President of Mongolia Ukhnaagiin Khurelsukh and President of the Republic of Poland Andrzej Duda took part in the ceremony of signing cooperation documents in the Great Hall of State Ceremonies and Honors. Afterward, President of Mongolia U. Khurelsukh and President of the Republic of Poland Andrzej Duda briefed the media representatives in the Baganat Hall.

President of Mongolia U. Khurelsukh spoke,"… I consider the official talks with the President of the Republic of Poland Andrzej Duda to be of high significance and important outcomes.

The heads of state of our two countries have been visiting each other every 5-10 years. I believe that President Andrzej Duda's visit, 10 years after the last visit will be plainly written in the history of relations between the two countries, and it will be a historically significant and solid basis for further development of traditionally friendly relations and cooperation between our two countries.

During the talks, we discussed the consequences, conditions and solutions of major social and economic challenges caused by the Covid-19 Pandemic, and complicated international relations and geopolitical situation faced by the countries in the world in the last three years, and agreed to overcome the difficulties with joint efforts and determination. The Republic of Poland is one of the third neighbors and close partners of our country, and relations and cooperation between the two countries have continuously and actively developed even in hard times. I am happy that upon its decision to open Polish Embassy in our country, officially opening it as part of this State visit.

The relations between the Parliaments, Governments, state institutions, citizens, entrepreneurs, and wealth creators of the two countries are in active motion, and the trade turnover of the two countries has doubled in the last three years. We always remember and are grateful that before 1990, Poland constructed many factories and plants, such as a silicate-lime factory in Darkhan, a silicate brick factory in Choibalsan, a lightweight concrete block factory, and a wood processing plant in Ulaanbaatar, and thermal power plant in Kharkhorin. We agreed to further increase the trade and investment of the two countries, expand and develop cooperation in the areas of road, transport, education, geology, mining, culture, and environment, and in implementing major construction projects for sustainable development.

The trade volume between China and Mongolia via Ganqmod Port, the largest highway port between the two countries, has surpassed 10 million tonnes so far this year, the port's administration authority said on Monday.

Situated in north China's Inner Mongolia Autonomous Region, Ganqmod Port handled approximately 10.02 million tonnes of goods from Jan. 1 to April 22, with a daily average of 112,600 tonnes.

Ganqmod Port is the first highway port in the region to reach the 10-million-tonne mark in 2023, hitting the target nearly four months earlier than in 2022.

The port has been striving to raise its clearance efficiency by implementing more measures to facilitate trade, said the administration authority.

Ganqmod Port is a major energy import channel for the country, and an important hub on the China-Mongolia-Russia economic corridor.

Fitch Ratings has assigned coal producer Mongolian Mining Corporation’s (MMC) proposed US dollar notes a ‘B’ rating with an expected Recovery Rating of ‘RR4′. The proposed notes will be issued by MMC and its wholly owned subsidiary Energy Resources LLC, and guaranteed by most of its operating subsidiaries.

The notes will constitute senior unsecured obligations of MMC as they represent its unsecured and unsubordinated obligations.

Net proceeds from this issuance will be used to fund a concurrent tender offer for liability management purposes and will be leverage neutral. We expect successful issuance of the notes to alleviate the company’s medium-term funding needs for its USD350 million 2024 notes redemption.

The new notes will be used to pay the tender price of any 2024 notes tendered in a concurrent tender and exchange offer. The tender offer has a maximum tender cap equal to the new notes issued.

MMC’s 2024 notes’ outstanding balance is USD350 million at 21 March 2023. The cash balance has increased to over USD200 million, from USD65 million at end-2022, based on Fitch’s Estimate, indicating strong cash generation in 1Q23. We expect around USD300 million EBITDA in the next 12 months.

MMC’s core coking-coal operation has normalised amid stabilisation in the border situation. The average daily throughput rose to over 900 trucks in March 2023, surpassing the pre-Covid level, from around 120 trucks in 1Q22. MMC ramped up processing volume to 3.1 million tonnes in 1Q23 from 0.9 million tonnes in 1H22. We expect the realised average selling prices (ASP) for washed hard coking coal to increase to over USD160/tonne in 2023, from the 2022 average of USD147/tonnes.

MMC is small by revenue compared with Fitch-rated coal miners globally. Hard coking coal accounted for over 95% of MMC’s total revenue in 2021. Its latest coal reserve statements show total marketable coal reserves of just under 400 million tonnes, or a reserve life of around 35 years.

Mongolia will have its first oil refinery up and running by 2025. The first phase of the $1.2 billion Indian soft loan-funded Mongol Oil Refinery will be finished by the end of the year. Given that Russia is the only source of energy imports for Mongolia, the development has strategic ramifications.

Mongolia refinery to be built by India by 2025: Key Points

The refinery will enable Mongolia to satisfy 70% of its domestic demand.

According to the nation’s ambassador, Dambajav Ganbold, the first oil refinery in Mongolia, which is being constructed on the outskirts of the capital city of Ulaanbaatar with funding from India, would be finished by 2025.

Mongolia also intends to entice investment from India in its mining and metals industries with intentions to start shipping coking coal to India by 2024.

