|Frontier's "Invest Mongolia Tokyo 2018"||Frontier Securities||Tokyo Japan|
|"Open to Export" ICC WTO International business award||ICC WTO||London|
Indian Rusan Pharma www.rusanpharma.com trade delegation headed by Mr.Navin Singh, the regional director is going to visit to Mongolia from this week and MBD is hosting the business program.
Rusan Pharma Ltd. is a fully integrated global pharmaceutical company focusing and excelling in ‘De-Addiction and Pain Management’ solutions.
We offer a complete range of products for de-addiction and pain management in countries across the globe including Europe, UK, Russia, CIS, South Africa, Mauritius, Nepal and Myanmar. We are associated with a number of leading organizations such as NACO, UNODC, UNOPS, Global Fund and several Ministries globally.
The delegates will meet the Mongolian top 10 on the pharmacy production, import, distribution and the top officials on the sector
WASHINGTON/FRANKFURT/BEIJING (Reuters) - An increasingly shrill exchange of words between the United States and China that is threatening to trigger a global trade war has claimed another victim - Germany’s auto sector.
Luxury carmakers Daimler and BMW joined American farmers and Chinese solar panel and steel makers among the first casualties in what looks set to become a bitter trade war on a global scale of a kind not seen since the 1930s.
While most economists believe a tariff war between the world’s two largest economies will not derail global growth even if U.S. President Donald Trump follows through with duties on $450 billion of imports from China, individual industries such as agriculture, autos and technology look set to be hit hard.
Daimler on Wednesday cut its 2018 profit forecast while BMW, whose Spartanburg, South Carolina plant is the largest single exporter of vehicles in the United States, said it was looking at “strategic options” because of the threatened trade war.
The first test of whether a tariff war will indeed start comes on July 6, the date on which Trump has threatened to enact the first portion of duties on a planned $50 billion of imports from China.
Ulaanbaatar /MONTSAME/ Minister of Home Affairs of the Republic of India Rajnath Singh arrived in Mongolia today to pay an official visit at the invitation of Prime Minister of Mongolia U.Khurelsukh.
He was welcomed by officials led by Minister of Foreign Affairs D.Tsogtbaatar, Ambassador of Mongolia to India G.Ganbold and Senior Advisor to the Prime Minister B.Enkh-Amgalan at the Chinggis Khaan International Airport.
Minister of Home Affairs of India Rajnath Singh will pay a working visit to Mongolia on June 21-24 and he will call on President of Mongolia Kh.Battulga, Prime Minister U.Khurelsukh and will meet Deputy Prime Minister U.Enkhtuvshin and Minister of Justice and Home Affairs Ts.Nyamdorj.
BEIJING, June 21 (Xinhua) -- Chinese President Xi Jinping Thursday met with executives of a number of famous multinational companies, who are in Beijing to attend a special session of the round-table summit of the Global CEO Council.
Focusing on the summit's theme of opening up, cooperation and mutual benefit, Xi and the executives exchanged views on topics ranging from the Belt and Road Initiative, innovation and smart manufacturing, to green development and global governance.
Xi said the companies had participated in, witnessed, contributed to and benefited from the reform and opening-up drive of China over the past four decades, during which the country sustained rapid economic growth and helped more than 700 million of its people shake off poverty, according to UN standards.
Looking forward to the future, China had more confidence in reform and opening up, and more belief that opening up can be a key move for China's development, he said.
Since 2017, the global economy had seen steady and positive development. However, Xi said world economic growth was still weak, as trade protectionism, isolationism and populism continued to rise, and the challenges to world peace and development were getting more severe.
"In the new situation, opening up should never stop and quality of the opening up should be pursued," Xi said.
"People should carry out cooperation to help each other and face challenges together, while pursuing a win-win situation.
"The international community is a global village and should not engage in zero-sum games. The future of the world should be decided by all countries, with international rules written by all, global affairs jointly governed by all, and development progress shared by all. China is willing to work with other countries to build a community with a shared future for humanity," said the Chinese president.
