Kazakhstan was the leader among global landlocked developing countries (LLDCs) for foreign direct investment (FDI) last year, attracting a total of $6.1bn, according to the World Investment Report 2023 released by UNCTAD on July 5.

The majority of investment flows remained concentrated in a small number of the 32 economies, with the top five LLDC recipients accounting for 83% of the total FDI received by the group, UNCTAD said. The leading countries in terms of FDI were Kazakhstan, Ethiopia, Uzbekistan, Mongolia and Uganda.

LLDCs in Africa, Asia and Europe observed an increase in investment inflows, while those in Latin America and the Caribbean experienced a decline.

Among the LLDCs in developing Asia, Kazakhstan experienced an 83% surge in FDI to $6.1bn. Although equity flows decreased, reinvested earnings reached an all-time high of $10bn, bolstered by substantial profits in extractive industries.

Uzbekistan recorded a record high of $2.5bn in FDI, largely attributed to a doubling of reinvested earnings to $1.2bn. On the other hand, FDI flows to Azerbaijan turned negative, falling to -$4.5bn, due to dividend payments in the extractive industries.

Elsewhere in the world, Ethiopia maintained its position as the second-largest recipient among LLDCs, despite a decrease in inflows. FDI in Uganda saw a significant rise of 39%, totalling $1.5bn, mainly attributed to major projects in extractive industries.

In Latin America flows to Bolivia turned negative once again, falling to -$26mn, primarily due to exceptional dividend payments in the hydrocarbon sector. Conversely, Paraguay witnessed more than a twofold increase in flows to $474mn, driven by investment growth in various economic sectors.

FDI to LLDCs primarily originated from a few key investor countries. China emerged as the largest investor, contributing a significant $20bn in 2021, including $7.5bn in Kazakhstan alone. Thailand, Canada and the Netherlands followed as the next biggest investors in LLDCs.

The report also indicated a significant increase in the number of greenfield project announcements by LLDCs as a group, which reached $31bn. This growth was particularly noticeable in the extractive industries sector.

In contrast, the number of international project finance deals declined by 19% compared to 2021, and the value plummeted by 72% to $19bn. While the majority of projects focused on renewables, there were also announcements in the power, mining and industrial real estate sectors.

VATICAN CITY, July 17 (Reuters) - The head of one of the world's smallest national Catholic communities - Mongolia with 1,450 members - said on Monday that Pope Francis' visit there will show how far it has come since locals watched "these funny foreigners praying".

Cardinal Giorgio Marengo, an Italian who administers the Church in the vast country that borders China and Russia, also said the pope's Aug. 31-Sept. 4 visit will be a balm to a people who suffered "70 years of harsh communist rule" until the fall of the Soviet Union in the early 1990s.

"The reaction of both the Catholic community and the larger local community was of great wonder and joy and something thrilling. It's gradually becoming more evident how important and meaningful this visit will be," he said at a conference.

Francis, who enjoys visiting places where Catholics are a minority, will spend all of his time in Mongolia in Ulaanbaatar, capital of the vast country with fewer Catholics than most parish churches in many places. The smallest of Mongolia's nine parishes has only 30 members.

Marengo has been a missionary in Mongolia for more than 20 years and recalled his first years.

"We put up two gers," he said, using the Mongolian word for a tent-like portable circular dwelling.

"One for prayer and one for activities with children ... the people of the neighbourhood started entering and watching these funny foreigners who were praying (in Mongolian)."

"They told us 'we felt there was something special in this ger,'" he said.

Maregno would not be drawn on the political significance of the trip, referring reporters to Vatican diplomats.

The country of about 3.3 million people is strategically significant for the Roman Catholic Church because of its proximity to China, where the Vatican is trying to improve the situation of Catholics.

Mongolia, which was part of China until 1921, has good relations with Beijing. Diplomats say it could be used as an intermediary with China.

