According to the latest data released by the National Statistics Office, the industrial sector recorded a robust performance in 2024, with total industrial production increasing by five percent compared to the previous year. The total production was estimated at 32.2 trillion MNT, a growth of 1.5 trillion MNT year-on-year. This increase was primarily driven by expansions in the mining, quarrying, and energy sectors.

Production in the mining and extractive industries reached 22.8 trillion MNT in 2024, which was 1.2 trillion MNT, or 5.7 percent, higher than the previous year. The growth in this sector was largely attributed to hard and lignite coal mining, which increased by 834.7 billion MNT, or 8.8 percent, and metal ore mining, which rose by 509.1 billion MNT, or 4.9 percent. The electricity, gas, steam, and air conditioning sector also demonstrated significant growth, with production increasing by 191.2 billion MNT, or 10.2 percent.

In terms of physical volume, the production of copper concentrate, enriched coal, iron ore, zinc concentrate, fluorspar and iron ore concentrate increased by 12 percent to 50.6 percent year-on-year. However, the production of silver concentrate, unrefined gold, oil and fluorspar declined, showing decreases of five percent to 32.5 percent. In the processing industry, the output of key products such as lime, coal briquettes, liquid milk, beverages, cement and beef grew by 0.6 percent to 15.1 percent. On the other hand, products including pure alcohol, flour, cashmere knitwear, cathode copper and combed cashmere saw declines ranging from 4.2 percent to 46.3 percent.

The sales of industrial products in 2024 reached 50.4 trillion MNT, reflecting an increase of 6.6 percent, or 3.1 trillion MNT, compared to the same period in the previous year. Sales in the mining and extraction sector rose by 2.7 trillion MNT, or 7.5 percent, while the energy sector recorded a sales increase of 185.5 billion MNT, or 9.9 percent.

Preliminary data indicates that 36.2 trillion MNT worth of industrial products were sold in foreign markets. Of this, 60 percent came from coal mining, 35.6 percent from metal ore mining, 3.1 percent from oil mining, and 1.3 percent from other mineral mining sectors.

China’s record coal purchases last year were driven by big increases in supplies from Australia and Mongolia, while Russian cargoes actually fell.

Now that Chinese demand is flattening, Mongolia could be best placed to hold or even grow its market share in its southern neighbor at Russia’s expense.

While total imports surged 14% to 543 million tons in 2024, Australian shipments recorded a whopping gain of nearly 60%, according to customs data on Monday. Exports from Mongolia were 19% higher. Indonesia remained China’s biggest supplier, although the increase last year was relatively modest.

The bonanza enjoyed by Australian miners underscores how diplomatic relations have improved after China’s ban on their shipments at the start of the decade. For all of the strategic ties between Beijing and Moscow, Russia is losing out because its coal is too expensive, and new US sanctions could make exports even less attractive to Chinese buyers this year.

Mongolia, meanwhile, benefits from its proximity to China and is seeking to cement that with better rail connections. Unlike Australia, which ships coal far and wide and can respond to rising prices elsewhere in Asia, the vast majority of Mongolia’s customers are in one country.

The rearrangement of trade flows comes as China’s import needs are expected to moderate this year due to a glut of domestic coal, which is likely to pressure prices and cap profits for exporters. But the country’s still short of the higher grade fuel used by the steel industry, which favors Australian and Mongolian suppliers.

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Mongolia accounted for 60% of its southern neighbor’s coking coal imports for steelmaking last year. Prior objections on national security grounds to aligning the country’s track specifications with China’s have been overcome, and the government is now pushing for improved rail links at the border that could eventually double coal cargoes to China, according to a parliamentary resolution last month.

China’s steel industry is in bad shape and production is expected to drop in coming years, so the outlook is far from rosy. But Mongolia has an eye on improving its position as a thermal coal supplier, as well.

Its parliament has also endorsed 16-year term supplies from its biggest miner, Erdenes Tavan Tolgoi JSC, to four Chinese firms, including the nation’s biggest utility, China Energy Investment Corp. Those deals are expected to deliver an annual 20 million tons of coal when they peak in five year’s time.

