1 ERDENES TAVAN TOLGOI REVENUE SURGES DUE TO HIGHER COAL PRICES WWW.NEWS.MN PUBLISHED:2018/09/20      2 RUSSIA AND MONGOLIAN BORDER CROSSING NO. 487 WWW.NEWS.MN PUBLISHED:2018/09/20      3 WORLD ECONOMICS REPORTS THAT MONGOLIA’S EMPLOYMENT RATE HITS A FIVE-YEAR HIGH WWW.GOGO.MN PUBLISHED:2018/09/20      4 USD HITS RECORD HIGH IN MONGOLIA DUE TO HIGHER IMPORTS WWW.CHINA.ORG.CN PUBLISHED:2018/09/20      5 READOUT OF VICE PRESIDENT MIKE PENCE’S MEETING WITH PRIME MINISTER UKHNAA KHURELSUKH OF MONGOLIA WWW.WHITEHOUSE.GOV PUBLISHED:2018/09/20      6 MONGOLIA LAUNCHES EU-FUNDED PROJECTS TO PROMOTE GREEN DEVELOPMENT, ENVIRONMENTAL PROTECTION WWW.XINHUANET.COM PUBLISHED:2018/09/20      7 COAL EXPORTS FROM TOP SHIPPER HOBBLED WITH MINERS FACING CONSTRAINTS WWW.MINING.COM PUBLISHED:2018/09/20      8 FRONTIER'S "INVEST MONGOLIA TOKYO 2018" WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2018/09/19      9 U.S.-CHINA TRADE TUSSLE IS CREATING WINNERS IN SOUTHEAST ASIA WWW.BLOOMBERG.COM PUBLISHED:2018/09/19      10 YUSAKU MAEZAWA: THE JAPANESE BILLIONAIRE WHO WANTS TO FLY TO THE MOON WWW.BBC.COM PUBLISHED:2018/09/19      ШЕНГЕНИЙ БОГИНО ХУГАЦААНЫ ВИЗИЙН МЭДҮҮЛГИЙГ УЛААНБААТАР ХОТОД АВНА WWW.MEDEE.MN НИЙТЭЛСЭН:2018/09/19     2018 ЭХНИЙ 7 САРД МОНГОЛЧУУД ГАДААД РУУ ЭМЧИЛГЭЭНД ЯВАХДАА 19.5 САЯ АМ.ДОЛЛАР ЗАРЦУУЛЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19     ӨНӨӨДӨР ТӨВ ТАЛБАЙД 4000 АЖЛЫН БАЙРАНД БҮРТГЭНЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/09/19     ЗАЛУУЧУУДЫН ГАРААНЫ БИЗНЕСИЙН ШАЛГАРСАН ТӨСӨЛД 10,0 САЯ ТӨГРӨГИЙН ДЭМЖЛЭГ ҮЗҮҮЛЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/09/19     WORLD ECONOMICS: МОНГОЛЫН АЖИЛ ЭРХЛЭЛТИЙН ТҮВШИН СҮҮЛИЙН 5 ЖИЛИЙН ДЭЭД ТҮВШИНД ХҮРЛЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19     ERD: "ХӨНДИЙ" АЛТНЫ ТӨСЛИЙН ТОГТООГДСОН НӨӨЦ 751 МЯНГАН УНЦ АЛТ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19     ХЯТАДЫН $200 ТЭРБУМЫН ИМПОРТОД ТАРИФ ТОГТООВ WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/19     ШИВЭЭХҮРЭН БООМТООР ХОНОГТ 60-80 МЯНГАН ТОНН НҮҮРС ЭКСПОРТОЛЖ БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/09/19     БНХАУ-ЫН 200 ТЭРБУМ АМ.ДОЛЛАРЫН ИМПОРТОД 10 ХУВИЙН ТАРИФ НОГДУУЛАХ ШИЙДВЭР ИРЭХ 7 ХОНОГООС ХЭРЭГЖИНЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/18     ӨВӨЛ ЦАХИЛГААН СААТВАЛ ХОТ ДӨРВӨН ЦАГИЙН ДОТОР Л ХӨЛДӨНӨ WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/18    

Events

Name organizer Where
Frontier's "Invest Mongolia Tokyo 2018" Frontier Securities Tokyo Japan
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Russia sets up free trade zone with Syria www.rt.com

An agreement on creating a 'green customs corridor’ for agricultural products has been signed by Moscow and Damascus during a visit by a Russian delegation to Syria.
 