About 60% of Mongolians identify as religious. Among those, 87.1% are Buddhist, 5.4% Muslim, 4.2% Shamanist, 2.2% Christian and 1.1% followers of other religions, according to the U.S. State Department.

Reporting by Philip Pullella; Editing by Sharon Singleton

His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, headed a UAE delegation to the Mongolia Economic Forum in Ulaanbaatar this week, where he met senior government officials to strengthen economic collaboration and foster investment flows between the two nations.

During the two-day event, HE Al Zeyoudi held bilateral meetings with His Excellency Ch. Khurelbaatar, Mongolia’s Deputy Prime Minister and Minister of Economy and Development, and His Excellency Y. Sodbaatar Chief of Staff of the President’s Office, during which, both sides explored the means to develop the partnership and underlined their commitment to enhance trade and investment cooperation. The two sides also discussed the latest developments relating to the 13th ministerial meeting of the World Trade Organisation (WTO) which will be hosted by the UAE in 2024.

HE Dr Thani also met Her Excellency B. Battsetseg, Minister of Foreign Affairs of Mongolia, to explore the opportunities in emerging sectors such as agriculture and food security in addition to exploring potential joint investments in the mining sector, and His Excellency S. Byambatsogt, Minister of Road and Transport development of Mongolia, where they reviewed Mongolia’s status as a bridge between China and Russia and how that can catalyze its logistics and aviation sectors

HE Al Zeyoudi said: “Mongolia is a valued partner for the UAE in Asia, with increasingly open trade policies, strong regional integration, and commitment to economic diversification. By further strengthening trade ties, we can mutually benefit from increased market access and the exchange of goods, services, and technologies that contribute to the sustainable growth and prosperity for both our countries. The discussions held during the Mongolia Economic Forum have highlighted the immense potential for cooperation in these areas, while setting the foundation for stronger economic cooperation in the years ahead.”

HE Dr Thani also used the occasion to meet Mongolia’s leading business executives to identify opportunities for private sector cooperation in fields such as logistics, mining and food production. Here, he promoted the UAE’s enabling business ecosystem and incentives such as the NextGenFDI program that offer seamless market access for pioneering companies.

Additionally, HE Al Zeyoudi showcased the UAE’s leading industrial and special economic zones model through a panel discussion at the event titled ‘Trade Opportunities: Special Economic Zones’, where he joined members of Mongolia’s parliament and other regional stakeholders to build consensus on the effective utilization of special economic zones to stimulate economic development.

UAE is Mongolia’s number trading partner in the Arab World. Non-oil bilateral trade reached US$18.6 million in 2022, a 31 percent increase on 2021.

The Mongolian Economic Forum took place on July 9 and 10. In the forum, more than 500 foreign investors, including representatives of the world’s top 45 banks and financial institutions, such as JP Morgan, CITI, Goldman Sachs, and Morgan Stanley attended. This year’s economic forum was held under the theme of “Welcome to Mongolia”, and about 2,200 guests and representatives from foreign and domestic economic and business sectors participated in the forum making it a wider scope than in previous years.

Prime Minister L.Oyun-Erdene opened the forum and said that during the pandemic, the economy of Mongolia was at negative 4.7 percent, in 2022 it was positive 4.8 percent, and in the first quarter of this year it was positive 7.9 percent, which is the first time that the GDP has reached 5,000 USD.

The premier then said “Within the framework of comprehensive anti-corruption program, one of the most successful projects was E-Mongolia platform, which digitized 839 services of 71 government organizations, which made government information transparent, and worked to reduce government bureaucracy. As a result, in 2022, Mongolia ranked 74th out of 193 countries in the E-Government Development Index, 18 places higher than previous year.”

According to PM, the government fully paid the debt of 1.5 billion USD of the Chinggis bond in December of last year and 800 million USD of the Gerege bond in May 2023, maintaining its credit rating at the B stable level. Also, in addition to our only export railway, four new export gateways are being put into operation in line with China’s “Belt and Road” initiative as part of its Port Revival goal. As a result, export income reached 13 billion USD. Moreover, in relations to the New Revival Policy, Oyu Tolgoi mine was put into operation last year, which had a major impact on our country ranking fourth in the world in terms of copper production.