On the Wire

BHP Group said iron ore output in its second quarter edged up 1% from the year before, as long-term demand for the steelmaking material is pressured by a bleaker outlook for China’s economy.

Chinese refiners boosted purchases of crude oil from the North Sea and the Mediterranean, as Asian processors widen their search for replacement barrels following the recent US sanctions targeting Russian oil.

The London Metal Exchange has approved Hong Kong as a warehouse location for the first time as the bourse seeks a stronger link to mainland China — the world’s biggest metals market.

China’s deflationary pressures were most severe in its industrial sector for a second straight year, in a sign of a deep imbalance between supply and demand that’s driving prices lower across the economy and inflaming trade tensions.

This Week’s Diary

(All times Beijing unless noted.)

Tuesday, Jan. 21:

CNPC’s report on oil and gas markets in 2024, briefing in Beijing at 14:00

Wednesday, Jan. 22:

CCTD’s weekly online briefing on Chinese coal, 15:00

Cnooc’s 2025 strategy briefing in HK, 17:00

CSIA’s weekly polysilicon price assessment

Thursday, Jan. 23:

CSIA’s weekly solar wafer price assessment

Friday, Jan. 24:

China’s weekly iron ore port stockpiles

Shanghai exchange weekly commodities inventory, ~15:30

IFC, a member of the World Bank Group, has announced the appointment of Matthieu Le Blan as Resident Representative for Mongolia, based in Ulaanbaatar.

Le Blan will focus on coordinating IFC’s program of investment and advisory activities to support economic diversification, job creation and sustainable growth, aligning with the World Bank Group’s strategic priorities in Mongolia.

Le Blan brings over 25 years of experience in private sector and infrastructure development financing across Central Europe, the Caucasus, Central Asia and Mongolia. Prior to joining IFC, he served as Country Representative for Mongolia at the Global Green Growth Institute (GGGI), where he worked on developing solar heating and energy efficiency projects.

“IFC has a strong track record of fostering innovations that address some of Mongolia’s most pressing development challenges,” said Le Blan. “I am excited to collaborate with public and private partners to generate positive development outcomes for the people of Mongolia.”

Since 1997, IFC has invested and mobilized over $5 billion in Mongolia, supporting private sector projects in areas such as sustainable mining, banking, hospitality, services, and finance for Micro, Small and Medium-sized enterprises. IFC has also been expanding its advisory services to the Mongolian government and firms to spur private sector development in key sectors such as livestock, renewables, and the financial industry.

Le Blan held various positions at the European Bank for Reconstruction and Development from 2001 until 2017, including Country Representative for Mongolia between 2013 and 2017, then was Board Director of the largest Wind Farm of the country. Prior to joining GGGI, he worked in UNOPS as Senior Partnerships Advisor for Central Asia.

Le Blan holds a master’s degree in economy and public management from Sciences-Po Paris.

About IFC

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.

State Secretary of the Ministry of Road and Transport Batbold Sandagdorj and President of the Kuwait Directorate General of Civil Aviation (DGCA) Sheikh Humoud Mubarak Al-Jaber Al-Sabah signed an Agreement on Air Relations between the Government of Mongolia and the Government of Kuwait on January 19, 2025, in Kuwait City.

The Agreement establishes a legal framework for direct flights between Mongolia and The State of Kuwait.

The Agreement will provide the basis for the airlines of the two countries to operate direct flights, which will have economic significance for Mongolia to use as a connecting point for new flights to European countries, as well as increasing passenger traffic, promoting tourism, boosting trade and economic turnover between the two countries, facilitating logistics of meat exports from Mongolia to Kuwait, and making the flow of exports consistent.

After signing the Agreement, State Secretary Batbold and President of the DGCA Sheikh Humoud Mubarak Al-Jaber Al-Sabah held an official meeting. Highlighting the role of the road and transport sector as the foundation for expanding and developing cooperation in the economic, trade, tourism, culture, and education sectors, State Secretary Batbold expressed the country’s interest in launching direct flights between the two countries in the near future.