What all Mongolia have to offer?

Important rare earth metals are also found in Mongolia, which may be essential to India’s plans to develop cutting-edge technical capabilities in semiconductors and sustainable transportation.

Indian businesses have already travelled to Mongolia to investigate these possibilities. It is anticipated that regular direct flights between Mongolia and India will be established in order to enable these exchanges.

India is Mongolia’s significant “third neighbour” in this area. This is one of the foreign policy’s key ideas, and it first came up because of Mongolia’s two large neighbours, Russia and China.

So, in order for Mongolia to be an independent state, it is needed to establish contact with a third neighbour.

This provides Mongolia the chance to expand and strengthen collaboration both locally and globally.

Since Prime Minister Modi’s historic visit to Mongolia in 2015, the governments have agreed to build the country’s first oil refinery.

This refinery project, which comprises four packages, is currently in full swing.

Right now, the first package, or EPC 1, is more than 70% finished, and it will be finished this year.

Following the tender procedure for the final three packages, Hyderabad-based Megha Engineering and Infrastructures Limited was chosen.

Mongolia’s Independence and energy security will increase thanks to the refinery

The owner of Edinburgh Cashmere is set to boost production after signing a partnership with with an unnamed manufacturer in Mongolia.

Described as one of the East Asian country's largest luxury textiles producers, the factory is expected to produce up to one million cashmere and lambswool products for Edinburgh Cashemere on an annual basis. Didar Singh Chalana, who set up the Scottish business nine years ago, said the value of these goods will be between £5 million and £10m per year.

The factory is described as using the latest state-of-the-art machinery and techniques, with raw materials sourced sustainably and ethically. Mr Chalana, also known as DC Singh, said the venture will allow Edinburgh Cashmere to keep up with ever-increasing demand.

Born in Punjab, India, Mr Chalana has a background in wholesaling. He was working in Edinburgh’s Royal Mile in 2008 when he first got the idea for setting up his own cashmere company.

He incorporated the business in 2014 and started working to develop a range of designs, including a collection of cashmere clan scarves. He has supplied products wholesale into the UK, France, Italy, the US and Japan, and started selling own-branded products online in 2021.

The U.S. Ambassador to Mongolia Richard Buangan discussed his experience representing the United States as a Filipino American, the importance of authenticity and the significance of nuance in public diplomacy at a Georgetown University event April 11.

The Institute for the Study of Diplomacy, a part of the School of Foreign Service that explores diplomatic statecraft, co-hosted the event with the Una Chapman Cox Foundation’s American Diplomacy Project, an initiative that seeks to shape the future of the U.S. foreign service.

Buangan said his identity as a Filipino American has shaped his approach to diplomacy.

“I was born and raised in San Diego, Calif.,” Buangan said at the event. “I am a proud American. I had the privilege of growing up in various multicultural neighborhoods and experiencing the cultural aspect that really speaks to our values as a diverse country.”

Buangan said his experiences have helped him better understand the importance of diversity in diplomacy.

“When I was a public affairs officer in Jerusalem, one of the things I always talked about is how powerful it is to have a story of uniting diverse individuals together to serve a common goal of serving the country,” Buangan said. “A common goal is to share the values that make us great so that others overseas can also partake in the richness and diversity of their existence.”

Buangan said he has experienced bias and discrimination abroad because of his identity but never maliciously.

“Interestingly, it’s always been accidental bias and discrimination,” Buangan said. “In a way, those experiences really explain why we need a diverse foreign and civil service, and for those who serve the American people or do public service, diversity is really our strength.”

Buangan said he is hopeful that the U.S. Department of State will continue improving its staff in terms of diversity, equity, inclusion and accessibility (DEIA).

“I think we’ve made tremendous progress,” Buangan said. “When I first joined, there was no such thing as DEIA. It was only an interest, not an intentional strategy to diversify our ranks. Over the past decade, we are diversifying more than we have ever been. It speaks well to our recruiters who are actively identifying possible employees across the country, not only just the Northeast.”

Buangan said that when he was a junior officer, there was no recourse for when he felt hostility from someone in a senior position. Now, there are resources available to employees who are dealing with hostile superiors.

“I was always told to shut up, don’t say anything,” Buangan said. “But over the last few years, the department has done a very good job of being able to articulate employees’ rights and supervisors’ responsibilities of creating an ethical, welcoming environment. That is something that did not exist when I joined the foreign service.”

Buangan said it is important for diplomats to be authentic and to represent their country and its people through nuanced conversations about controversial issues.

“You are still an American,” Buangan said. “You still should find moments where you can say, ‘As an American, I personally have a problem with the Second Amendment, gun control or issues happening in the newspaper.’ When you talk from personal experience, you can find a way to still talk about the official U.S. government policy.”

Buangan said public diplomacy is important for shaping the perception of the United States abroad.

“Public diplomacy, for me, is engaging with non-government people about aspects of the United States, that include who we are as people, the values we champion and U.S policies relating to the current administration,” Buangan said.“Ultimately, what it’s about is engaging, informing and creating an impact on the perception of foreign audiences in the United States, official and unofficial.”