1 MONGOLIA PM FACES LIKELY CONFIDENCE VOTE AMID CORRUPTION CLAIMS WWW.AFP.COM PUBLISHED:2025/06/02      2 RIO TINTO FINDS ITS MEGA-MINE STUCK BETWEEN TWO MONGOLIAN STRONGMEN WWW.AFR.COM PUBLISHED:2025/06/02      3 SECRETARY RUBIO’S CALL WITH MONGOLIAN FOREIGN MINISTER BATTSETSEG, MAY 30, 2025 WWW.MN.USEMBASSY.GOV  PUBLISHED:2025/06/02      4 REGULAR TRAIN RIDES ON THE ULAANBAATAR-BEIJING RAILWAY ROUTE TO BE RESUMED WWW.MONTSAME.MN PUBLISHED:2025/06/02      5 MONGOLIAN DANCE TEAMS WIN THREE GOLD MEDALS AT THE WORLD CHAMPIONSHIP CHOREOGRAPHY LATIN 2025 WWW.MONTSAME.MN  PUBLISHED:2025/06/02      6 RUSSIA STARTS BUYING POTATOES FROM MONGOLIA WWW.CHARTER97.ORG PUBLISHED:2025/06/02      7 MONGOLIA BANS ONLINE GAMBLING, BETTING AND PAID LOTTERIES WWW.QAZINFORM.COM PUBLISHED:2025/06/02      8 HOW DISMANTLING THE US MILLENNIUM CHALLENGE CORPORATION WILL UNDERMINE MONGOLIA WWW.THEDIPLOMAT.COM PUBLISHED:2025/05/30      9 ORBMINCO ADVANCES BRONZE FOX PROJECT IN KINCORA COPPER PROJECT IN MONGOLIA WWW.DISCOVERYALERT.COM.AU PUBLISHED:2025/05/30      10 MONGOLIA SOLAR ENERGY SECTOR GROWTH: 1,000 MW BY 2025 SUCCESS WWW.PVKNOWHOW.COM PUBLISHED:2025/05/30      ЕРӨНХИЙЛӨГЧ У.ХҮРЭЛСҮХ, С.БЕРДЫМУХАМЕДОВ НАР АЛБАН ЁСНЫ ХЭЛЭЛЦЭЭ ХИЙЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/02     Н.НОМТОЙБАЯР: ДАРААГИЙН ЕРӨНХИЙ САЙД ТОДРОХ НЬ ЦАГ ХУГАЦААНЫ АСУУДАЛ БОЛСОН WWW.ITOIM.MN НИЙТЭЛСЭН:2025/06/02     Л.ТӨР-ОД МҮХАҮТ-ЫН ГҮЙЦЭТГЭХ ЗАХИРЛААР Х.БАТТУЛГЫН ХҮНИЙГ ЗҮТГҮҮЛЭХ ҮҮ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     ЦЕГ: ЗУНЫ ЗУГАА ТОГЛОЛТЫН ҮЕЭР 10 ХУТГА ХУРААЖ, СОГТУУРСАН 22 ИРГЭНИЙГ АР ГЭРТ НЬ ХҮЛЭЭЛГЭН ӨГСӨН WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     УУЛ УУРХАЙН ТЭЭВЭРЛЭЛТИЙГ БҮРЭН ЗОГСООЖ, ШАЛГАНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     ГАДНЫ КИБЕР ХАЛДЛАГЫН 11 ХУВЬ НЬ УИХ, 70 ХУВЬ НЬ ЗАСГИЙН ГАЗАР РУУ ЧИГЛЭДЭГ WWW.ZINDAA.MN НИЙТЭЛСЭН:2025/06/02     НИЙТИЙН ОРОН СУУЦНЫ 1 М.КВ-ЫН ДУНДАЖ ҮНЭ 3.6 САЯ ТӨГРӨГ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/02     ГОВИЙН БҮСИЙН ЧИГЛЭЛД УУЛ УУРХАЙН ТЭЭВЭРЛЭЛТИЙГ БҮРЭН ЗОГСООНО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/05/30     СОР17 УЛААНБААТАР ХОТНОО 2026 ОНЫ НАЙМДУГААР САРЫН 17-28-НД БОЛНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/05/30     НИЙСЛЭЛИЙН ТӨР, ЗАХИРГААНЫ БАЙГУУЛЛАГЫН АЖИЛ 07:00 ЦАГТ ЭХЭЛЖ 16:00 ЦАГТ ТАРНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/05/30    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Berjaya Food to launch Krispy Kreme in Mongolia with sub-franchisee www.worldcoffeeportal.com