"Syrians are trying hard to supply high-quality products to the Russian market. Why shouldn't we take these products that give jobs to thousands, tens of thousands of Syrian people? We have agreed on this," Russian Deputy Prime Minister Dmitry Rogozin told TASS.
 
Rogozin has been heading a Russian delegation meeting Syria's President Bashar Assad to discuss economic assistance. He co-chairs a Russian-Syrian commission for trade and economic, scientific and technical cooperation.
 
"Syria was a successful country that used to sell oil, grain. Now it has neither oil nor grain nor many other products to meet the demands of the population," Rogozin said, adding that the commission will consider any means to support the country.
 
The heads of major private Russian industrial companies were in Damascus to present energy and transport projects to President Assad. "He personally guaranteed that Syria will create a most favored treatment for each Russian company," Rogozin said.
 
Syria applied to be part of a free trade zone with Russia two years ago. Negotiations have been going on since before the war erupted in the country.
 
According to Syrian Prime Minister Wael al-Halqi, the two countries have already signed nearly a billion dollars worth of agreements to develop energy, trade, finance and other sectors of the war-torn economy.
 
Syria has offered Russia a chance to explore and develop oil and gas on land and offshore. In particular, Russia was invited to upgrade the Baniyas refinery and construct a refinery with Iran and Venezuela.
 
The sides also aim a joint bank to facilitate transfers. The bank would be controlled 50-50 by the countries’ central banks.
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Fitch Downgrades Mongolia to 'B-'; Outlook Stable www.fitchratings.com

Fitch Ratings-Hong Kong-22 November 2016: Fitch Ratings has downgraded Mongolia's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B-' from 'B'. The Outlooks are Stable. The issue ratings on Mongolia's senior unsecured foreign-currency bonds have also been downgraded to 'B-' from 'B'. The Country Ceiling has been downgraded to 'B-' from 'B' and the Short-Term Foreign- and Local-Currency IDRs have been affirmed at 'B'.

KEY RATING DRIVERS

The downgrade of Mongolia's Long-Term IDRs reflects the following key rating drivers:

Mongolia's fiscal indicators have deteriorated significantly and external liquidity risks have increased. Large pre-election spending programmes and weaker economic growth contributed to a dramatic widening of the general government deficit to 19.7% of GDP in 2016, the highest among Fitch-rated sovereigns based on our adjusted measure that includes commercial spending by the Development Bank of Mongolia (DBM). Fitch expects greater borrowing and the sharp depreciation of the tugrik over the past year to push gross general government debt to 84.3% of GDP at end-2016, compared to the 'B' category median of 51.2%. Mongolia has repeatedly missed targets set under its Fiscal Stability Law, evidence of a poor track record of policy implementation.

External financing conditions and market access have tightened ahead of looming repayments on sovereign and sovereign-guaranteed debt. Mongolia's external liquidity will be tested by over USD2bn in sovereign external debt payments scheduled over 2017 and 2018. This includes the maturity of an USD580m sovereign-guaranteed bond issued by the DBM on 21 March 2017, and another USD500m sovereign bond due on 5 January 2018. Liquidity buffers have diminished over the year, despite the government raising USD750m through a syndicated loan and bond issuance in March and April respectively. Headline international reserves stood at USD1.1bn at end-September 2016, the lowest level since 2009. Fitch estimates a further USD0.6bn is still available to be drawn through the CNY15bn (USD2.2bn) swap agreement with the People's Bank of China (PBOC).

Mongolia's IDRs also reflect the following key rating drivers:

Weak public and external finances relative to 'B' category peers and a heavy dependence on commodities and China weigh on Mongolia's ratings, but these are balanced by the potential of a transformative improvement to the credit profile in the medium term as further projects to harness the country's vast natural resources make progress. Mongolia also scores well on political stability and lack of violence in the World Bank's governance indicators compared with other sovereigns in the 'B' category.

