The Government of Mongolia and the Mongolian National Chamber of Commerce and Industry have jointly identified the TOP 100 Enterprises of 2022. The ceremony of honoring the Best Enterprises has been held today at the State Palace. The following companies are leading the TOP 100 Enterprises of 2022:

• "Oyu Tolgoi" LLC

• KHAAN Bank

• "Energy Resources" LLC

• Golomt Bank

• NIC LLC

• Trade Development Bank

• APU JSC

• "Shunkhlai" LLC

• "Mobicom Corporation" LLC

• "Mongolian Gold MAK" LLC

• "Central Express CVS" JSC

• "Mo En Co" LLC

• Khas Bank

• "Unitel" LLC

• "COAL" LLC

• “MCS Coca Cola” LLC

• "Bodi-International" LLC

• "Sodmongol Group" LLC

• "Boldtumur Yuroo Gol" LLC

• "Shunkhlai Trading" LLC

• "Gobi" JSC

When selecting the "TOP 100 Enterprises," five basic parameters are prioritized, namely the annual income of the enterprise, the amount of taxes paid to the state budget, the number of employees who paid social insurance, profit, and total assets. It is also based on the statistical information of relevant ministries and government organizations.

Companies and households across Mongolia will be able to modernise production, increase their energy efficiency and improve their climate resilience thanks to a new financing package organised by the European Bank for Reconstruction and Development (EBRD) for the country’s most active green lender, XacBank.

The package of up to US$25 million, arranged under the EBRD’s Green Economy Financing Facility, consists of an EBRD loan of up to US$ 18.75 million and financing of up to US$ 6.25 million provided by the Green Climate Fund (GCF).The funds will be on-lent to borrowers to reduce energy consumption, promote the use of renewable energy sources and support local businesses in adopting environmentally friendly practices.

XacBank, one of the largest banks in Mongolia, was the first local financial institution to join the EBRD’s GEFF. It supports green lending to micro, small and medium-sized enterprises through 72 branches across the country. Through the GEFF Mongolia, XacBank offers equal opportunities for men and women keen to access finance for green technologies.

The GCF and the Government of Japan are supporting the project with technical assistance under the GEFF Mongolia.

To date, the EBRD has invested almost US$ 2.16 billion in Mongolia’s economy through 132 projects.

Mongolia is proud to be a friend of Việt Nam – a country with increasing international prestige and position in the region and the world, which has a vital position in Mongolia's foreign policy in Southeast Asia, Secretary of the National Security Council of Mongolia Jadamba Enkhbayar told President Võ Văn Thưởng at their meeting in Hà Nội on Wednesday.

President Thưởng highlighted the fruitful friendship between the two nations in the last nearly seven decades, saying that the bilateral relations had been continuously consolidated and developed strongly.

He highly valued the outcomes of the working session between the Mongolian delegation with the Ministry of Public Security and relevant agencies of Việt Nam, stressing that on the basis of important results of the bilateral cooperation relationship, the two countries would make joint efforts to upgrade their relations and further promote comprehensive cooperation in the new context.

The Vietnamese leader suggested the two sides promote the exchange of delegations at all levels, thus strengthening mutual understanding and trust, and implement measures to create more favourable conditions for people-to-people exchanges.

He also welcomed coordination results and proposals to further enhance cooperation between the National Security Council of Mongolia and the Ministry of Public Security of Việt Nam, and thanked Mongolia for supporting Việt Nam to build a cavalry mobile police force.

President Thưởng called on the Mongolian side to support efforts of ASEAN and Việt Nam in maintaining peace, stability, cooperation and development, and freedom and safety of navigation and overflight in the East Sea (known internationally as the South China Sea).

He highlighted the importance of strengthening the Việt Nam-Mongolia relations in the context of global and regional changes, saying that Việt Nam stands ready to serve as a bridge to support Mongolia in expanding and strengthening ties with ASEAN for peace and prosperity in the region and the world.

Asking the secretary to convey his regards to Mongolian President Ukhnaagiin Khurelsukh, President Thưởng said Việt Nam wanted to welcome the Mongolian leader to visit Việt Nam at an appropriate time.

For his part, Jadamba Enkhbayar said that Vietnamese and Mongolian people had deep mutual understanding on the basis of the long-standing traditional friendship established by senior leaders of the two countries, and they often supported each other in difficult times.

He informed the Vietnamese leader of the contents of cooperation between the National Security Council of Mongolia with the Ministry of Public Security and relevant agencies of Việt Nam, stressing that his country wants to further expand cooperation with Việt Nam, especially in transport, railways and aviation.