The deal is the franchise group’s latest move to strengthen its international footprint following agreements to expand its licensed Starbucks and Paris Baguette businesses outside of Malaysia 
Berjaya Food has signed an agreement with BlueMon Group to launch Krispy Kreme in Mongolia. 
The Kuala Lumpur-based franchise group brought the US doughnut and coffee chain to Malaysia in 2009 and currently operates 30 licensed stores across its home market. 
In a joint press release, BlueMon Group said the move was part of its strategy to elevate Mongolia’s consumer landscape with globally respected brands and tap into rising consumer demand for modern dining and lifestyle trends. 
Ulaanbaatar-based BlueMon Group currently operates 37 outlets across five restaurant brands, including youth-focused Tse Pub, hot pot concept The Bull and licensed South Korean brand Dessert39. 
“We are pleased to join forces with BlueMon Group to expand Krispy Kreme’s presence into Mongolia. Mongolia presents a promising market with a rising appetite for quality food experiences and we believe Krispy Kreme’s iconic offerings, and strong brand equity will resonate deeply with consumers there,” said Dato’ Sydney Quays, Group CEO, Berjaya Food. 
Launching Krispy Kreme in Mongolia is the latest move by Berjaya Food to diversify its operations and tap into revenue streams outside of Malaysia. The franchise group has penned several deals to sub-franchise South Korean bakery-café chain Paris Baguette outside of its home market, including in Brunei, Thailand and the UAE.  
In August 2024, Berjaya Food also secured licensing rights to operate US coffee giant Starbucks in Denmark, Finland and Iceland. The Kuala Lumpur-based group currently operates 400 licensed Starbucks stores in Malaysia and is set to launch the coffee chain in Iceland with two stores in Reykjavik in May 2025. 
World Coffee Portal research shows that Mongolia has one of the smallest branded coffee shop markets in East Asia, with less than 200 outlets. However, several international operators have successfully expanded in the market, including South Korean brands Caffebene, Tom N Toms Coffee and TOUS les JOURS, Italy’s Segafredo Zanetti and Germany’s Coffee Fellows. 
In May 2024, fast-growing South Korean chain Mega Coffee made its international debut in Mongolia and has since expanded to four sites across the capital city Ulaanbaatar.

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Mongolia: The Land of Dunes, Diplomacy, and a Fragile Democracy www.konichivalue.com