At the main discussion, member of the Board of Directors of the Rio Tinto Group, founder of the Global Economic Governance Program at the University of Oxford Professor Ngeire Woods said, “Each country with a rapidly developing small economy in the world is facing major challenges. Most of those challenges depend more on external factors such as the international financial system, currency market, and geopolitical issues, rather than on the country itself. There are three important questions to be asked. First, does Mongolia have the vision to lead the country in difficult social and economic times? Second, does the state have the capacity to advance all this? Third, can it be stable in terms of political governance?” With the questions, professor Woods emphasized that she believes that the “Vision 2050” document can be an answer to the questions and is a clear expression of our country’s striving for development.

During the forum, Mongolian Prime Minister L.Oyun-Erden and the Governor of Mongol Bank B.Lkhagvasuren met with foreign banks and investment funds. In addition, the branch meeting on “Banking and Finance” was organized. Governor of Mongol Bank B.Lkhagvasuren said that the banking industry is conducting an IPO and transitioning to public ownership. This is a special moment for customers, regulators, and investors, and it is a new beginning of the development of the industry. He also mentioned that foreign investment in the banking sector, participation of multinational banks and financial institutions, and cooperation with them are important for the development and expansion of the banking sector to the extent that it can bear the burden of economic expansion and support economic growth.

Other participants representing the banking sector spoke about the importance of reform and the problems they face in the banking sector. For example, proposals were made to increase the availability of green finance, improve its certification system, and loosen restrictions on investments in the banking sector by international financial institutions in the banking sector and restrictions on investing in multiple banks.

At the second-day, Deputy Prime Minister and Minister of Economy and Development Ch.Khurelbaatar mentioned the possibility of investing in banking, tourism, renewable energy, agriculture, mining, and infrastructure. In particular, to intensify the development of the banking sector and take a big step forward, Mongolians announced that they are fully opening the doors of the banking sector to foreign investors.

However, during the “New Future - New Opportunities” plenary session, Global Chairman to JP Morgan’s Investment Bank, Technology, Media and Communications Group Jennifer Nason said, “The Oyu Tolgoi project is not only a copper mine, but Mongolia’s major project that demonstrates competence. The project is said to be the result of multi-skilled personnel, high-level performance, and world-class operations. Therefore, Mongolia is a country of entrepreneurs” which brought attention.

During the Prime Minister’s meeting at the end, investors said that they are happy that the 2012 economic recovery is coming back. They mentioned that we have lost ten years, and now is important to save economic growth, become disciplined in the state budget and not make investment policy mistakes.

In the forum, following decisions were made and these agreements, and memorandums were signed:

• what3words company signed the first memorandum with Ministry of Environment and Tourism, Ministry of Culture, Mongol Shuudan, and E-Mongolia academy.

• An agreement was signed with China’s “SSSS First Highway Engineering Group” LLC. Capital City Governor and Ulaanbaatar City Mayor D.Sumiyabazar said that within the agreement, circle highway, Ulaanbaatar metro project, improvement of Tuul river dam, construction of hospital and school are planned. The agreement is an investment of about 4.3 billion USD.

• Ministry of environment and Tourism announced the establishment of a Nature Conservation Trust Fund in Mongolia with “The Nature Conservancy”. Specifically, it aims to create a sustainable financing system for the nature conservation sector, manage it, and implement long-term nature conservation programs.

• To support foreign investment, the Government has decided to establish an Investment and Trade Department under the Ministry of Economy and Development. They also announced the establishment of a new Partnership Center.

BEIJING/SINGAPORE, July 17 (Reuters) - China's average daily coal production rebounded in June from a six-month low the prior month, official data showed on Monday, as miners ramped up output to meet increasing demand from power generators amid a heatwave.