President of the DGCA Sheikh Humoud Mubarak Al-Jaber Al-Sabah expressed his support for launching direct flights between the two countries and noted that he would hold meetings on this issue with Kuwait Airways and Al Jazeera Airlines and study the possibilities. He further noted that the DGCA is working with relevant Kuwaiti organizations on establishing an intergovernmental agreement on the mutual exemption from visa requirements between Mongolia and The State of Kuwait.

This year marks the 50th anniversary of the establishment of diplomatic relations between Mongolia and The State of Kuwait.

As of the end of December 2024, the savings in Tugrug, the national currency of Mongolia, reached MNT 22.1 trillion, an increase of MNT 989.1 billion, or 4.7 percent compared to the previous month and an increase of MNT 4.9 trillion, or 28.8 percent, compared to the same period of 2023.

Of the total Tugrug savings, MNT 19 trillion (86.1 percent) is made by individuals, whereas MNT 3.1 trillion (13.9 percent) by enterprises.

Moreover, savings in foreign currency reached MNT 4.9 trillion, which is an increase of MNT 325.1 billion (7.2 percent) compared to November 2024 and a decrease of MNT 142.6 billion (2.9 percent) compared to the same period last year.

Honorable Ochirbat Punsalmaa, First President of Mongolia, passed away on January 17, 2025, aged 83.

The State and people of Mongolia are inflicted an irreparable loss and deeply saddened by the passing of the First President of Mongolia Ochirbat Punsalmaa, a distinguished statesman, public figure, and a beloved son of Mongolia.

Mr. Ochirbat was the Chairman of the Commission mandated to draft Mongolia's new democratic Constitution and played a pivotal role in consolidating constitutionalism and rule of law in Mongolia, expanding Mongolia's foreign relations and strengthening Mongolia’s position in international community.

Ochirbat Punsalmaa was born the son of herder Punsalmaa on January 23, 1942, at the Bunkhant area in Tudevtei soum of Zavkhan aimag, Mongolia. After completing secondary education in 1951-1960 at schools #8 and #14, young Ochirbat was enrolled in the Leningrad Institute of Mining from which he graduated in 1960-1965 with a degree in mining engineering. Mr. Ochirbat Punsalmaa earned a PhD in Technical Sciences in 1975 and a Doctor of Economics in 1999.

The first President of Mongolia Ochirbat Punsalmaa began his career as a specialist at the Ministry of Industry in 1966. He served as the Chief Engineer at the Shariin Gol Mine between 1967-1972. He served as the Deputy Minister for Fuel, Energy, and Geology in 1972-1976, Minister for Fuel, Energy, and Geology in 1976-1985, Chairman of the State Commission for Foreign Economic Relations in 1985-1987, Minister for Foreign Economic Relations in 1987-1990, Chairman of the Presidium of the People’s Great Khural of the Mongolian People’s Republic between March 21, 1990, and September 1990, President of the Mongolian People’s Republic between September 3, 1990, and February 1992, and President of Mongolia from February 12, 1992. Mr. Ochirbat won the Mongolian Presidential Election of 1993, earning the trust of the Mongolian people, and served until June 1997.

The first President of Mongolia Ochirbat Punsalmaa chaired the Board of the Mongolian University of Science and Technology (MUST) between 1999 and 2001 and served as a Leading Professor of the Professors’ Team at the Center for Ecology and Sustainable Development at the Mongolian University of Science and Technology from 2000, Member of the Constitutional Court of Mongolia between 2004 and 2016, and a Consulting Professor at the School of Geology and Mining of the MUST from 2010.

Mr. Ochirbat Punsalmaa was an Academician and Member of the Mongolian Academy of Sciences, an Honorary Doctorate of the Mongolian University of Science and Technology, the Dankook University of the Republic of Korea, and the Saint Petersburg Mining University of the Russian Federation. He was also a Member of the International Academy of Environmental Safety, a Leading Member of the World Academy of Mining Sciences, an Honorary Lawyer at Wesleyan University in the United States, and an Honorary Professor at L.N. Gumilyov Eurasian National University of the Republic of Kazakhstan.