Sandwiched between China and Russia, Mongolia is a rising geopolitical hotspot, ultra-rich in resources, yet dirt poor, recently backed by unlikely allies like Japan and South Korea. From Ulaanbaatar’s grit to the Gobi’s towering dunes, I explore how its fragile democracy and fierce independence are shaping its future.
When I was a kid, my dad would often talk fondly of his backpacking journey through Vietnam and Cambodia in the 80s, when both countries were cautiously opening up to the world, curious locals crowded around wherever he went, fascinated by the rare sight of a foreigner, and where a single governmental misstep could shatter their fragile path toward the future.
Mongolia today has that same embryonic energy.
The capital of Mongolia is rugged and raw. Drab Soviet-era apartment blocks line the potholed streets, relics of an old empire’s embrace.
I arrived in Ulaanbaatar (or UB as the locals call it) in late April, stepping out of the plane into a city that felt like it had just emerged from a war no one remembers. On the city’s surrounding mountain outskirts, traditional ger tents (yurts) sprawl in improvised neighborhoods, thick black smoke from their chimneys mixing with coal dust in the sharp spring air.
The UB skyline is a clash of eras: The first shopping mall in UB, the State Department Store with socialist realism vibe stands beside cranes erecting modern high-rises, such as the Shangri-La hotel district, a city within a city filled with bars and restaurants indistinguishable from their New York counterparts. Modern LED billboards with global celebrities are peppered along the buildings. Yet, locals are staring at us like we're the first foreigners to ever set foot there.
In the central square, a grand statue of Chinggis Khan presides, as if reminding Mongolians of a far older legacy than the Soviet one.
Then there's the traffic… Traffic obeys a logic of its own, with armies of aging Japanese vans clogging roads as far as the eye can see. In fact, nearly 95% of all vehicles imported into Mongolia are used cars, and about 90% of those come from Japan. Every taxi we took was a Toyota with the dashboard still in Japanese, and often even the built in GPS system stuck in Japanese, accompanied by a nasal Japanese female voice, begging the driver to slow down.
How the Mongolian flag would look if the locals could decide
Many of these cars are right-hand drive – built for Japanese left-side roads – yet Mongolians drive on the right. It’s a daily reminder that Mongolia makes do with hand-me-downs from its wealthier friends.
At night, my friend Danay performed at a comedy bar in central UB that might as well have been a sister club to the Laugh Factory in Los Angeles, where young Mongolians in trendy clothes laughed their asses off to comedians with incredible delivery, while Korean pop songs mixed with American hip-hop were pumped out between sets.
My friend Danay Kidane performing at UB Comedy in Ulaanbaatar
Mongolia’s younger generation has basically skipped the one-channel state propaganda TV era and dived straight into the internet age. Especially South Korean soft power, is everywhere. K-pop, K-dramas, Korean brands. It’s common to hear BTS or Blackpink playing in cafes and see Korean script on shop signs. A recent survey found over 80% of young Mongolians have positive views of countries like South Korea, Japan, and the US, and Korean and English-language media are wildly popular.
This is Ulaanbaatar in 2025: A city where Lenin’s shadow has given way to K-pop and where a statue of a camel caravan celebrating the Silk Road trade sits oddly in front of a shiny new shopping mall.
After a couple of days in the capital, we met up with my dear friend and tour-guide Zolo, to set out for the mighty Gobi Desert.
We got introduced to our driver, a sturdy man who looked like he could survive in the desert with a pocket knife; the kind of skill you'll need if you spend time in the mongolian countryside, where asphalt roads are rare and Temperatures can swing from +20°C to -20°C in a single day!
As we drove out in a Toyota Hiace modified to handle the roughest of terrains, UB’s chaotic bustle gave way to vast open steppes. We were practically alone on an infinite plain under a pale blue sky.
Mongolia is nicknamed the “Land of the Blue Sky,” and it lived up to it. The horizon in every direction was an endless dome of blue, with not a single power line or high-rise in sight.
Hour after hour, we drove south, sometimes on paved roads, often on dirt tracks that the driver navigated by memory. We passed the occasional settlement – clusters of gers and maybe a lone gas station – but mostly we saw unspoiled nothingness.
Mongolia is one of the least densely populated countries on Earth. With just about 3.3 million people in a country the size of Western Europe, you can drive the distance from Sweden to Spain without seeing another soul…
When we arrived in the Gobi desert, the Khongor dunes rose before us like an golden wall. With Zolo guiding our path we climbed barefoot, slipping and toiling upward, each step forward pulling us half a step back. When we finally reached the crest, the scene was surreal: Stretching endlessly ahead were dunes shaped by fierce southern winds into an alien landscape, barren and wild, just like the sands of Arrakis from Dune.
On our third day, we reached Bayanzag, famously known as the Flaming Cliffs.
Bayanzag is where American explorer Roy Chapman Andrews discovered dinosaur eggs in the 1920s. Despite its historical significance, the fiery orange sandstone cliffs were as unexplored as when Roy set foot there, allowing us to roam freely, which felt painfully refreshing in contrast tourist hotspots like the Grand Canyon.
Mongolia today reminded me of these Flaming Cliffs: Striking, filled with unexplored treasures that could either stay this way or become as exploited as mount Fuji.
Mongolia’s shield from China and Russia: the Third Neighbor Policy
Geography has dealt Mongolia a tricky hand. Squeezed between Russia and China, two autocratic behemoths, Mongolia is literally and figuratively a democracy in a tight spot.
North lies Russia — once Mongolia’s patron, instrumental in shaping and defending its modern statehood during the communist era (see the 1921 Mongolian Revolution), now a predatory pariah, lashing out beyond its borders and threatening the fragile balance of its neighbors.
South lies China – Mongolia’s biggest trading partner and a rising global superpower that makes many Mongolians uneasy. The two share a long and tangled history, from Genghis Khan’s conquests to centuries of imperial rule under the Manchu. That tension remains palpable today, sharpened by China’s treatment of ethnic Mongolians in Inner Mongolia (now part of China), where teaching the Mongolian language was recently outlawed, a move seen as cultural erasure. Mongolia needs China’s business, but it's people hate Chinese influence.
Mongolia’s response to this predicament has been a savvy foreign policy dubbed the “third neighbor” policy. Since it has only two physical neighbors, Mongolia seeks out distant friends to act as metaphorical third neighbors. Japan and South Korea stand out as two of those key partners, along with countries like the United States and members of the EU.
Ulaanbaatar enjoys strong diplomatic ties with Tokyo and Seoul – all three share democratic values in a region where democracy is scarce. But the main strength of these ties comes from the Mongolian people. All the the Mongolians I've talked were far more interested in developing strong ties with Japan and South Korea than their immediate neighbors.
When it comes to Japan, I was constantly struck by the little connections. The fleet of Toyota cars on the streets is one obvious link. But Japan’s influence doesn’t stop at cars. Infrastructure and aid are a big part of the story. Ever since Mongolia’s democratic transition, Japan has been a major aid donor, earning a special fondness among Mongolians who often say “a friend in need is a friend indeed” about Japan’s help in the 1990s. One can spot signs of Japan-funded projects around UB, from schools to hospitals. The most monumental example is the brand-new international airport. Mongolia’s main airport was relocated and opened in 2021, a modern facility built with 93% financing from Japan’s aid agency (JICA). Not only was it financed by Japan, it’s actually operated by a consortium of Japanese companies in partnership with Mongolians. Flying into that gleaming airport is a stark contrast to the potholed road leading into the city – a reminder that Japan’s footprint here is needed and welcomed.