China churned out 390.1 million metric tons of coal last month, up 2.5% from a year earlier and 1.2% from May, data from the National Bureau of Statistics (NBS) showed on Monday.

Daily production in June was equivalent to 13 million metric tons, up from May's 12.43 million metric tons, which was the lowest level since October 2022.

Coal output during the first half of 2023 reached 2.3 billion metric tons, 4.4% higher than the same period last year.

Miners have been urged by the government since June to step up output to fill their supply contracts with utilities as rounds of blistering heatwaves have swept across large swathes of China since late June.

Daily coal consumption in eight coastal provinces in June surpassed the levels seen over the same period of the past four years, data compiled by the China Coal Transportation and Distribution (CCTD) showed.

Record temperatures continue to boost air conditioning demand, driving daily coal use at utilities last week to 2.4 million metric tons, highest by far this year, according to data provider Wind and the CCTD.

China's peak summer power demand typically starts in late June and lasts for two months.

China's National Climate Centre forecast that most of the country could see temperatures 1 to 2 degrees Celsius (1.8 to 3.6 Fahrenheit) higher than normal this month and next, while precipitation could be 10% to 20% lower than average.

That suggests stronger power demand but possibly lower output from hydropower stations.

Hampering efforts to lift coal production, however, China's mining safety watchdog tightened inspections in late June, after deadly accidents were disclosed at an iron ore mine in Shanxi and at a coal mine in Liaoning provinces.

Chinese mines are known to be among the deadliest in the world and the country has carried out several rounds of mining safety checks since late February following an accident in Inner Mongolia that killed dozens of people.

The average operations rate at major coal mines in the hubs of Shanxi, Shaanxi and Inner Mongolia fell to 82% in June from 84% in May, data compiled by the CCTD showed.

But coal output is expected to increase further as some miners in Inner Mongolia could be allowed to restart this month after being shut down since March to improve mining safety.

Reporting by Muyu Xu in Singapore and Dominique Patton in Beijing; Editing by Kim Coghill, Janane Venkatraman and Tom Hogue

As Mongolia and Finland celebrate 60 years of diplomatic relations, the significance of Finland’s pioneering role cannot be understated. Finland stands proud as the first Nordic country to forge official ties with Mongolia, laying the foundation for a friendship that has endured the test of time. This milestone marks a crucial moment in history when two nations recognized the importance of engaging in open dialogue and cooperation, setting the stage for fruitful diplomatic endeavors over the years.

A Long-Standing Connection: Celebrating Six Decades of Collaboration

The commemoration of 60 years of diplomatic relations between Mongolia and Finland is a testament to the enduring connection between the two nations. Over the past six decades, Mongolia and Finland have worked hand in hand to foster strong cultural, economic, and social ties. The journey of collaboration has seen the exchange of knowledge, expertise, and experiences, enriching the lives of citizens from both countries. This celebration is not only a reflection of the past but also an opportunity to look forward to a future of even deeper cooperation.

Strengthening Ties: Mongolia and Finland’s Shared Commitment to Cooperation

As the Ministry of Foreign Affairs of Mongolia pledges to enhance bilateral cooperation with Finland, the emphasis on shared values comes to the forefront. Both nations recognize the importance of collaboration based on mutual respect, understanding, and trust. Strengthening ties means embracing opportunities to work together in areas of mutual interest, whether it be in trade, education, environmental conservation, or other fields. Mongolia and Finland stand united in their commitment to building a stronger diplomatic alliance that will benefit their citizens and contribute to global progress.

BY:

Mamoon Alvi serves as an integral part of our global newsroom team. With a strong background in international news from his time at both BOL TV and Dharti TV, he came on board at BNN well-prepared to contribute. Mamoon's unwavering dedication to journalism drives him to relentlessly pursue the truth and deliver crucial stories to audiences around the world.