He pointed out that the Belt and Road Initiative, which has greatly tapped potentials and benefited the people since it was launched five years ago, is not exclusive, but open and inclusive.
"It is not a solo performance of China but a chorus of countries along the route," he said. "We encourage multinational companies to cooperate with Chinese companies to achieve mutual benefits and realize more substantial results."
He emphasized that as innovation and development had become more popular, and innovation-driven development strategies advanced, the pace of China's technological innovation had become more steady.
"We always regard meeting the people's aspirations for a better life as the starting point and final objective of technological innovation," he said.
On green development, Xi said the modernization China is building is the one of harmonious coexistence between human and nature.
He stressed that China would impose the strictest rules and laws to protect the eco-environment in order to leave a sustainable environment to future generations.
Xi said that economic globalization had made important contributions to world economic development, and had become an irreversible trend.
"China will follow the principle of achieving shared growth through discussion and collaboration in engaging in global governance, continue to play a responsible role as a major country, actively participate in the reform and construction of global governance systems, and inject impetus into the reform and optimization of global governance," he said.
Xi called on the international community to "take the road of reform, opening up, innovation and development, and not to go backward to isolation, inflexibility, protectionism and unilateralism."
He stressed that foreign capital had played an active and important role in China's economic development and the process of deepening reform.
"Over the past 40 years, China's economic development has been achieved thanks to opening up. In the future, China's high-quality economic development must be pursued with even greater opening up," he said.
"China's door to the outside world will open even wider, rather than being closed," he said. "China will continue to greatly ease market access, create a more favorable environment for investors, strengthen the protection of intellectual property rights and expand imports to create a more relaxed and orderly environment for domestic and foreign entrepreneurs to invest and start businesses in China."
The entrepreneurs attending the meeting spoke highly of China's reform and opening-up achievements, and said they appreciated China's contribution to world economic growth.
They stressed that multinational corporations were pleased to be part of the reform process of China over the past 40 years, as they had benefited from the long-term growth of China while making their own contribution to China's development.
They said the rest of the world should increase their understanding of the Chinese culture and the governing of the Communist Party of China.
They said they appreciated China's firm support for globalization and its opposition to trade protectionism, as economic globalization was an irreversible trend.
The executives agreed that multinational corporations enjoy a constantly expanding space for development in China.
They said China had demonstrated its leading role in building a community with a shared future for humanity with contributions such as pushing to reach the Paris agreement on climate change.
They said transnational companies were willing to participate in the Belt and Road Initiative and expand exchange and cooperation with China in many areas to achieve greater development and grow with the Chinese economy....
SEOUL (Reuters) - Months before the first summit between leaders of two Koreas in 2000, South Korean tech giant Samsung Electronics Inc (005930.KS) invested $730,000 in Pyongyang’s top computer lab. North Korean programmers there would develop online chess games and food recipes for Samsung to sell outside the North.
Samsung quit the business as inter-Korea relations later deteriorated and the lab - Korea Computer Centre - was blacklisted last year for its alleged contribution to the North’s weapons program.
As companies from South Korea to Russia and China again look to cash in on easing tensions with Pyongyang, Samsung’s now defunct businesses in Pyongyang and hundreds of similar failed joint ventures underline North Korea’s status as one of the world’s highest-risk investment destinations.
Yet days before the historic meeting between U.S. President Donald Trump and North Korean leader Kim Jong Un in Singapore, a conference in Seoul to explore investment opportunities in North Korea drew about 600 attendees.
Samsung C&T Corp 028060.KS, the construction arm of South Korea’s largest conglomerate, set up a task force in May to review potential projects such as building railroads, a company official told Reuters on the sidelines of the conference.
“We are not clear yet on how to move in there, and want to know now how much risks we can take,” the official said, asking not to be named because he was not authorized to speak to media.
Russian gas giant Gazprom (GAZP.MM) and state-run Korea Gas Corp (KOGAS) (036460.KS) have held talks over the past two months to discuss a possible construction of gas pipelines passing through North Korea, a KOGAS spokesman said.
Other South Korean companies including retail giant Lotte and telecom company KT Corp (030200.KS) have also launched teams in recent weeks to study the resumption of stalled North Korea projects, officials said.