And the relationship goes deeper than concrete and runways. Tokyo and Ulaanbaatar inked a full‑blown Economic Partnership Agreement in February 2015, Mongolia’s first free‑trade deal with a G7 nation, which came into force in 2016 and slashed tariffs on almost all bilateral trade, binding the two economies more tightly than ever.
Similarly, South Korea’s presence is felt through commerce and culture. Strolling through any department store in UB, you'll see Korean cosmetics, Korean electronics, and even a Paris Baguette (a famous Korean-French bakery chain). South Korea, like Japan, extended a helping hand after the 1990s – thousands of Mongolians have since studied or worked in Korea. In fact, the largest Mongolian diaspora (around 50,000 people) lives in South Korea, sending back remittances and building bridges between the two nations.
Culturally, South Korea arguably outshines even Japan in Mongolia. K-dramas have been a sensation on Mongolian TV. In clubs, you'll see people singing along to K-pop songs despite not speaking a word of Korean. This “Korean Wave” (Hallyu) in Mongolia mirrors its impact in other parts of Asia, but here it also has a geopolitical undercurrent: it subtly pulls Mongolian popular imagination toward fellow democracies. Young Mongolians who adore Korean culture also notice that South Korea is a prosperous democracy – a model to aspire to.
All these soft power elements – Japanese cars and infrastructure, Korean media and consumer goods – serve a strategic purpose. It’s a reminder that dramas, boy bands, and secondhand SUVs can be a stronger weapon for forging relationships than tanks, threats and battle flags.
Mongolia's fragile democracy
Politically, Mongolia's embryonic democratic is doing remarkably well, considering their authoritarian neighbors who'd gladly see it fail. Since the peaceful transition in 1990, Mongolia has had multiple peaceful transfers of power, a lively (albeit quite corrupt) parliament, and a vocal civil society. The fact that they have maintained their democracy and independence thus far speaks to a certain stubborn resilience – perhaps inherited from their nomadic ancestors who valued freedom of movement and spirit above all.
However, for all its geopolitical savvy, Mongolia faces a classic development trap: The resource curse, also known as Dutch disease. The country sits on a massive store of mineral wealth – coal, copper, gold, uranium, rare earth's. In fact, despite its tiny population of 3.6 million, it's one of the ten most resource rich countries in the world!
The biggest mine in Mongolia - The Rio Tinto Copper Mine
These resources have powered impressive booms but also make the economy dangerously one-dimensional. Mining is the engine of Mongolia’s economy, accounting for about 25–26% of GDP and a staggering 90% of export earnings.
The term Dutch disease refers to how a resource boom inflates currency and wages, undermining sectors like manufacturing and agriculture. In UB, this is painfully obvious: During booms, shiny restaurants and luxury apartments appear, funded by mining, but most goods are imported. When the inevitable bust hits, these businesses vanish just as fast. Meanwhile, rural herders and workers see little benefit, as mines are often owned by foreign firms or a domestic elite. This imbalance fuels discontent, especially around corruption.
On our journey, we often asked Zolo about Mongolian politics. He shook his head at the mention of big mining projects, saying that ordinary people see no benefit. Instead, the political elite openly squander the nation's wealth, traveling abroad to lavish casinos, casually burning through millions in government funds at blackjack tables as though Mongolia's resources were their personal jackpot.
In late 2022, this frustration boiled over dramatically. Thousands of Mongolians braved the subzero cold to protest a massive “coal theft” scandal in December 2022. At Sukhbaatar Square, the same central plaza where democracy was declared in 1990, crowds gathered night after night, demanding the government “name the thieves” and account for missing billions from coal exports and even attempted to storm the Government Palace in frustration. It turned out that at least 385,000 tons of coal shipped to China were unaccounted for in official records, implying that politically connected insiders had siphoned off huge profits by fudging export numbers.
Youth Protest Stretches Into Day 2 in Mongolia – The Diplomat
Sukhbaatar Square in December 2022,
Mongolia's democracy might be weak, but it still works, and despite the politicians best efforts to silence the crowds, they failed. Within days, the prime Minister had to announce an investigation and arrests; by the following week, several officials and executives of the state coal company were in custody. The government even vowed to put the giant state coal mining firm (Erdenes Tavan Tolgoi) on the stock market to improve transparency.
Sitting around a campfire in the Gobi, these stories took on a new resonance. We were in a province where vast coal trucks trundle south to China, kicking up dust on unpaved roads, while locals live in simple gers, watching those riches roll by. It’s a stark image of inequality. Yet, Mongolia’s saving grace is that people can speak out and demand change. In China or Russia, protesting like that would likely be met with immediate, harsh repression. In Mongolia, the protests led to promises of reform.
The current Mongolian government is talking about diversifying the economy (investing in cashmere, tourism, IT services) and strengthening the rule of law to attract foreign investment beyond mining. There are some glimmers of hope: for example, a new electronic trading system for coal was introduced so that sales are transparent and on the record. Civil society groups and journalists are quite fearless in exposing scandals, which is a positive sign for accountability.
What path will Mongolia choose?
After days of traversing dunes and canyons, our group returned to Ulaanbaatar.
As my friends and I prepared to depart, I felt a mix of optimism and concern. Mongolia is truly an embryonic democracy, a work in progress. It has extraordinary advantages: A young population hungry for change, immense natural resources, and supportive friends in democratic nations. It also faces extraordinary challenges: geographic isolation, environmental extremes (winters of -40°C and summer droughts), the domineering shadow of China and Russia, and the ever-present temptations of corruption and authoritarianism.
Which way will Mongolia go? Standing in Sukhbaatar Square on our last day, under the gaze of the Chinggis Khan statue, I realized that Mongolia’s story is still being written and Mongolians themselves hold the pen.
No one can make the tough choices for them – not Tokyo, not Seoul, not Washington. Those third neighbors can help by investing, by educating, by simply being examples. But ultimately, Mongolia’s fate depends on the resilience of its people.
If Mongolia succeeds, it will be because of a quiet revolution, not of guns or tanks, but of youth, internet cafes, and a stubborn refusal to be anyone’s satellite.
Sources:
The observations above are informed by on-the-ground travel and discussions, as well as data on Mongolia’s economy and international ties. For instance, Mongolia’s heavy reliance on mining (about 90% of exports) is documented by trade and industry reports. The dominance of used Japanese cars (95% of imports, mostly right-hand drive) in Mongolia’s vehicle fleet has been noted by the American Chamber of Commerce in Mongolia. Mongolia’s “third neighbor” policy and its close ties with Japan and South Korea have been discussed in diplomatic analyses. The influence of South Korean pop culture and the positive perception of Japan and Korea among Mongolian youth are reflected in public opinion surveys, and the large Mongolian diaspora in South Korea (over 50,000 people) underscores the human link between the countries. Major Japanese-supported infrastructure, such as Ulaanbaatar’s new airport, was built with Japanese loans and expertise. Finally, Mongolia’s struggles with corruption in the mining sector and the public demand for accountability were vividly illustrated by the December 2022 protests over missing coal revenue and the government’s subsequent reform pledges. All these elements weave into the complex, hopeful tapestry of today’s Mongolia – a democracy at a crossroads between giants, determined to choose its own path.
By Rei Saito