Fitch expects the termination of pre-election spending programmes and other one-off spending to help bring the deficit down to 11.5% of GDP in 2017. The agency's forecasts show a slower pace of fiscal consolidation than that envisioned by the authorities, reflecting weaker nominal growth expectations and a history of fiscal slippages. However the 65 out of 76 seat majority won by the Mongolian People's Party in the June 2016 election could create a political environment that is more stable and conducive for effective policy-making than under the previous "super coalition" government.

Fitch's expects that near-term refinancing pressures will be alleviated through some combination of multilateral and bilateral support, giving the new government time and space to implement macroeconomic policy reforms and stabilise economic conditions. The authorities have requested financial assistance from the IMF to help manage balance of payment pressures, and plan to finalise a programme by early next year prior to the repayment of the DBM bond. An IMF programme alone is unlikely to be sufficient to cover Mongolia's refinancing needs, but is expected to be accompanied by funding from other multilateral institutions, such as the World Bank, Asian Development Bank and the Japan International Cooperation Agency. The authorities are also in discussion with the PBOC to extend and expand the swap agreement, which is due to expire in August 2017.

Medium-term external debt sustainability depends on whether the new government can encourage foreign investment and expedite large-scale mining and infrastructure projects, as laid out in the Economic Stabilization Plan. Foreign direct investment inflows linked to the second phase of the Oyu Tolgoi project will bring approximately USD6bn into the country over six years, although Fitch expects 30%-40% will be used to import capital goods. A possible resumption of the development of Tavan Tolgoi coal mines and the development of associated transport and infrastructure projects could strengthen Mongolia's external accounts considerably. The surge in coal prices since May could add further incentive for stakeholders to strike agreements.

Mongolia's public debt dynamics are sensitive to exchange rate movements, with external loans and securities comprising 70% of the government debt stock. Monetary financing of pre-election policy loan programmes and the subsidised Housing Mortgage Program (HMP) sharply increased the money supply, weighing on the tugrik. Central bank lending to the general government has increased by MNT566bn (USD232m) year-to-date as of October 2016. The Bank of Mongolia increased policy rates by 450bp to 15% in August and introduced three-month Central Bank Bills to manage excess tugrik liquidity, and stave off deposit dollarisation. The pre-election policy loan programmes have since been terminated, and the Bank of Mongolia has committed to restrict new lending in the HMP only to what can be funded through repayments of existing loans. However any unplanned new fiscal activities financed through the central bank could contribute to further depreciation of the currency.

The use of Central Bank Bills to absorb liquidity, along with foreign-exchange losses on swap transactions, has contributed to a MNT1.2trn capital loss for the Bank of Mongolia between January and September 2016. While there is no requirement to resolve the Bank of Mongolia's negative capital position in the short term, it could ultimately affect the general government balance sheet through foregone dividends or eventual recapitalisation.

Fitch expects GDP growth of 0.5% in 2016 and 1.8% in 2017, substantially lower than the 10.4% average growth experienced between 2010 and 2015. Tight fiscal and monetary conditions are likely to weigh on growth over the next two years, though these would be balanced against higher investment and employment tied to the development of the second phase of Oyu Tolgoi. Growth in 2017 has the potential to swing considerably either side of our forecast, depending on the success of the Economic Stabilization Plan and external financing conditions. Low growth, a pick-up in the unemployment rate and the sharp tugrik depreciation have lifted the commercial bank non-performing loan ratio to 9.1% at end-October 2016, from 7.5% in December 2015. Fitch expects asset-quality pressures to continue.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Mongolia a score equivalent to a rating of 'B-' on the Long-Term Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM to arrive at the final Long-Term Foreign-Currency IDR by applying its QO, relative to rated peers, as follows:
- Macro: +1 notch, to reflect Mongolia's high medium-term growth prospects due to development of the second phase of Oyu Tolgoi. 
- External Finances: -1 notch, to reflect weaknesses in Mongolia's external finances not captured in the SRM, including the very high net external debt burden and large external financing needs relative to reserves.

Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three year centred averages, including one year of forecasts, to produce a score equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM.