The two countries should closely cooperate in ensuring security and order for the peaceful lives of their people, he said.

The Mongolian official also conveyed the invitation of Mongolian President Ukhnaagiin Khurelsukh to President Thưởng to visit Mongolia. — VNS

Mirada, provider of cutting-edge products and services for digital TV services, and EZDRM, specialist in Digital Rights Management as a Service, are proud to announce their partnership for the extension of Skytel’s video service in Mongolia.

Leading Mongolian communications service provider Skytel Group (“Skytel”) is partnering with Mirada and EZDRM with the expansion of their TV service after a successful implementation of the advanced OTT GO+ app. This partnership will enable the extension of GO+’s service to more connected devices, including what is expected to be one of the biggest launches of Android TV in the country.

The GO+ app used Mirada’s flagship Iris technology to enable viewers to enjoy live tv, catch-up and on-demand movie content; and ranked #1 as the most popular app on the Google Play Store and Apple’s AppStore in the Mongolian region. This new project will facilitate additional advanced features to enhance the usability of the platform for both operator and subscribers, making the most of the Iris app ecosystem to offer a hyper-personalised viewing experience thanks to powerful analytics as well as the award-winning UX Evolver to allow operators to fully customise and adapt the user experience with tailored content recommendations, interfaces and advertising.

EZDRM DRMaaS security provides robust and fully scalable protection for all aspects of the Skytel content offering, across STB, smart TV, desktop, and mobile platforms. Effectively maintaining and enhancing service revenue streams within a seamless viewing experience helps enable business success for this regional powerhouse.

With this partnership, Mirada and EZDRM solidify the seamless integration of their technologies to empower a leading telco in the Asian market future proofing its video delivery and consumption offering to 100 000 monthly active users.

EZDRM COO, Olga Kornienko, commented:

“Skytel is an exciting project for us in the Asia market. This leading edge deployment has represented a new milestone in our close collaborative partnership with Mirada, combining the best of our technologies to power a vibrant new service.”

Mirada CEO, José-Luis Vázquez, commented:

“We have been Skytel’s strategic partners for the past five years and were delighted to be awarded the expansion of its service in Mongolia. This new project also provides another exciting opportunity to collaborate with EZDRM to provide Skytel with the latest technology for all their video business needs, supporting them to establish their position as a leading option in Mongolia and at the forefront of Asian video services.”

ABOUT MIRADA

Mirada is a leading provider of integrated software solutions for telcos, TV operators, broadcasters and video streaming services worldwide. Led by founder and CEO José Luis Vázquez, the Company prides itself on being a pioneer in the world of digital TV for over 20 years. Mirada’s core focus is empowering its customers to respond to consumers’ ever-growing global demand for digital content, offering a complete suite of end-to-end modular products across multiple devices with innovative state-of-the-art UI designs.

Mirada’s multiscreen technology, acclaimed for satisfying even the most demanding audiences, has been deployed by some of the biggest names in the telco world, including Televisa, Telefónica, Sky, Virgin Media and the BBC. Headquartered in London, Mirada has commercial representation across Europe, Latin America and Asia and operates technology centres in the UK, Spain and Mexico. For more information, www.mirada.tv

ABOUT EZDRM

EZDRM is the original specialist in Digital Rights Management as a service (DRMaaS), offering a straightforward, one-stop solution for protecting and monetizing your video content. The EZDRM solution is ideal for global support of live, on-demand, downloadable, and offline video services—eliminating proprietary integration and format concerns. With a focus on video security since 2003, the team at EZDRM offers exceptional service, strong technical expertise, and deep business knowledge on protecting and enhancing revenue streams. www.ezdrm.com

Countries have long expressed their desire to reduce greenhouse gas emission and end the use of coal. In particular, as part of the Paris Agreement, countries around the world agreed to pursue efforts to limit global warming to well below two degrees Celsius, preferably to 1.5 degrees Celsius, compared to pre-industrial levels. To achieve this, countries must reduce their greenhouse gas emissions to “net zero” by around 2050. In that context, more than 40 countries pledged to phase out coal and international organizations have already announced that they will not finance projects that involve coal. It has been questionable whether our country, which has an economy based on mining, is ready for this and how to achieve the net zero promise.

The main reason why the global focus on this matter has accelerated is, of course, global warming, as it has led to an increase in the number of droughts, as well as the threat of desertification due to human activities.