Mr. Ochirbat Punsalmaa evaluated the current state of Mongolia's mining industry and outlined its development prospects. He had authored numerous valuable independent and collaborative works, including a seven-volume compendium titled “Development Strategy of Mineral Resources and Ecology of Mongolia,” "Development Strategy of the Precious Mineral Complex and Ecology of Mongolia," "Development Strategy for Coal Industry and Ecology," "Fundamentals of Mineral Enrichment Technology, Mining Technology, Economics, and Ecology," and a four-volume set titled "Mining Economics, Business, and Management," among many others, addressing geological and mining-related issues and proposing solutions to them. He had also written numerous books, monographs, articles, and essays on socio-political topics such as "The Constitution of Mongolia, Its Implementation, Oversight, and Research," "Development of Mongolian Democracy," and "The Time of Heaven," all accessible to the public.

During his seven years in office as President of Mongolia, Ochirbat Punsalmaa honorably fulfilled the responsible duties of the Head of State of Mongolia and made weighty contributions to creating a new legal environment for achieving the country's historic goal of transitioning to democracy and a market economy, reforming the governance, and consolidating social harmony and consensus.

In recognition of his outstanding service to the development and prosperity of his motherland Mongolia, Mr. Ochirbat was awarded the Order of the Polar Star in 1972, the Supreme Decoration of Mongolian State, Order of Chinggis Khaan, in 2005, and the State Premium of Mongolia in 2022 for his seven-volume joint work "Mining Technology, Economics, and Ecology". Moreover, he received various titles and decorations, such as the "Distinguished Miner" Order of the Union of Soviet Socialist Republics, the Soviet Order of Miners Honor of I, II, and III degrees, the Honorary Medal of Energy, the Order of Labor Merit of Hungary, the Grand Order of Mugunghwa, the Supreme Order of the Republic of Korea, the “Torch of Liberty” Award of the United States.

A man of humble, gentle, friendly, humane, diligent, and steadfast character, and one who deeply respected culture and heritage and honored harmony, the first President of Mongolia, Academician Ochirbat Punsalmaa, and his science-based, principled, and creative cause, will forever be cherished in the hearts of the Mongolian people.

We, the Mongolians, for generations, will honor and remember your contributions to the development of Mongolia.

Khurelsukh Ukhnaa,

Amarbayasgalan Dashzegve,

Oyun-Erdene Luvsannamsrai,

Bayasgalan Gungaa,

Uchral Nyam-Osor,

Sanjsuren Bandi,

Unurbayar Gombosuren,

Gombojav Jamba

Gonchigkhand Byambaa moved from Mongolia to Dublin in December 2017 after meeting her husband in her home country.

“We met in Mongolia. That time I was learning English and he was learning Mongolian. So we met through our friend and we stayed in Mongolia for three years, then I came to Ireland with him. It was actually a blessing. It was a great move for my life, I have no regrets.”

The couple now have two children, one girl (13) starting secondary school and a boy who is in junior infants in a Gaelscoil.

Shortly after making the move to Ireland, Byambaa lost her mother and father.

“I just landed and got a huge shock, a culture shock and I had to deal with my enormous losses in a different language and different culture,” she says.

“That’s why I started my activism here in Ireland, it was a way of coping.

“I realised that Mongolians did not integrate at all, they didn’t know what services were available, what their rights are. I started e-mailing NGOs [non-governmental organisations] that were working for migrants, just explaining that I’m Mongolian, I want to translate your news into Mongolian language and if possible I want to liaise the people to your services.”

The Immigrant Council of Ireland took her up on the offer. “I was one of the initiators of their We Are Here Too movement,” Byambaa says. “That campaign was highlighting migrant women who are facing domestic abuse in Ireland, raising awareness of the services that are available for migrant women and that there was more awareness needed from the State.”

