During the meeting, the sides reciprocally affirmed that they are for Mongolia-US partnership relations based on common values and strategic interest and shared views on regional and international cooperation matters, the second MCC compact that Mongolia’s government is working to establish with the US Millennium Challenge Corporation as well as other issues.

The same day, the Minister visited the John Hopkins University and delivered speech on ‘Changing world: changing roles of small countries’ and answered to interested questions about Mongolia’s foreign policy and the latest process in the region.

The event brought together about 80 attendants including scholars and researchers of US scientific and research institutes, students and representatives of public organizations and embassies in Washington D.C.

M.Unurzul

Speaking at the Mongolia Economic Forum on Tuesday, Arnaud Soirat, the head of Rio’s copper business, said Mongolia had all ingredients to become a “successful resource nation” but only if it honoured agreements around issues such as tax and royalty payments.

“The world is watching how Oyu Tolgoi develops. It is a test case for future investment in Mongolia which brings with it jobs, new business opportunities and community development,” he told delegates, including government ministers.

A resource-rich nation of just 3.1m people, Mongolia desperately needs foreign direct investment. Last year, the country, which is sandwiched between China and Russia, turned to the International Monetary Fund for a bailout as bond payments loomed.

Rio is currently the largest foreign investor in Mongolia. It has ploughed more than $7bn into the first phase of the Oyu Tolgoi. It is planning to spend a further $5.5bn on developing an underground mine that will unlock the project’s full potential.

But these plans are under threat. Earlier this year, the cash strapped government hit Rio with a $155m tax bill, while members of parliament have set up a working group to review the agreements that underpin the development of the Oyu Tolgoi mine.

Analysts say much of the frustration with the contracts can be traced to the government’s decision to take a 34 per cent equity stake in Oyu Tolgoi. To finance its share of the mine’s development costs Ulan Bator has had to borrow money from a Rio subsidiary. Until that debt is paid off it cannot receive dividends.

“Protecting agreements and honouring contracts is critical – particularly in mining where time horizons are long and upfront investment is massive”, said Mr Soirat. “When agreements and contracts are honoured – it gives international investors’ confidence the same will be done for them.”

Mr Soirat also touched on the tax row in his speech, saying that resource-rich countries like Mongolia should aim “to foster dispute resolution mechanisms and forums that yield fair and fact-based results.”

Rio has said it will take the tax dispute to international arbitration if it cannot reach agreement with the government.

“Mongolia has all the ingredients to become a successful resource nation and to use her mineral revenue to fuel sustainable, long-term, diversified growth,” said Mr Siorat. “But the three things I talked about are critical: a safe and secure climate for investment… adherence to the rule of law… and a clear signal to the world about the value of doing business here in Mongolia.”

The floating nuclear power plant will take on board a supply of nuclear fuel and will then be towed to Pevek, a small town in the Far Eastern region of Chukotka. The port of Pevek, which is located in Russia’s extreme northeast, is separated from the US state of Alaska by the 86-km (53 mile) wide Bering Strait.

The power plant is set to start providing electricity for homes as soon as in 2019, replacing a coal-powered plant and an old nuclear power plant that provides electricity to more than 50,000 people in the region.

According to Rosatom, small sea-borne power units are best suited for remote areas. The plants may help to reduce greenhouse gas emissions, which are blamed for global warming. Power plants of this kind are able to operate without stopping or the need for refueling for up to five years. The vessels were created to make it possible to supply electricity to hard-to-reach regions of the huge country.

However, green campaigners have raised some concerns over the risk of nuclear accidents. Greenpeace has dubbed Akademik Lomonosov the “nuclear Titanic.” Various environmental protection groups sent Rosatom a letter, calling for full and unrestricted regulatory oversight of the vessel. The floating power plant will not just generate electricity for Pevek, it will be used for oil and gas exploration as Russia is pushing development further north into the Arctic.

The deal would mean Sony would indirectly own about 90% of the record label and its some two million songs by artists from Queen and Carole King to Alicia Keys and Pharrell Williams.

Sony said it was thrilled with the deal, which is subject to approval.

The announcement comes as Sony prepares to unveil its mid-term plan on Tuesday.