Global warming manifests itself in different ways depending on the region, zone, and location. In particular, chief economist of the Asian Development Bank (ADB) Albert Park said at the bank’s Annual Meeting on May 3 in Incheon, South Korea that given its geographic features and socioeconomic circumstances, developing Asia is vulnerable to climate-related risks. More specifically, 76.9 percent of Mongolia’s land area is estimated to have been affected by desertification.

According to the Asia in the Global Transition to Net Zero: Asian Development Outlook 2023 Thematic Report of ADB, at current levels of greenhouse gas emissions, Asia would, by itself, exhaust the remaining global carbon budget consistent with limiting warming to 1.5 degrees Celsius by 2040. Therefore, countries and international organizations are working carefully in this direction and announcing important projects and programs. For instance, this year, ADB has launched the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), a landmark program which will help ADB accelerate much-needed climate financing. The IF-CAP’s initial ambition of 3 billion USD could create up to 15 billion USD in new climate investment. It is expected to contribute to ADB’s raised ambition of 100 billion USD in climate finance for 2019 through 2030.

When the world is moving in this direction, what is Mongolia aiming for and what is it implementing? Issues such as whether the country is ready for a net zero transition and whether it can save its economy while meeting its commitments are arising.

At the Sharm el-Sheikh Climate Change Conference (COP 27) last year, President U.Khurelsukh remarked, “Although the amount of greenhouse gases emitted by our country is only 0.1 percent of the total greenhouse gas emissions in the world, it is considered high compared to the size of its population and economy. That is why Mongolia has consistently supported global efforts against climate change and has been making its due contribution.” In this context, he said that the country defined the national goal of reducing greenhouse gas emissions by 27.2 percent.

Accordingly, as a national contribution to combating climate change, Mongolia launched a national campaign to plant billions of trees by 2030 to reach net-zero emission targets, reduce poverty or combat desertification through economic means, protect the health of children and women who are the most vulnerable to the climate change.

To achieve its commitment, the country is also working with regional countries and international organizations to increase domestic renewable energy sources. Due to its geographical location and climatic conditions, Mongolia has huge renewable energy resources, which can be measured at 2,600 gigawatts. This shows the potential to increase renewable energy production and further contribute to the region’s energy supply. At present, 18.2 percent of Mongolia’s total installed energy capacity is provided by renewable energy, and it aims to reach 30 percent by 2030. Currently, 75 percent of livestock farmers in our country use renewable energy.

According to the Ministry of Environment and Tourism, to reduce greenhouse gas emissions by 12.3 percent in 2024, it is necessary to reduce the amount of greenhouse gases equivalent to 9.2 million tons of carbon dioxide. Therefore, the ministry announced that it will increase the number of wind and hydropower plants, reduce heat loss in buildings, improve energy efficiency, use quality fuel in cars, decrease the number of livestock, and upgrade pasture management. Head of the Department of Climate Change of the ministry A.Enkhbat said that by adding greenhouse gas absorbers or forest areas, the goal of reducing greenhouse gas emissions by 12.3 percent, which is included in the government’s action plan, will be implemented.

He informed, “According to the survey of greenhouse gas emissions, 50.1 percent of Mongolia’s greenhouse gas emissions are accounted for by the energy sector, 49 percent by the agricultural sector, and a small percentage by the industry, waste, and construction sectors. Mongolia’s future development is inextricably linked with climate change policy. Therefore, we are implementing a program to develop a low-carbon, inclusive and green economy, mitigate climate change, and contribute to international efforts. For example, there is a need to improve the legal framework for climate change.”

“We use coal burning technology to generate power. About 20 to 30 percent of the installed energy capacity should be made green. The government has decided to build several hydropower plants, which is a real step towards reducing greenhouse gas emissions. Public-private partnerships and green development are important in the direction of reducing and adapting to greenhouse gas emissions,” he added.

On top of these commitments, Mongolia decided to host COP17 session in 2026. In general, our country is taking these initiatives to fight against global climate change. In other words, we are making some efforts to achieve our promises, but it is doubtful whether we are ready to protect our economy in the future in this global trend.

This is because some countries and international organizations have committed to shift away from coal, in pledges made at the COP26 climate summit. Signatories to the agreement have committed to ending all investment in new coal power generation domestically and internationally. They have also agreed to phase out coal power in the 2030s for major economies, and the 2040s for poorer nations.