Coming from a nomadic background herself, Byambaa says she was shocked by the treatment of Travellers in Ireland. She recalls learning about their shared culture. “We are quite amazingly connected by a nomadism. That’s how I really started to learn about Irish culture,” she says.

Struck by the contents of a documentary featuring Senator Eileen Flynn, the first Traveller woman in the Oireachtas, Byambaa decided to work with the Southside Travellers Action Group.

“I watched a documentary. Senator Eileen Flynn, she was talking about how the Irish Travellers are being treated. That hit me very hard. I couldn’t believe that the Irish government could discriminate [against] their own indigenous people that harshly because [the] Irish government put up a very nice image in the international community that they’re defenders of human rights,” Byambaa says.

Having studied social science as an undergraduate in Mongolia, Byambaa has fully immersed herself in community activism since moving to Ireland. She is currently working towards gaining a master’s in community and youth work at Maynooth University.

As the festival ambassador for Dublin Lunar New Year 2025, Byambaa has been busy preparing in advance of January 25th, when the celebrations kick off.

“We have many different events, including stand up comedy, film screenings, live performance and cooking and other workshops. As the Asian community, it’s a great opportunity to learn from each other,” she says.

The festival will culminate in a flagship event at Meeting House Square on February 2nd, with dance performances, street food markets and the opportunity to play some traditional Lunar New Year games.

I had no expectations of Ireland because the first I learned that Ireland existed [was] from my boyfriend

“In Mongolia, this year is going to be the year of the snake,” says Byambaa, “Snake represents kindness, beauty, and most importantly prosperity for everyone.

“We are basically asking for forgiveness and kindness from mother nature for the coming months. For the nomadic people, we are welcoming baby animals ... We take time to appreciate what we have … it’s the most sacred time and everyone celebrates it.”

Despite coming to Ireland with “no expectations”, Byambaa says she has been taken aback by “the friendliness and warmth of Irish people”.

“Here is really friendly. The friendliness and the warmth of Irish people is different. The friendliness is a huge contrast from my culture. We are quite a neutral-faced people, we don’t really express our emotion. So in Ireland, people smile a lot and say hello to each other, it’s these kind of small things that many people have taken for granted. It’s actually really nice for migrants like me,” she says.

“I had no expectations of Ireland because the first I learned that Ireland existed [was] from my boyfriend, now my husband. He [told me] that there was a country called Ireland, it’s a beautiful country,” she says. “So I healed my broken heart with the Irish beautiful, magical forest. I walked a lot and I met Irish people.”

Although challenging, Byambaa says she found living through the Covid lockdowns in Ireland to be a largely positive experience compared to that of her friends and family in Mongolia. “My experience being locked down in Dublin, and my sister’s experience in lockdown in Mongolia was like a completely different world,” she says.

“The government did not fearmonger too much, like in Mongolia … It wasn’t like there was a military helicopter following everyone. In Mongolia, it was totally locked down. There was no walking space anyway because the city is not planned well, so people went crazy and outside the apartments in Mongolia there was police officers and military tanks.”

Another “cultural shock” for Byambaa was “the greenness all the time” in Ireland, “because Mongolia has four really different seasons”. “I couldn’t believe that it was green all the time,” she says.

Byambaa says she has already visited every county in Ireland, with the exception of Donegal. “When we got engaged here in Ireland, our honeymoon was to travel the counties by train,” she says.

“It’s a very small country, and each county has their own unique beauty.”

The Standing Committee on Industrialization Policy and Standing Committee on Environment, Food, and Agriculture of the State Great Khural (Parliament) of Mongolia held a joint meeting on January 14, 2025, to discuss the Government presentation on the current status and trends of industrial water supply and water use.

