperation www.montsame.mn
During his working visit to the United Arab Emirates, Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai paid a courtesy call on Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates. At the meeting, the two sides discussed a wide range of issues related to expanding and developing Mongolia-UAE relations and cooperation.
Prime Minister Oyun-Erdene presented the 2024-2028 Action Program of the Government of Mongolia, outlining its key objectives. The two sides exchanged views on specific measures to expand bilateral trade and economic cooperation. The two parties reaffirmed their shared interest in advancing collaboration in mining, mineral resources, renewable energy, urban development, digital development, agriculture, and tourism, emphasizing the importance of mutually beneficial partnerships.
Sheikh Mohamed bin Zayed Al Nahyan expressed his full support for intensifying collaboration in these sectors, noting his confidence that joint efforts would elevate Mongolia-UAE relations and cooperation to a new level.
The two sides also agreed to cooperate and share experiences in preparation for Mongolia’s hosting of the 17th Session of the Conference of the Parties to the United Nations Convention to Combat Desertification (UNCCD COP 17) in 2026.
Implementation of Major Projects to Intensify Mongolia-France Cooperation Agreed to Commence in the Near Future www.montsame.mn
On December 3, 2024, Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai held a meeting with President of the French Republic Emmanuel Macron on the sidelines of the One Water Summit held in Riyadh, the Kingdom of Saudi Arabia.
At the meeting, the two sides expressed their interest in developing cooperation between Mongolia and France in the mining sector in an environment-friendly manner and collaborating to ensure water supply and water security in the Gobi region.
Furthermore, the parties expressed commitment to paying special attention to commencing and implementing major projects that would intensify Mongolia-France cooperation in the near future.
Exploring Solutions to Reduce Carbon Emissions and Supply Clean Energy in Ulaanbaatar www.montsame.mn
At the regular session of the Cabinet of Mongolia on December 4, 2024, Uchral Nyam-Osor, Head of the Cabinet Secretariat of Mongolia, presented measures aimed at reducing carbon emissions and providing clean energy in Ulaanbaatar, the capital city of Mongolia.
The population of Ulaanbaatar has increased by 27 percent over the past 10 years and tends to exceed 2.5 million by 2030 if this growth rate continues. Eighty percent of Ulaanbaatar’s air pollution is attributed to stoves used by households in ger districts and steam boilers operated by businesses and institutions. Ten percent comes from the more than 500 thousand vehicles on the roads, while the remaining portion is caused by other sources such as thermal power plants, ash ponds, road dust, and open waste. Although various measures have been implemented in recent years to reduce air pollution, the intended results have not yet been achieved.
Currently, the level of CO2 greenhouse gas emissions in Ulaanbaatar city exceeds the permissible limit by 30.7 percent, posing risks to public health. Alleviating carbon emissions through adopting clean energy or new decentralized energy sources, utilizing advanced and internationally qualified technologies, is being explored as a solution. This is an effective way to reduce air pollution in Ulaanbaatar in the short term. Most cities have adopted liquefied petroleum gas (LPG) as a thermal energy source, demonstrating that it is clean, safe, accessible, non-toxic, and more efficient. In Ulaanbaatar, it is feasible to implement such a project in three phases at the ger districts.
In connection with the presentation, the Cabinet assigned Minister of Energy of Mongolia Choijilsuren Battogtokh, and Governor of the Capital City and Mayor of Ulaanbaatar Nyambaatar Khishgee to study options for establishing decentralized energy systems in Ulaanbaatar and increasing installed capacity. They were also tasked with identifying solutions to provide households in ger districts with advanced energy sources, reducing their reliance on refined coal briquettes.
A tender worth 28 billion MNT has been announced to provide stoves to ger district households www.gogo.mn
The Ulaanbaatar City Procurement Department has launched a tender worth 28 billion MNT to supply standard-compliant stoves to households in ger districts.
According to the tender notice posted on tender.gov.mn, the project is titled “Procurement of Standard-Compliant Household Stoves within the Air and Environmental Pollution Reduction Program for Households Excluded from Ger District Redevelopment Plans.” It was publicly announced on December 2.
The total budget allocated for the tender is 28,296,000,000 MNT, or 28 billion MNT. A total of 32,000 stoves are to be purchased, which equates to 884,250 MNT per stove.
The project targets households in ger districts not included in redevelopment plans, aiming to increase the number of stoves meeting the MNS5216:2016 standard and ensure safe and healthy living conditions for residents.
Interested parties must submit their bids as outlined in the tender documents before 9:00 AM on December 24, 2024, with the tender opening scheduled for the same day.
Approximately 70% of all households in Mongolia live in ger districts, with 273,000 of these households located in Ulaanbaatar.
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