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India's SAIL to import trial coking coal cargo from Mongolia, maybe by air www.reuters.com

 India's state-run Steel Authority of India Ltd (SAIL.NS), opens new tab plans to import a trial cargo of coking coal from Mongolia this month and may transport the sample by air to speed up testing, two sources familiar with the matter said.
The move is part of SAIL's efforts to diversify its coking coal sources beyond Australia - a major supplier to India, but a country from which India has faced supply disruptions.
The trial shipment will consist of 1 metric ton of coking coal from landlocked Mongolia.
As an alternative to flying in Mongolian coal, SAIL could also consider routing it via China, depending on logistics, the sources said, declining to be named as the matter is not public.
SAIL is preparing to import a larger shipment of 75,000 metric tons from Mongolia, depending on the results of the quality check for the initial sample, the sources said.
The Mongolian prime minister's office and SAIL did not respond to requests for comment.
India, the world's second-largest crude steel producer, meets about 85% of its coking coal requirements through imports. More than half of those shipments come from Australia.
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To reduce reliance on Australia, India has been seeking alternative sources of high-grade coking coal. Mongolia, which holds substantial reserves, has been identified as a potential partner offering competitive prices.
However, its landlocked geography and limited infrastructure pose logistical challenges.
Sandeep Poundrik, the most senior civil servant in India's Ministry of Steel, said last month that transporting bulk cargo from Mongolia remains difficult.
Poundrik said India's coking coal imports are expected to accelerate due to the limited availability of the key steelmaking ingredient, amid a ramp-up in steel capacity.
"Indian steel mills are actively diversifying their coking coal sourcing beyond Australia, tapping into regions such as Mozambique, Russia, U.S., Canada, and Indonesia," commodities consultancy BigMint said.
Reuters reported last week that JSW Steel, India's largest steelmaker by capacity, has encountered difficulties in sourcing coking coal from Mongolia due to unresponsive suppliers and transportation bottlenecks.
Reporting by Neha Arora; editing by Mayank Bhardwaj and Ros Russell
Neha Arora
Thomson Reuters
Neha reports on metals and mining in India. In her time at Reuters, she has reported on the pandemic when she was a finalist in the Breaking News of the Year category for Journalists of the Year Awards. She has also reported on India's trade policy, central bank's monetary policy, FX/debt markets, as well as done a brief stint with the desk and edited stories. She is a postgraduate with a diploma in journalism from Mumbai's Xavier Institute of Communications, and a graduate in English literature from University of Delhi.

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UFE- IIAF “Financial Elites 2025” International conference & networking event. Theme: The Impact of Leaders` Sustainable Decisions on Business Entities May 09. 2025 www.ufe.edu.mn