‘Water utilization in Mongolia was 594.8 million m3/year in 2021, 606.2 million m3/year in 2022, 679.1 million m3/year in 2023, and 618 million m3/year according to the preliminary report for 2024. The water utilization in the agricultural sector accounted for 48.6 percent, the mining sector for 26.1 percent, while water use for drinking and domestic purposes made up 14.5 percent, the energy sector used 5.8 percent, and the industrial and services sector accounted for 5.0 percent," stated State Secretary of the Ministry of Environment and Climate Change Battulga Erkhembayar

The revenue from water and spring resource use fee generated MNT 48.1 billion in 2021, MNT 50.9 billion in 2022, MNT 85 billion in 2023, and MNT 74.3 billion as of November 30, 2024. In addition, the revenue from natural resource use fee, in other words, fee for utilization of land, water, forest, wildlife, and plant resources, which is collected to the aimag and soum budget, totaled MNT 882 billion in 2020-2023.

In 2021, the rate of water resource use fees for mineral extraction, copper concentrate, fluoride enrichment, and the production of alcohol, beer, and alcoholic beverages was increased from 10 percent to 25 percent for surface water, and from 20 percent to 35 percent for groundwater.

However, the water fee can be reduced by 50 percent if water is softened or mineralized for drinking and domestic purposes, and the fee can be fully exempted, when the water is used for wildlife protection, wild animal breeding, and resettlement, as well as when water from snow, rain, and flood is collected and used for livestock farm and agricultural purposes.

In 2023, MNT 54.3 billion was budgeted for environment protection and natural resource restoration measures, and MNT 41.2 billion was spent, according to the performance report.

In his presentation, the State Secretary highlighted the need to implement comprehensive management measures, such as introducing new and advanced technologies for water conservation in the South Gobi region, where mining production is growing rapidly, reusing rainwater and treated domestic water, and changing the flow regime of some major rivers to accumulate and use. He emphasized the need to improve inter-sectoral coordination and cooperation to meet the ever-increasing demand for water.

After the presentations, members of the Standing Committees expressed opinions and put suggestions, including improving water protection, raising the water use fees for industrial purposes to an appropriate level, making the fee reduction and exemptions to businesses that recycle water by building treatment facilities more effective, improving the legal and regulatory framework for water reuse, ending the use of natural clean water in production and agriculture, and intensifying the implementation of the Kherlen-Toonot and Orkhon-Ongi projects.

On January 17 2025, Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai attended the signing ceremony of the Investment Agreement to collaborate on a uranium project between the Government of Mongolia and the "Orano Mining" company of the French Republic and delivered remarks. We present the full speech of Prime Minister Oyun-Erdene.

Dear Mongolians,

Dear International Investors,

Today, Mongolia is signing an Investment Agreement with France on cooperation in a uranium project. This agreement is of historic significance as it is the second major investment agreement Mongolia has signed with a third neighbor.

There is a saying, "A Mongolian Yes is a Pledge." While it is not easy to make a deal through open debate with the Parliament, once a deal is made, it is legally stable. The Government of Mongolia will strictly adhere to the Investment Agreement and Intergovernmental Agreement approved by the State Great Khural.

Witnessing this historic moment, the honorable members and officials of the State Great Khural and Government of Mongolia, Minister Delegate for Foreign Trade and French Nationals Abroad Laurent Saint-Martin, Ambassador of the Republic of France to Mongolia Corinne Pereira, CEO of “Orano” Group Nicolas Maes, I would like to express my gratitude to you all and congratulate you on the 60th anniversary of the establishment of diplomatic relations between Mongolia and France, which is marked this year.

I would like to emphasize that the Republic of France is our “third neighbor” and a close and reliable partner in Europe. On behalf of the Government, I would like to express my gratitude to President of Mongolia Khurelsukh Ukhnaa, Chairman of the State Great Khural Amarbayasgalan Dashzegve, the members of Parliament who openly discussed and approved the investment agreement at the sessions of the State Great Khural, the leaders of the political parties in Parliament, the Working Group of the Government, and academics in the field.

As part of the systemic reform for implementing the long-term development policy of Mongolia “Vision-2050,” Mongolia transitioned to a mixed electoral system with the amendments to the Constitution in 2023. As a result of the 2024 parliamentary elections, a Joint Government was formed and proposed the “Courage for Rapid Development” Program, announcing the implementation of 14 mega projects that had been stalled for many years due to political reasons.