RATING SENSITIVITIES
The Stable Outlook reflects Fitch's assessment that upside and downside risks to the rating are currently balanced.

The main factors that could lead to positive action, individually or collectively, are:
- Implementation of credible and coherent macroeconomic policy-making that improves Mongolia's basic economic stability.
- A track record of meeting stated fiscal targets, contributing to an improved outlook for government debt ratios.
- Evidence of substantial improvement in the country's medium-term external liquidity, for example through a build-up of reserve buffers, strong inflows of FDI or significant narrowing of the current-account deficit.

The main factors that could lead to negative action, individually, or collectively, are:
- Difficulty meeting imminent external financing needs, for example if multilateral and bilateral support is not forthcoming.
- A material increase in government debt ratios above Fitch's expectations, for example through a failure to meet fiscal targets and/or a sharp depreciation of the currency.
- Emergence of systemic financial stress

KEY ASSUMPTIONS

- Mongolia maintains stable political and economic relations with China, its largest export destination and key provider of its international liquidity resources.

 
 
 
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Ambassador hands over humanitarian assistance to North Korean side www.en.montsame.mn

Ulaanbaatar /MONTSAME/ Mongolian Ambassador to the Democratic People’s Republic of Korea S.Tsoggerel has handed over humanitarian aid from the Government of Mongolia, in connection with the disastrious flood that hit North Korea in late September, to the Deputy Minister for Foreign Affairs of DPRK Ri Kil Song.
 
The Ambassador noted that Mongolia is helping the people of disaster-stricken region with warm blankets and clothes.
 
Mr Ri Kil Song extended gratitude to the Government and people of Mongolia, who are extending the helping hand in the distressful times after a natural calamity, and emphasized that the aid will serve as physical and mental support to the citizens, who were suffering the disaster.
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China's Alibaba launches data center in Dubai www.xinhuanet.com

DUBAI, Nov. 21 (Xinhua) -- Alibaba Cloud, a cloud computing arm of China's Alibaba Group, said here on Monday that it launched a data center in Dubai.

Operated by YVOLV, a joint venture between Alibaba Cloud and United Arab Emirates (UAE) company Meraas Holdings, the data center will be the first "full-fledged public cloud" in the Middle East, said Alibaba Cloud and Meraas in a joint press conference.

It will serve the "increasing demand" for mission-critical, affordable and secure cloud computing in the region, they said.

Simon Hu, president of Alibaba Cloud, said that with the data center, global cloud network will be able to meet demands from enterprises which are going global.

Fahed Al-Hajeri, chief executive officer of YVOLV, confirmed that the cloud provider's achievements in its home market China "can be replicated in the region."

The project, he added, is in line with Dubai's smart city initiative and the Gulf state's strategic master plan "UAE vision 2021." The latter aims to transform the UAE, a major oil supplier, to the world's most competitive country.

Dubai, as one of the seven sheikhdoms forming the UAE, is considered its business and trade hub.

IT spending in the Middle East is expected to reach 212.9 billion U.S. dollars, which would represent a 3.7 percent year on year increase, Gartner, a U.S. IT research and consultancy firm said.

Editor: An

 
 
 
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Japan to form $900m investment fund with Russia www.dealstreetasia.com

Japanese and Russian state-backed lenders will create a fund to jointly invest in Moscow’s “priority development projects”, as the two countries look to promote business and diplomatic ties, the Nikkei reported. The Japan Bank for International Cooperation and the Russian Direct Investment Fund will form an about 100 billion yen ($901 million) fund, and each will contribute roughly half of the total amount to launch the development projects in 2017, the report said. The fund will invest in projects in fields of medicine, urban development and involve upgrades to manufacturing facilities, the Japanese daily reported. JBIC will form a venture with Russia’s Far East Investment and Export Agency and the Far East and Baikal Region Development Fund to encourage investment in a special economic zone, the report said. JBIC will also extend a new line of credit worth around 30 billion yen to Russia’s largest bank, Sberbank, subject to Western sanctions, the Nikkei reported. Progress on the economic side hinges on making headway on disputed islands off Hokkaido, Reuters reported earlier this month. “The territorial issue and economic cooperation are two sides of a coin,” a Japanese government official had told Reuters. “It’s meaningless if only economic cooperation moves ahead.”
 