Canadian Solar, the world's fifth-biggest photovoltaic module supplier that just completed its secondary listing in Shanghai last month, intends to initially invest CNY18 billion (USD2.5 billion) to build a factory in China's Inner Mongolia Autonomous Region to stay relevant.

The company has penned an agreement with the municipal government of Hohhot, the capital city of Inner Mongolia, to construct a large-scale production base for various types of products to strengthen its industrial leadership, the Ontario-based firm’s Chinese listed arm said in a statement yesterday. The first phase of the project will cost CNY18 billion.

Canadian Solar, which used to focus more on downstream products such as cells and modules, is aiming to increase its production capacity across the industry chain. Its year-end capacity target is 20.4 gigawatts of silicon rods, 35 GW of wafers, and 50 GW of cells and modules, according to a plan released earlier.

The situation that PV companies are trapped in forces them to choose between two options: "expand or die," industry insiders told Yicai Global. Suppliers need to either keep expanding their capacity to keep up with the latest technologies or risk being left behind by rivals.

After the first phase is ready, Canadian Solar's new plant can make 30 GW of monocrystalline silicon rods per year, as well as 10 GW of monocrystalline wafers, 5 GW of PV modules, and 80 GW of crucibles, a key consumable used in making PV wafers, plus other ancillary products.

The workshop to produce silicon rods is scheduled to begin construction this month and start operation in March 2024. The remaining facilities are slated to kick off construction in September and reach the planned capacity a year after that. The company also plans to invest in phases two and three of the project to further expand its capacity, but the final decision will be made based on the initial performance of the first phase and market conditions.

Shares of Canadian Solar [SHA: 688472], trading on the Star Market, closed down 1.3 percent at CNY16.15 (USD2.30) The firm's Nasdaq-listed equity [NASDAQ: CSIQ] was 0.9 percent up in after-hours following a 3.4 percent decline on July 14.

Editor: Emmi Laine

Indian and Mongolian troops will take part in the 15th edition of a bilateral military exercise in Ulaanbaatar from July 17 to July 31 aimed at exchanging best practices and developing interoperability, the Ministry of Defence said on July 16.

An Indian Army contingent comprising 43 personnel reached Ulaanbaatar on Sunday on an Indian Air Force C-17 aircraft to take part in the exercise, 'Nomadic Elephant-23', the Ministry said in a statement.

"The aim of this exercise is to build positive military relations, exchange best practices, and develop inter-operability, bonhomie, camaraderie and friendship between the two Armies. The primary theme of the exercise will focus on counter-terrorism operations in mountainous terrain under United Nations mandate," the statement said.

'Nomadic Elephant' is an annual training exercise which is conducted alternatively in Mongolia and India. The last edition of the exercise was held at the Special Forces Training School, Bakloh, Himachal Pradesh in October 2019.

Soldiers of the Mongolian Armed Forces Unit 084 and the Indian Army's Jammu and Kashmir Light Infantry Regiment will participate in the exercise, the ministry said.

The scope of this exercise involves platoon-level Field Training Exercise (FTX). During the exercise, Indian and Mongolian troops will engage in various training activities designed to enhance their skills and capabilities, it said.

These activities include endurance training, reflex firing, room intervention, small team tactics and rock craft training. Soldiers from both sides will learn from each other's operational experience, it added.

India and Mongolia have a shared commitment to regional security and cooperation. 'Nomadic Elephant-23' will be yet another significant milestone in the defence cooperation between the armies of India and Mongolia that will further foster bilateral relations between the two nations, according to the statement.

South Korea's telecom service provider KT Corp. disclosed on Monday its plans to collaborate with the Mongolian government to usher in a digital transformation (DX) aimed at nurturing the country's key growth sectors and refining its e-government services.

A final report meeting concerning Mongolia's DX consulting was recently conducted at the Mongolian parliament in Ulaanbaatar, with high-ranking officials from the Mongolian Ministry of Digital Development and Communications in attendance.