With vast mineral resources, poor transport networks, infrastructure and power facilities ripe for major upgrades and a population of nearly 26 million, North Korea is a potentially compelling investment opportunity once economic sanctions against it are lifted.
But risks range from political uncertainty to poor infrastructure, as well as the complexity of international sanctions that will continue to limit business even if they are gradually lifted, say several South Korean officials who have done business with North Korea.
In the case of Samsung, it could not expand its business in North Korea, partly due to U.S. sanctions that limit production of “dual use” items that can be used for weapons programmes, said Dong Yong-sueng, who advised the conglomerate on its North Korean business strategy.
“Samsung could not make even microwave ovens there. Why? The technology used in microwaves is the basis of missile guidance systems,” Dong said.
On June 20, Cabinet approved revisions to the bylaws of the Assistance Fund for Mongolian citizens living abroad and the appointment of the fund’s board members. The revisions will provide a regulatory framework for the management of translation costs associated with mutual legal assistance treaties held with other countries.
According to official data, more than 150,000 Mongolian citizens live abroad, and the number of criminal activities involving Mongolians, as victims and perpetrators, has been increasing. From 2009 to 2017, the Assistance Fund provided 1.3 billion MNT in financial support to Mongolian citizens living abroad, provided by through diplomatic missions in foreign countries.
During its weekly meeting, Cabinet updated the rules of the fund to support Mongolians living abroad. The fund operates to help over 150,000 Mongolian citizens living abroad and addresses some challenges facing them.
In response to requests from Mongolians living abroad, the fund has provided a financial support of 1.3 billion MNT from 2009 to 2017 through Mongolian diplomatic mission offices operating in foreign countries.
Almost half of the financial support was spent to bring back the bodies of Mongolians who deceased abroad, and the remaining was used to support citizens who were sentenced and lost their properties because of crimes.
The fund’s revenue was generated through the state budget, and aids and contributions of foreign countries, international organizations, domestic organizations and enterprises, and individuals.
Cabinet ministers agreed to implement some trial projects to reduce poverty, which were outlined in the government action plan 2016-2020.
The projects aim to address the shortage jobs across the country and provide people with sustainable employment by promoting permanent jobs.
Cabinet approved the minimum and maximum incomes of government officials who have authorities to spend the 2019 state budget.
Cabinet agreed to put forward amendments to the Law on Entity Income Tax to Parliament soon.
The government believes that the amendments will reduce expenses with respect to tax payments, enhance the legal and regulatory environment for entities, tax collection operations, and create a fair and transparent tax environment.
During the meeting, Cabinet members renewed a regulation regarding land evaluation to bring it closer to the market rate as the government believes that the regulation doesn’t meet the needs of the society because it has not been updated since 1996.
Cabinet also agreed that the National Veterinary and Sanitation Laboratory, National Laboratory for Drug Testing and Confirmation, and the state-owned Biocombinat factory will operate under the newly established National Veterinary Authority. The National Livestock Breeding and Genetics Resources Center and Science, Technology and Innovation Center on Agricultural Manufacturing will operate under the Ministry of Food, Agriculture and Light Industry.
Ulaanbaatar /MONTSAME/ A Consultative Commission Meeting of ‘Greater Tumen Initiative’ Program between Mongolia, Russia, China and Korea is taking place in Ulaanbaatar city on June 21-22. Over 100 delegates from the four countries are partaking in the consultative meeting, discussing Mongolia’s investment program, government policy and funding opportunities for priority sectors such as agriculture and mining.
According to the last ten years’ statistics, trade made with member states of the initiative Russia, China and Korea is making up 70-90 percent of total trade turnover of our country. Amongst it, Mongolia made over 80 percent of its export with China and about 30 percent of import with Russia. Whereas, investment made by member countries of the initiative to Mongolia equals to just 30 percent, highlighted Deputy Prime Minister U.Enkhtuvshin in his opening speech at a high-level discussion ‘Priority Development Programs: Financial Cooperation Initiatives’.