 
 
 
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IBM invests in UK data centers as tech sector defies Brexit worries www.reuters.com

Global IT group IBM (IBM.N) will triple the number of its cloud data centers in Britain, it said on Tuesday, joining Facebook and Google in investing in the UK after its vote to leave the European Union.
 
IBM said it would build four new data centers to meet demand from its corporate and public sector clients who were increasingly storing data and managing their businesses in the cloud.
 
IBM Europe's general manger for cloud services, Sebastian Krause, said the investment reflected the strength of the UK economy and the size of the opportunity in cloud computing.
 
"UK customers truly understand the capabilities of cloud to drive innovation, to be more flexible on their business model, to have better insight for decision making, and to deliver better customer service," he said in an interview.
 
IBM had evaluated its cloud capacity in Britain before the June "Brexit" vote, he said, but it saw no reason to change course as a result of the decision.
 
"Everyone has concluded the UK economy will continue to be very strong and there will be significant opportunities with or without Brexit," he said.
 
Tech bosses have been balancing Britain's enthusiasm for technology and a deep pool of talent, fueled by world class universities, against the uncertainty of the country's future relationship with the European Union, and in particular the ability to attract workers from across the trading bloc.
 
Companies including Google (GOOGL.O) and Facebook (FB.O) have decided the advantages outweigh the risks, but they've emphasized the importance of being able to attract the best people.
 
IBM said its footprint in Britain would increase from two data centers to six, serving customers such as travel group Thomson, which is owned by TUI, retailers Boots and Dixons Carphone, and National Grid, as well as the government. It did not disclose the size of the investment.
 
Brexit also creates uncertainty about Britain's future compliance with European data protection rules, which have recently been overhauled.
 
Krause, however, said IBM was "well-equipped" for any post-Brexit scenario, and it had 10 data centers in continental Europe that it could also use if Britain did not adhere to any European standards in the future.
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Apple Abandons Development of Wireless Routers www.bloomberg.com

Apple Inc. has disbanded its division that develops wireless routers, another move to try to sharpen the company’s focus on consumer products that generate the bulk of its revenue, according to people familiar with the matter.
 
Apple began shutting down the wireless router team over the past year, dispersing engineers to other product development groups, including the one handling the Apple TV, said the people, who asked not to be named because the decision hasn’t been publicly announced.
 
Apple hasn’t refreshed its routers since 2013 following years of frequent updates to match new standards from the wireless industry. The decision to disband the team indicates the company isn’t currently pushing forward with new versions of its routers. An Apple spokeswoman declined to comment on the company’s plans.
 
Routers are access points that connect laptops, iPhones and other devices to the web without a cable. Apple currently sells three wireless routers, the AirPort Express, AirPort Extreme, and AirPort Time capsule. The Time capsule doubles as a backup storage hard drive for Mac computers.
 
The products, which cost $99, $199, and $299, respectively, make up a small slice of Apple’s revenue and are part of Apple’s “other products” category on its financial statements. The category, which includes the Apple Watch and Apple TV, generated $11.1 billion in fiscal 2016, or about 5 percent of total sales.
 
Apple shares rose 0.9 percent to $111.07 at 11:03 a.m. in New York Monday. They gained 4.6 percent this year through Friday.
 
Exiting the router business could make Apple’s product ecosystem less sticky. Some features of the AirPort routers, including wireless music playback, require an Apple device like an iPhone or Mac computer. If the company no longer sells wireless routers, some may have a reason to use other phones and PCs.
 
The core of the technology in routers comes from chipmakers such as Broadcom Ltd. that advance Wi-Fi technology through developing the fundamental components. While router makers can differentiate the design of their products, the number of antennas and the software that controls them, they reliant on advances first made by chipmakers to be able to offer new, higher-performing models.
 