The partnership between KT and the Mongolian government will focus on enhancing the digital government's supervisory role, cultivating national growth sectors through DX in the tourism and agriculture fields, refining e-government services, and introducing intelligent traffic control.

Presently, the Mongolian government is striving to diversify its industries to restructure an economy heavily reliant on mining. It rolled out the Digital Nation plan last year to foster new growth drivers via national DX and to extend its application to various industries.

The creation of the Ministry of Digital Development and Communications is a testament to the government's commitment to realizing this plan.

Write to Ji-Eun Jeong at jeong@hankyung.com

Tokyo: The second Mongol-Tibet Cultural and Religious Symposium was held at the University of Tokyo, Komaba campus on 15 July 2023. The Southern Mongolian Congress organized the symposium with the Tibet House Japan as the co-organiser and the Taiwan New School for Democracy as a supporter. The symposium celebrates the 110th anniversary of the Tibeto-Mongol Treaty of Friendship and Alliance signed in 1913 between Tibet and Mongolia.

Mr Miura Kotaro, who moderated the symposium, welcomed the guests, scholars, and the audience and briefly explained the concept of the symposium, “The Symposium aims to explore and give due importance to the old historical, cultural, and religious relationship that Tibet and Mongolia enjoyed since ancient times by having scholars discuss and present research papers on the subject.” The symposium also urges the scholars to honour and look at the 1913 treaty between the two nations, debate its validity, and the potential to resolve the Tibeto-Mongol conflict with the Chinese communist regime.

Around 15 Mongolians, Japanese, Taiwanese, and Tibetan scholars spoke on the subject and presented papers on different aspects of the Tibeto-Mongol studies and their perspectives on the 1913 treaty.

President of the Southern Mongolia Congress, Mr Temselt Shobchuud, delivered the keynote address from the organisers’ side. Kalon Norzin Dolma delivered the opening remark from the Tibetan side as the chief guest.

Kalon Norzin Dolma thanked the organisers for this important symposium and spoke on the long historical and religious relationship that Tibet had with Mongolia and how the treaty of 1913 is still relevant to prove that Tibet and Mongolia had been independent countries around that time. She also thanked the University of Tokyo for their support in having the symposium on the University’s campus.

The symposium was divided into three sessions. The first session was on “Tibet Mongolia 1913 Treaty of Friendship Alliance and Its Significance”. A research scholar on Mongolia and China Dr. Miyawaki Junko; Prof. Jampa Samten from the Central Institute of Higher Tibetan Studies, Varanasi; and Ms Manting Huang of the Taiwan New School for Democracy spoke and presented their papers on the subject.

The second session of the symposium was on “Tibet and Mongolia’s Historical and Cultural Relationship and Its Significance”. A Mongol scholar Mr Baoyintu, Prof. Hirano Satoshi of the University of Tokyo, and Dr Arya Tsewang Gyalpo of the Tibet House Japan spoke and presented their papers on the topic.

In the third session, A Mongol scholar Mr Archa, Ms Phentok from the Tibet Policy Institute, and Mr Zeng Jian-Yuan of Taiwan’s New School for Democracy spoke and presented papers on “Current Situation in Mongolia and Tibet and Possibility of Solidarity of National Movement in the Future.”

Scholars’ talks and presentations were well received by the audience who participated in the questions and answers at the end of each session. Prof Ako Tomoko of the University of Tokyo gave the end speech expressing her satisfaction to have the scholars discuss and debate on this important topic in the history of Asia at the University campus.

The organisers plan to bring out the scholars’ papers in print form in Japanese, English, and Chinese language. Many expressed pleasure to see many scholars and the general public attending the symposium and taking an interest in this part of Asian history.

Kalon Norzin Dolma interacted with the scholars and congratulated them on their presentations and papers. Kalon will meet the Tibetans in Japan tomorrow at Tibet House Japan.

-Report filed by the Office of Tibet, Japan