This conference aims to provide actionable insights into how strategic decision-makers can effectively integrate sustainability into their corporate strategies, leading to sustainable growth and improved stakeholder relations.
A key focus will be the role of internationally recognized professional qualifiers in equipping business leaders with the expertise to drive sustainable financial growth, regulatory compliance, and ethical leadership in a rapidly evolving global economy.
Keynote Speakers: 
Rinchinnyam. Amarjargal - University Finance and Economic Chairman of the Board
Honorary doctorate in Macroeconomic Policy and Planning (University of Bradford, UK, 2000) 
He was leading Mongolia as Prime Minister from 1999 to 2000 during a crucial period of economic and political transition. He played a key role in stabilizing the economy, implementing market-oriented reforms, and strengthening Mongolia’s democratic institutions. 
Jaap Van Hierden - United Nations Resident Coordinator in Mongolia 
MSc in Agricultural Economics from Wageningen University in the Netherlands. 
Mr. Jaap van Hierden, has more than 30 years of experience in development, humanitarian and peacebuilding engagements. From 1 October 2021 to 31 December 2024, he has served as the first UN Resident Coordinator of the new UN Multi-Country Office Micronesia hosted by Pohnpei/FSM supporting Palau, Federated States of Micronesia (FSM), Marshall Islands, Nauru and Kiribati. In this capacity, he led a UNCT to ensure the coordination, harmonization and simplification of their support to achieve national development goals. 
Jeff Lo –  Business Development Manager at CIMA 
Since 2019, Jeff has been driving CIMA (Chartered Institute of Management Accountants), the world’s leading professional body for management accountants, growth across Hong Kong and Emerging Markets, fostering partnerships with corporations and universities to advance the accounting and finance profession. With a focus on talent development and professional education, Jeff helps organizations build future-ready finance teams through CIMA’s globally recognized qualifications.
Gaukhar Ashirbekova - Public Affairs Lead for Eurasia at ACCA
She leads engagement with governments on issues such as public financial management reform, sustainable development, enhancing corporate reporting, adoption of international financial and sustainability standards, and upskilling finance professionals. Prior to joining ACCA, she served at the Ministry of Foreign Affairs of Kazakhstan, coordinating multilateral cooperation with the United Nations and the CICA, an international organization for regional cooperation in Asia.
Please see more at https://www.linkedin.com/.../ufemongolia_financial.../...
or/and contact 
TumurOchir LKHAM-URJINKHAND
University of Finance and Economics
Mobile: 976-99608004
lkham-urjinkhand.t@ufe.edu.mn
ufe.edu.mn

 

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French Development Agency to Open Its Resident Representative Office in Mongolia www.montsame.mn

On May 6, 2025, Ambassador Extraordinary and Plenipotentiary of the French Republic to Mongolia Corinne Pereira da Silva participated as a Guest Speaker at the “Ambassador’s Podium” Honorary Lecture, organized by the Mongolian Academy of Sciences.
The Mongolian Academy of Sciences has launched a series of honorary lectures aimed at expanding cooperation with diplomatic corps and consulates in Mongolia in science, technology, and innovation. This time, Corinne Pereira da Silva, Ambassador Extraordinary and Plenipotentiary of the French Republic to Mongolia, delivered an honorary lecture titled "Sixty Years of Relations Between Mongolia and the French Republic."
In his opening remarks, President of the Mongolian Academy of Sciences and Academician Demberel Sambuu noted, “Mongolia and the French Republic have implemented numerous projects and programs in science and education. For instance, since 1994, the Institute of Astronomy and Geophysics of the Mongolian Academy of Sciences has continiously collaborated with relevant These efforts have included regular assessments of seismic hazards and active fault studies in both urban and rural areas of Mongolia, as well as research on the country's geodynamics. At the Institute of Archaeology of the Mongolian Academy of Sciences, Mongolian and French archaeologists have been jointly conducting scientific projects such as Eg River and The Empire of the Nomads in the western and central regions of Mongolia. These collaborations have led to important discoveries that enrich the study of the Paleolithic era and the history of the Hun Empire."
Since the establishment of diplomatic relations between Mongolia and the French Republic in 1965, the two countries have been cooperating in politics, culture, science, education, economy, defense, and environment protection sectors. The most recent example is the Uranium project between the Government of Mongolia and the Orano Mining SAS of the French Republic. Moreover, the two countries plan to cooperate to advance sustainable development in Mongolia.
Ambassador Extraordinary and Plenipotentiary of the French Republic to Mongolia Corinne Pereira da Silva remarked, “There are many sustainable development projects that align with the current pace of cooperation between the two countries. However, this should serve as a general guideline, as sustainable development is relevant to various sectors, including agriculture, the environment, energy, and urban planning. Importantly, the successful implementation of any project requires a reliable institutional framework. In my country, there is a development agency known as AFD, the French Development Agency, which finances projects aimed at improving citizens’ livelihoods, supporting economic growth, and protecting the environment. In the commemoration of the historic anniversary of the establishment of diplomatic relations between Mongolia and France, this Agency is planning to open its Resident Representative Office in Mongolia. This will not only create opportunities to attract investment for sustainable development projects, but also lay the groundwork for scientific collaboration in geology, geography, and soil and water research."
As of 2024, Mongolia has established diplomatic relations with all UN member states. Currently, 26 foreign embassies operate in Ulaanbaatar, along with two consulates in rural areas.

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Putin to meet on May 7 with leaders of Cuba, Mongolia and Congo www.radiogritodebaire.cu

Russian President Vladimir Putin will hold bilateral meetings in connection with the Victory Day celebrations, and will hold talks with the leaders of Cuba, Mongolia and Congo, Kremlin advisor Yuri Ushakov said today.
According to the senior official, after finalizing negotiations with Venezuelan President Nicolas Maduro, Putin plans three more meetings with leaders of foreign states.
Ushakov specified that the first one will be with the President of the Republic of Cuba, Miguel Diaz-Canel, who, by the way, has already arrived in Russia. “On Wednesday will be the meeting between the Cuban leader and our president,” he informed.
In this regard, he added that “an hour later, Putin is scheduled to hold a conversation with Mongolian President Ujnaagiin Jurelsuj.” “A meeting with President Denis Sassou Nguesso of the Republic of Congo is also planned for May 7,” the Kremlin representative detailed.
As for the largest of the Antilles, Ushakov recalled that May 8 coincides with the 65th anniversary of the restoration of diplomatic relations between Moscow and Havana after the victory of the Cuban Revolution.
(Taken from PL-Sp)