Apple’s AirPorts have historically lagged behind those of companies such as D-Link Corp., Netgear Inc. and Belkin International Inc., which have rushed to adopt new standards. Apple, which has charged more for its routers, has focused more on integrating control of its devices into its computer operating system and industrial design. The company’s decision to leave the business may be a boon for other wireless router makers.
Earlier this year, Apple stopped making its own external monitors and in October introduced a new strategy by selling new high-resolution screens for professional users with LG Electronics Inc.
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Selfie app Meitu gauges interest in $750m IPO www.chinadaily.com

Chinese mainland mobile developer Meitu Inc said it started testing demand for a proposed Hong Kong initial public offering worth about $750 million, which could be the city's biggest technology listing in nearly a decade.
 
The Xiamen-based company, which makes apps used to touch up selfie photos, will gauge interest from potential investors from Monday through Dec 2, according to terms for the offering obtained by Bloomberg. Meitu plans to use about 35 percent of the IPO proceeds to expand its smart hardware business, while around 25 percent will go toward strategic investments and acquisitions.
 
Meitu hasn't set a target listing date or decided when it will begin taking orders for the share sale, the terms show.
 
The stock offering from Meitu could become a test case for mainland technology companies seeking to list in Hong Kong. A government crackdown on backdoor listings has made it tougher for businesses to raise money in the Chinese mainland, while some entrepreneurs believe US exchanges don't offer high enough valuations for their businesses.
 
At $750 million, the Meitu listing would be the biggest Hong Kong first-time share sale by a technology company since Alibaba.com Ltd's $1.7 billion offering in 2007, data compiled by Bloomberg show. Meitu plans to gauge demand this week from investors in Hong Kong, London, New York and Boston and will conduct calls with Singapore money managers, according to Monday's terms.
 
The company will meet select Asian investors next week, before starting a formal management roadshow at a later date. It plans to earmark about 15 percent of the IPO proceeds for sales and marketing, the terms show. Meitu will also use some of the money to expand its internet service and fund research and development.
 
Morgan Stanley, Credit Suisse Group AG and China Merchants Securities Co are joint sponsors of the offering.
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Canada to fully phase out coal power by 2030 www.mining.com

Canada’s Liberal government has taken a page from the Obama Administration’s books as it plans to completely phase out traditional coal power by 2030, Environment Minister Catherine McKenna announced Monday.
 
Ottawa also said it would work with the country’s four provinces that still burn coal for electricity — Alberta, Saskatchewan, Nova Scotia and New Brunswick — to reduce coal power-related greenhouse gas emissions coming from them, which are equivalent to 10% of Canada’s current totals.
 
The goal is to make sure 90% of the country's electricity comes from sustainable sources by that time — up from the current 80%, McKenna said.
 
The new regulation will accelerate the existing timetable – laid down by Canada’s Conservative government in 2012 – for the four provinces that still burn coal to either adopt technology to capture carbon emissions or shut down all coal plants and replace them with lower-emitting sources, such as Alberta is doing.
 
The move is expected to reduce greenhouse gas emissions by more than 5 megatonnes by 2030, which is the equivalent of taking 1.3 million cars off the road. This is in addition to the 10 megatonnes that Alberta's early phase-out of coal represents.
 
The plan includes a deal with Nova Scotia to give that province the flexibility it needs to shift directly from fossil fuels to cleaner sources of electricity, rather than switching to natural gas in the interim. McKenna noted her ministry is working on a similar agreement with Saskatchewan.
 
The minister also said the move is consistent with other countries' policies, such as France, the UK, Netherlands, Denmark and Austria, which have all accelerated their coal phase-out plans.
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MBD cooperates with Innocon Valley www.mongolianbusinessdatabase.com

Mongolian Business Database (MBD) and Finland based InnoCon Valley agreed to cooperate on Mongolian SME and Start-Up business development and their evolution.

According to the cooperation agreement, the parties will implement to business programmes in Helsinki Finland and Scandinavian countries, Germany, Israel and Ulaanbaatar Mongolia.

InnoCon Valley is the company which specialised market research, analyses, risk management, business model and market penetration. It has a branches in Israel, Germany and France.

MBD will also host a Mongolian Business missions to Sydney Australia with Mongolian Honorary-General Counsel in Sydney, Washington DC with North America and Mongolian Business Council, Prague Czech Republic with Czech Embassy in Mongolia and London UK with British Mongolia Chamber of Commerce in 2017.
The detailed information will be circulated in the near future.

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