On the contrary, according to data from the World Bank, the mining sector accounted for approximately 22 percent of Mongolia’s GDP in 2021, and over a staggering 80 percent of the country’s exports. Thus, the importance of mining to the Mongolian economy cannot be overstated, as it has been a key driver of economic growth. More specifically, coal is the main component of the economy. The country’s coal exports totaled 13.78 million tons between January and March 2023, surging 11.26 million tons or 446.17 percent year on year. The export amounts totaled 2.24 billion USD during the first three months, jumping 232.16 percent year on year.

The 2030s, 2040s and 2050s may sound far away, but it is doubtful whether Mongolia will be able to diversify its economy out of dependence on mining until then. Therefore, we should start paying attention to this issue as well.

On this matter, Prime Minister L.Oyun-Erdene expressed that the government is making commitments to the net-zero transition and is preparing for the “end of coal”. In particular, the government is trying to develop its tourism to support its economy, declaring this year and upcoming years as “Years to Visit Mongolia”.

Professor of the University of Finance and Economics J.Delgersaikhan commented, “This issue is not discussed today. Since the beginning of the 21st century, the issue of reducing greenhouse gases started to be considered. The issue of stopping the use of coal was raised 10 years ago. I see that Mongolia will continue to have an economy based on mining in the next 10 years. I don’t see coal going out of demand during this time. That’s why we need to increase our existing coal export, improve its output, and spend our wealth and income from mining very properly. In the next 10 years, we need to change and diversify our economic structure with this mining income. Only then will we survive. Until today, Mongolia has been spending most of its mining income in areas that do not bring much impact or benefit to the society, such as welfare. In the future, we need to reduce our dependence on mining. Unfortunately, our country cannot do this. We’ve been talking about it since 1998, but we still haven’t done it.”

ADB Country Director for Mongolia Pavit Ramachandran also expressed, “Mongolia has a coal-dependent economy right now, particularly for the energy sector. Countries are already making commitments to the net zero transition so there will be less and less demand for coal. That’s just the nature of where things are headed. The multilaterals and bilaterals will not invest in coal projects. Moreover, we are also going to see less investment flowing into the fossil fuel sector so I think attractiveness as an investment destination will also depend on diversification. Mongolia has a lot of potential in agribusiness agriculture but it only processes five percent of the meat that they produce in the country. So there’s a huge potential for value addition. On the issue of tourism, the government is now making a big push. They just need to look at a broader product base, broader marketplace and look at diversification.”

It is commendable that Mongolia is contributing to this big global issue and is making efforts, but as economists and experts say, it is important to diversify the economy from now on. At a time when Mongolia is greatly affected by global climate change, it is 100 percent up to us how we can join hands in this great contribution to the world while saving and expanding our economy.

Mongolia's gross domestic product (GDP) expanded by 7.9 percent year-on-year in the first quarter of this year, the country's National Statistics Office (NSO) said Wednesday.

The increase was mainly thanks to a significant growth of the mining exports, according to the NSO.

Mongolia is rich in natural resources, and the mining sector has been one of the main drivers of the country's economic growth for many years.

The landlocked Asian country's economy grew 4.8 percent in 2022 and 1.4 percent in 2021.

International banks and financial institutions are optimistic about Mongolia's economic outlook. Its GDP is projected to grow 5.4 percent in 2023 and 6.1 percent in 2024, supported by exports, recovery in mining and its positive spillover to transport and other pursuits, according to the Asian Development Bank.

Minister of Foreign Affairs B. Battsetseg paid a Visit to the Republic of Slovenia on May 15-16. As part of the Visit, on May 15, Minister B. Battsetseg paid a courtesy call on President of the Republic of Slovenia Nataša Pirc Musar.

At the outset of the meeting, the Minister conveyed the warm greetings of President of Mongolia Ukhnaagiin Khurelsukh and noted the significance that Mongolia has been attaching to its relations with the Republic of Slovenia.

The parties exchanged views on opportunities to expand the relations between the two countries in the fields of politics, economics, trade, tourism, and IT, noting the 30th anniversary of the establishment of diplomatic relations between Mongolia and Slovenia, which marks this year.

After the parties agreed on the importance of supporting the cooperation between the business communities and increasing the trade turnover of the two countries, President Nataša Pirc Musar pledged support for fostering the relations in all spheres of cooperation.

Moreover, President Nataša Pirc Musar expressed delight with the mutual support of the two countries in the international arena and the expansion of the relations and cooperation, anchoring in our shared values of democracy, freedom, and human rights.