 

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Tehran hosts Iran-Mongolia political consultation meeting www.en.mehrnews.com

The second political consultation meeting was held between Iran and Mongolia after a seven-year hiatus, chaired by Assistant Minister and Director-General of Asia-Pacific Department of the Iranian Ministry of Foreign Affairs Ali Asghar Mohammadi, and State Secretary at the Ministry of Foreign Affairs of Mongolia MUNKHTUSHIG Lkhanaajav.
During the meeting, Mohammadi reviewed the latest status of cooperation between the two countries in the political, economic, cultural, and international areas and welcomed the expansion of cooperation within the framework of multilateralism, regional and international organizations.
The state secretary at the Ministry of Foreign Affairs of Mongolia, for his part, expressed satisfaction with the increase in trade cooperation between the two countries in the last two years and announced his readiness to plan for strengthening cooperation and exchange delegations concurrent with the 55th anniversary of the establishment of diplomatic relations between the two countries in 2026.
In his meeting with Deputy Foreign Minister for Economic Diplomacy Rasoul Mohajer, MUNKHTUSHIG Lkhanaajav submitted a comprehensive report on the second meeting of political consultations between the two countries.

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North Korea-linked restaurant reopens in Mongolia after yearslong closure www.nknews.org

A restaurant with suspected ties to North Korea has reopened in Mongolia with a new name, likely violating U.N. sanctions that ban DPRK nationals from earning income overseas.
Pekkhwa Culture and Art Center opened its doors in Ulaanbaatar, featuring new wall decor but preserving “faux trees and leaves” decorations from the previous business, a source who visited over the weekend told NK News.
Formerly the Pyongyang Baek Hwa Restaurant, the establishment had been shuttered for years, with a handwritten note attached to the door reading “under construction” when NK News visited in July last year.
Pyongyang Papers, an anonymous blog, reported last June that North Korean workers were set to staff the restaurant shortly, presumably in breach of U.N. Security Council Resolutions 2375 and 2397 that mandate all overseas DPRK laborers return to their homeland.
The source who visited the revamped restaurant over the weekend told NK News that it is unclear who runs or owns the establishment, but a team of about a dozen people is working there, including North Koreans and some Mongolians in management roles.
New photos of the interior obtained by NK News show that while the restaurant’s appearance didn’t undergo many changes — a stage for live music and paintings on the walls are still in place — Pekkhwa now features call bells for summoning staff, akin to those widespread in South Korea.
Similarly, the restaurant still advertises and sells North Korea’s Taedonggang Beer, with a banner that appears to be from the former business visible in the new images.
The restaurant has leaned into its artistic image by retaining a mini-art gallery but moved it to the balcony section upstairs, according to the source.
“They’ve got an array of paintings and embroideries on sale, mostly typical Chosonhwa artwork,” the source said, using a term for North Korean art.
While North Korean paintings aren’t directly targeted by U.N. restrictions, the Security Council did slap sanctions on the DPRK’s leading Mansudae Art Studio in 2017.
NK News attempted to call the restaurant via a phone number posted on the front door last year, but the number has been disconnected.
Calling the number listed on the restaurant’s Facebook page (inactive since 2020) resulted in the person on the line hanging up when asked in English if the venue was taking reservations. Three other phone numbers the restaurant advertised in a 2018 ad were also inaccessible.
Similarly, the Daco Business Center that houses Pekkhwa and lists the venue next to the South Korean CU convenience store on its website didn’t respond to NK News queries about the eatery’s operations. The Mongolian foreign ministry was not immediately available for comment.
The Daco Business Center is co-owned by Mongolian citizens Dashdavaa Daryabazar and Solongo Ukhnaa, with Uyanga Dashzeveg listed as CEO, according to the Mongolian corporate registry. The database appears to lack information on Pekkhwa’s ownership, although a 2022 media report traced the venue to the DPRK Embassy in Mongolia.
Ulaanbaatar has also long maintained amicable ties with the Kim regime, engaging in trade, including of illicit goods, and hosting several other DPRK-linked eateries, like the Pyongyang Restaurant, Pyongyang Koryo Folk Restaurant and Urlag Restaurant.
Additionally, Mongolia was once a frequent recipient of North Korean laborers, particularly in construction and the cashmere sector, until U.N. sanctions blocked such cooperation.
Edited by Alannah Hill
Chad O’Carroll contributed reporting to this story.