The Government of Mongolia is ensuring preparation to put ‘Tavan Tolgoi’ project into economic circulation and plan to implement the project in collaboration with private sector and foreign investors in open manner, he said. He also called on member countries of ‘Greater Tumen Initiative’ to establish trade facilitation agreement, to implement joint construction projects and to augment investment.
At the end of his speech, Deputy PM noted the Government is working to establish free trade zones in Altanbulag and Zamyn-Uud border checkpoints and develop export-oriented industry there and requested foreign investors to take part in it.
Furthermore, Director of Investment Policy Department of the National Development Agency L.Munkhbat introduced an investment program which include a total 115 projects worth USD 16.1 billion projected to be implemented in 2018-2021 in the scope of Government's Three Pillar Development Policy.
Financial cooperation is important to realize these projects and to augment investment in the frame of ‘Greater Tumen Initiative’, noted G.Batbayar, Executive Director of Development Bank of Mongolia.
ULAANBAATAR, June 21 (Reuters) - The Mongolian government on Thursday submitted plans to parliament to list a chunk of the state-owned company that holds the giant Tavan Tolgoi coal mine.
The potential initial public offering comes as the country looks to kickstart the long-delayed development of one of the world’s largest coking coal deposits, with international coal prices picking up after years in the doldrums.
Mining minister Sumiyabazar Dolgorsuren presented a bill to parliament proposing the sale of up to 30 percent of the project on domestic and international stock markets, according to a notice on Mongolia’s official parliamentary website. The potential value of an IPO was not mentioned.
The government said in a statement on Wednesday that it would also speed up plans to build a $1 billion coal-fired power plant near the mine, as well as a 247-kilometre railway that would help deliver Tavan Tolgoi’s coal to the Chinese border.
“The government believes that the economic benefits of the deposit will increase,” it said in the statement.
Tavan Tolgoi, in the Gobi desert about 250 kilometres (155 miles) from the Chinese border, has an estimated 7.4 billion tonnes of reserves and is considered one of Mongolia’s flagship mining projects. It is run by state-owned Erdenes Tavan Tolgoi.
However, it has been held back by poor infrastructure and weak coal prices as well as disputes over the role foreign investment should play in Mongolia’s economic development.
As early as 2011, Mongolia appointed BNP Paribas, Deutsche Bank and Goldman Sachs and Macquarie to lead an IPO for Tavan Tolgoi said to be worth as much as $15 billion, and previous administrations have discussed a triple listing for the project in London, Hong Kong and Ulaanbaatar.
Mongolia also allowed international investors to bid to develop the mine’s western block in 2011, but shelved the plan amid complaints from Japan and South Korea that the process was unfair.
In late 2014, a consortium consisting of Mongolia’s Energy Resources LLC., China’s Shenhua Energy and the Sumitomo Corporation of Japan was selected to invest $4 billion in the project. However, talks with the government collapsed in 2016 after a plunge in coal prices.
Some analysts still doubt Mongolia is ready to launch the IPO.
“I am still not convinced Tavan Tolgoi is moving any time soon as unresolved major issues still remain, such as funding for the railway and (coal) washing plant,” said Mogi Badral Bontoi, head of Cover Mongolia, an Ulaanbaatar-based market intelligence firm.
“Will the Chinese be involved again? Without resolving these issues, both on paper and politically the (Tavan Tolgoi) IPO is still far from reality,” he said. (Reporting by Michael Kohn Editing by David Stanway and Joseph Radford)
Aspire Mining Limited announced that a coal sample from Nuurstei’s coking coal project has been found to be of premium quality, according to the latest pilot coke testing.
Managing Director of Aspire Mining Ltd. David Paull noted, “The pilot coke testing results proved that it is possible to sell the Nuurstei project’s coking coal to Japan, South Korea and China’s steel manufacturers." The Nuurstei coking coal project is located in Khuvsgul Province and is connected to the Erdenet railway route.
The company's stock price rose by 4.35 percent on the Australian Stock Exchange after the announcement was made. Aspire Mining owns 90 percent of the Ovoot coal project and plans to build an Erdenet-Ovoot railway.