EMI, which has its headquarters in London, is currently owned by a consortium led by Sony. It is one of the world's biggest music publishing firms. Sony already owns 2.3 million music copyrights, including the Beatles catalogue.

The Japanese tech giant's deal, announced on Tuesday with the Abu Dhabi-based investment firm Mubadala, will mean EMI will become a consolidated subsidiary of Sony.

Mubadala's private equity arm has controlled and managed EMI Music Publishing on behalf of Mubadala and other third-party investors since 2012, Sony said on Tuesday. Before that, EMI was owned by Citigroup.

"We are thrilled to bring EMI Music Publishing into the Sony family and maintain our number one position in the music publishing industry," Sony's president and chief executive Kenichiro Yoshida said on Tuesday.

Mr Yoshida said the music business had enjoyed a resurgence over the past couple of years, driven largely by the rise of paid subscription-based streaming services.

"In the entertainment space, we are focusing on building a strong IP portfolio, and I believe this acquisition will be a particularly significant milestone for our long-term growth," he said.

Changes ahead
Later on Tuesday Sony is expected to unveil a three-year plan to move away from making any more gadgets and towards a bigger focus on gaming subscriptions and entertainment.

Earlier this month the firm bought a stake in Peanuts, the company behind Charlie Brown and Snoopy.

The deal to buy up a controlling stake in EMI is very much part of Sony's plans to realign its business, analysts said.

In April, it reported a net income of 380bn yen for last year, a seven-fold increase on 2016.

Almost all of its divisions saw an improved performance, but the PlayStation unit was a particular standout - it saw sales jump almost 300%.

Sony's former chief executive Kazuo Hirai handed the reins over to then-finance chief Kenichiro Yoshida earlier this year.

Mr Yoshida and Mr Hirai were instrumental in turning Sony around to focus on smartphone image sensors.

Under their efforts, the Japanese electronics giant also sold off its struggling PC business and launched the successful PlayStation 4 video game console.

At present, Mongolia is recovering from an economic crisis rooted in a collapse in foreign investment and commodity prices, which forced it to turn to the International Monetary Fund (IMF) last year to help repay debts.

The government said that thanks to strong demand for commodities, Mongolia's economy grew an annual 6.1 percent in 2018's first quarter, compared with 5.1 percent last year and 1 percent in 2016.

But the landlocked nation remains desperate for funds to build the infrastructure to bring its huge copper and coal reserves to market.

"Even though we have good figures on the economy we still have issues to solve," Zandanshatar Gombojav, chief cabinet secretary, told the Mongolian Economic Forum on Monday.

The plan to get private-public partnerships will involve 113 projects. The government has not provided details, but officials said they will include transportation infrastructure near the largely undeveloped Tavan Tolgoi coal mine.

However, doubts have been expressed that the government will fulfil its aim to mobilise private capital to fund more than 90 percent of the programme.

"Nobody would believe in a fairy tale that in two years there will be 38.3 trillion tugriks in investment," said Lkhagvajav Baatarjav, chairman of the Mongolian National Chamber of Commerce and Industry, speaking at Monday forum. "It will barely reach 2 trillion tugriks."

He said the situation was not helped by political instability, noting that Mongolia had four prime ministers and around 60 government ministers in just four years.

In 2017, Mongolia received $10.3 billion in foreign and domestic direct investment, up 44 percent from a year earlier, thanks largely to mining, Zandanshatar said.

Mongolia's biggest project is the Oyu Tolgoi copper-gold mine in the Gobi desert, run by Anglo-Australian mining giant Rio Tinto, launched in 2009.

But political disputes have delayed its expansion, and it has been the subject in a corruption investigation that has led to the arrest of two former prime ministers and an ex-finance minister who signed the 2009 investment deal.

"We have to consolidate our views on development policies. The public-private partnership is very important for the development of the economy," said Mongolian Prime minister Ukhnaa Hurelsukh at the opening ceremony of the forum.

Over 1,000 domestic and foreign representatives will attend the two-day event.

The annual forum is designed to provide a platform for constructive discussion among key stakeholders, including government, business, civil society and academia, with added input from potential foreign investors and donors.