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SouthGobi Announces Update on Mongolia Tax Audit www.finance.yahoo.com

SouthGobi Resources Ltd. (TSX-V:SGQ)(HK:1878) ("SouthGobi" or the "Company") announces that reference is made to the announcements of the Company dated July 31, 2023, August 18, 2023, February 26, 2024, May 22, 2024, June 12, 2024, January 20, 2025, February 13, 2025, March 26, 2025 and March 28, 2025 (the "Announcements") in relation to the Mongolia tax audit. Unless otherwise specified, capitalised terms used herein shall have the same meanings as those defined in the Announcements.
On April 25, 2025, the Company's wholly owned subsidiary in Mongolia, Southgobi Sands LLC ("SGS"), obtained a copy of an order dated April 15, 2025 ("LatestCourt Order") issued by the Administrative Court of First Instance in Ulaanbaatar, Mongolia (the "Administrative Court of First Instance") refusing to accept the claim brought by certain MTA Officials against the TDRC ("ProposedCase") in an attempt to dispute or overturn the previous decision made by the TDRC regarding the Re-assessment Result, in which the TDRC concluded that the tax penalty against SGS be reduced from approximately US$80.0 million to US$26.5 million. According to the Latest Court Order, the Proposed Case has been dismissed by the Administrative Court of First Instance. According to applicable Mongolian laws, the plaintiff is entitled to file an appeal to the appellate court, and the Company understands that the MTA Officials, as plaintiff in the Proposed Case, has filed an appeal as at the date of this announcement.
As of the date of this announcement, the Re-assessment Result remains legally valid and in effect. The Company will continue to monitor the status of the above and will make further announcement(s) in order to keep its shareholders and potential investors informed as and when appropriate.
About SouthGobi
SouthGobi, listed on the Hong Kong Stock Exchange and the TSX Venture Exchange, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. It also holds the mining licences of its other metallurgical and thermal coal deposits in South Gobi region of Mongolia. SouthGobi produces and sells coal to customers in China.

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Draft Law on Public Procurement to Prioritize Quality-Based Criteria www.montsame.mn

The 5th Meeting of the Economic Development Board under the Prime Minister of Mongolia was held on May 5, 2025. The meeting discussed the draft Law on Public Procurement and the draft Law on Amendments to the Law on the Development Bank of Mongolia.
Chief of the Cabinet Secretariat of the Government of Mongolia Uchral Nyam-Osor presented the concept of the draft Law on Public Procurement. Cabinet Secretariat Uchral emphasized that the current Law promotes low-price competition, which has led to poor-quality procurement practices. To resolve this, the new draft Law prioritizes quality-based selection criteria. Additionally, environmental and social impact indicators will be incorporated into tender evaluations. Furthermore, tenders with estimated costs of up to MNT 10 billion will not require financial guarantees, allowing 99 percent of Procurement Tenders to proceed without such requirements. The draft Law also includes a provision whereby the Government will not request information already in its possession. Procurement processes will be conducted digitally using Artificial Intelligence. Legal disputes will be resolved by an independent council based on international standards and majority decisions.
Members of the Board shared their views on the draft Law on Public Procurement. Tur-Od Lkhagvajav, President and Chairman of the Board of Directors of the Mongolian National Chamber of Commerce and Industry (MNCCI), commended the inclusion of numerous private sector proposals in the draft Law and stressed the need to further advance digitalization in government procurement processes. Davaadalai Batsuuri, Economic Policy Advisor to the President of Mongolia, underlined the importance of refining provisions that promote patriotic procurement and support specific segments, including persons with developmental challenges. Batsaikhan Purev, President of Shunkhlai Holding, proposed revisiting the provision that sets the minimum cost threshold for mega projects at USD 36 million.
At the Meeting, participants were also briefed on the proposed draft Law on Amendments to the Law on the Development Bank of Mongolia. Once at risk of default with nearly half of its loan portfolio classified as nonperforming loans (NPL), the Development Bank of Mongolia has since repaid over MNT 10 trillion in debt. In October and December 2023, the Bank settled USD 500 million in Eurobonds and JPY 30 billion in Samurai bonds on time, fulfilling its obligations to international investors. Furthermore, the proposal suggests transforming the Development Bank into an export-import-oriented bank and increasing its capital base. The Bank’s strategic focus will be directed toward supporting economic diversification and boosting exports, with priority sectors identified as renewable energy, agriculture, environmental protection, mining, transport, logistics, and manufacturing. The Bank will not rely on 100 percent state-funded financing; instead, project initiators must contribute at least 15 percent of total costs. A new legal framework is being developed to ensure transparency in loan issuance and project selection to prevent past mistakes.
Members of the Economic Development Board also gave feedback on the proposed reforms. Gankhuyag Chuluun, Chairman of the Mongolia Economic Forum, stressed the need to improve the Bank’s risk management and governance to minimize political influence. Odjargal Jambaljamts, CEO of MCS Holding LLC, noted that co-financing Development Bank Projects with International Financial Institutions (IFIs) would enhance oversight.
Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai highlighted the importance of incorporating private sector input into the draft Law on the Development Bank of Mongolia and stated that the Government supports transforming the Bank into an export-import-oriented EXIM Bank. The Premier noted that the draft Law on Amendments to the Law on the Development Bank of Mongolia would soon be submitted to the State Great Khural of Mongolia. Prime Minister Oyun-Erdene emphasized that discussing economic and financial matters through the Economic Development Board, followed by deliberations at the levels of Parliament and the Cabinet, represents a sound and commendable practice. The next meeting of the Economic Development Board will comprehensively discuss issues related to social insurance and taxation.

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