The Joint Government has managed to launch its third mega project today. In terms of its socio-economic importance, I believe this project will give countries confidence in Mongolia’s investment environment and will be the starting point for an important revival of foreign direct investment, particularly investment into clean energy. We are taking an important step towards fulfilling the obligations and commitments to the United Nations and the international community under the 2015 Paris Agreement on combating climate change. As part of this project, 68.9 thousand tons of uranium, the main raw material for green energy, nuclear energy, will be produced, reducing the country's greenhouse gas emissions by 3.9 billion tons, compared to traditional coal-fueled power plants.

I would like to note that Mongolia is putting its natural resources into economic circulation towards the production of clean energy. The implementation of this project will bring about USD 5 billion in revenue to the Mongolian people, and USD 44 million will be directly transferred to the rural development fund to support rural communities and finance their education, health, and social development.

The project is unique in that the revenue from the project will be directly collected in the savings accounts of citizens in the Savings Fund of the “National Wealth Fund” from the moment the project is launched in accordance with the Law on the National Wealth Fund, without waiting for dividends. This Investment Agreement proves to countries that the Law on the National Wealth Fund does not restrict investors but rather provides a legal environment that ensures citizens’ participation and support for large projects through holding mutually beneficial deals.

The parties have agreed to follow international standards based on the good practices of Kazakhstan in project implementation, and I would like to remind the investor that the Mongolian people and civil society organizations require all obligations under the agreement to be strictly fulfilled, including environmental protection, rehabilitation, and quality standards. I also hope that new uranium mining technologies and know-how that meet French and European Union standards will be introduced to Mongolia, new types of factories be built, 1,600 highly qualified specialists trained, and a skilled human resource formed from Mongolian citizens, as reflected in the agreement

As the country with the fastest growing economy since COVID, Mongolia is ready to work with governments, investors, and wealth funds from all over the world to develop mutually beneficial investment cooperation in mineral resources, clean energy production, agriculture, tourism, transport logistics, and infrastructure. May Mongolia prosper under the eternal blue sky."

Pope Francis has praised the “profound religious renewal” that has taken place in Mongolia since the 1990s.

In a meeting on Monday with a delegation of Mongolian Buddhists, Pope Francis said that the country has “reclaimed” its “rich religious heritage” by “reviving traditional spiritual practices and integrating them into the nation’s development”.

From 1921 until the late 1980s, Mongolia was a one-party state with close ties to the Soviet Union, and religion was violently repressed. Buddhism was the main target of the repression, being by far the largest religion in the country, which is also home to small numbers of Muslims, shamanists, and Christians.

Holy See-Mongolia relations

The Pope said that the meeting – the first to be held in the Vatican between a Mongolian Buddhist delegation and a Pope – was of “particular significance”, and reflected the “friendly and enduring relations” between the Holy See and the “noble people of Mongolia”.

The Buddhist delegation was accompanied by Cardinal Giorgio Marengo, the Apostolic Prefect of Ulaanbaatar.

In September, Pope Francis visited Mongolia, becoming the first Pope ever to do so.

The Jubilee Year

Pope Francis also noted that the Buddhists’ visit comes amid the Church’s 2025 Holy Year, a time of “pilgrimage, reconciliation and hope”.

“In a time marked by natural disasters and human conflicts,” the Pope said, “this Holy Year calls us to the shared goal of building a more peaceful world.”

He also emphasised that religious leaders, each rooted in their own teachings, bear a collective responsibility to “renounce violence and embrace a culture of peace.”

In this regard, the Pope praised the Buddhists’ “commitment to religious freedom and dialogue”, saying that such “fraternal solidarity” enriches Mongolian society just as its increasing material prosperity does.

Visit to Rome

The Pope brought his address to a conclusion by saying that he hoped that the Buddhists’ stay in Rome would be “enjoyable and enriching”.

He encouraged his guests to “preserve in fostering … dialogue, fraternity, religious freedom, justice and social harmony”, and to continue strengthening their relations with the Catholic Church in Mongola, “for the sake of the peace and wellbeing of all”.