This year's forum is expected to cover topics such as reviving the economy, speeding up capital market development, building a harassment-free business environment, improving the tax system and investment policies. Enditem

Statistics showed that only three EU countries have seen their investments increase. Those are Sweden (from 23.9 percent of GDP in 2007 to 24.9 percent), Austria by 0.6 percent and Germany by 0.2 percent.

Last year, all EU countries invested around €3 billion ($3.5 billion) in public and private investments. The construction industry accounted for nearly half of investments, while machinery, equipment and weapons systems accounted for 31 percent. Investments into intellectual property products were 19 percent.

The EU’s investment fund (the European Fund for Strategic Investments), which was set up in the aftermath of the financial crisis to address the investment deficit, has mobilized €284 billion ($335 billion) to date. It plans to raise €500 billion ($590 billion) by 2020.

According to the European Investment Bank’s website “it aims to mobilize private investments in projects which are strategically important for the EU.”

The Russian billionaire did not attend Saturday's FA Cup final at Wembley when the Blues beat Manchester United 1-0.

A source close to the 51-year-old suggested he was in the process of renewing his visa, and said it was taking a little longer than usual.

Asked about the visa, Security Minister Ben Wallace said: "We do not routinely comment on individual cases."

Mr Abramovich's office said it does not discuss personal matters with the media.

Reports suggest his investor visa expired three weeks ago.

The delay comes amid increased diplomatic tensions between London and Moscow after the poisoning of former Russian spy Sergei Skripal in Salisbury.

BBC home affairs correspondent, Daniel Sandford said Mr Abramovich appears to be able to run his businesses in Russia without significant interference from the Kremlin, suggesting that he is reasonably close to President Vladimir Putin.

But he said it was not clear if the delay in renewing his visa is in any way linked to the deterioration in relations between the two countries.

Mr Abramovich, who made his fortune in oil and gas in the 1990s, became owner of the companies that control Chelsea in 2003.

According to the Sunday Times Rich List, he is Britain's 13th-richest man, with a net worth of £9.3bn.

He owns a mansion on Kensington Palace Gardens, the most expensive street in London.

Mr Abramovich is also the former governor of the remote Chukotka region in Russia's Far East.

He has been a regular visitor to the UK since buying Chelsea, attending many of the home matches, and has been to Wembley for previous cup finals.

His private Boeing 767 left the UK on 1 April. It has since travelled to Moscow, New York, Monaco and Switzerland but does not seem to have returned to Britain.

The 51-year-old is one of Russia's richest billionaires
He reportedly sold dolls before making his fortune in oil during the perestroika years in the 1990s
Mr Abramovich was a one-time business partner of the late tycoon Boris Berezovky, an associate of former Russian President Boris Yeltsin
Critics say the two businessmen used their Kremlin "family" ties to acquire key state companies for below market value
Abramovich served as governor of Russia's Chukotka region
He is believed to be close to current Russian President Vladimir Putin

Mongolia Economic Forum is non- political and non-governmental organization, which was designed to provide a platform for constructive discussion among key stakeholders. The inaugural forum, held in 2010 under the motto “together we can”, while this year forum adopted a theme “Uniting the power”.

During the two-day event government officials, private sector players, foreign investors and donors will attend discussion on key issues such as Integrated foreign investment policy, Development strategy and model, as well as Effective dialogue and cooperation between government and private stakeholders.

In addition, discussions on Sustainable and responsible Mining industry, Tourism and civil aviation, Current state and perspectives of finance and stock market are to be conducted during first day panel sessions.

The forum opens with keynote remarks of Prime Minister U.Khurelsukh, followed by speech of Parliament Speaker M.Enkhbold.

In total 12 sessions will be held within the frame of MEF-2018

Main sessions:

Mongolian Development strategy and model
Industrial Revolution
Open discussions:

Foreign Investment Integrated Policy of Mongolia
Mongolia Branding
Open discussions:

Redevelopment in provincial areas- New perspectives
Tourism sector and civil aviation
Decentralized development, regional development
Attracting investment from Finance and Stock market
Mining, Infrastructure, Transport and Logistics
Mega Projects
Pension reform and National Welfare Fund.