1 MONGOLIA BEGINS PREPARATIONS TO MARK WORLD HORSE DAY WWW.QAZINFORM.COM PUBLISHED:2026/01/25      2 KENYA, EGYPT, INDIA, MONGOLIA, FRENCH RIVIERA RANK AS THE TOP 2026 LUXURY DESTINATIONS IN A&K WORLDWIDE SALE WWW.TRAVELANDTOURWORLD.COM  PUBLISHED:2026/01/25      3 INTERNATIONAL DISASTER RESPONSE EXERCISE TO BE HELD IN UVS PROVINCE WWW.UBPOST.MN PUBLISHED:2026/01/25      4 MONGOLIA’S OLYMPIC OUTFIT STUNS SOCIAL MEDIA WWW.KZ.KURSIV.MEDIA  PUBLISHED:2026/01/25      5 NONSAN AGRICULTURAL PRODUCT EXPANDS EXPORTS TO MONGOLIA WWW.KOREAPOST.COM PUBLISHED:2026/01/25      6 MONGOLIA JOINS THE PEACE COUNCIL INITIATED BY PRESIDENT DONALD TRUMP WWW.MONTSAME.MN PUBLISHED:2026/01/23      7 DAVOS 2026: TRUMP SIGNED HIS GAZA ‘BOARD OF PEACE’ INTO BEING. HERE’S WHO’S ON IT — AND WHO ISN’T WWW.CNBC.COM PUBLISHED:2026/01/23      8 PM ZANDANSHATAR MEETS FORMER UK PM TONY BLAIR WWW.MONTSAME.MN PUBLISHED:2026/01/23      9 TUUL WATER COMPLEX PROJECT TO ENABLE STORAGE OF 50 MLN CUBIC METERS OF WATER WWW.MONTSAME.MN PUBLISHED:2026/01/22      10 SECURITIES WORTH 8.8 TRILLION MNT TRADED OVER 35 YEARS WWW.UBPOST.MN PUBLISHED:2026/01/22      "ДУЛААНЫ ЦАХИЛГААН СТАНЦ-4" ТӨХК УЛААНБААТАР ХОТЫН НИЙТ ЦАХИЛГААН ЭРЧИМ ХҮЧНИЙ 58 ХУВИЙГ ХАНГАЖ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2026/01/25     ТОЙМ: Г.ЗАНДАНШАТАРЫН ДАВОС ДАХЬ АЙЛЧЛАЛЫН ҮЕЭР 2026 ОНД МОНГОЛД ТУЛГАРАХ ЭРСДЛИЙГ ЗАРЛАВ WWW.EGUUR.MN НИЙТЭЛСЭН:2026/01/24     ЭНЭ ОНД 78.5 КМ УРТ ДУГУЙН ЗАМ БАРИХААР ТӨЛӨВЛӨЖ БАЙНА WWW.ITOIM.MN НИЙТЭЛСЭН:2026/01/24     УЛСЫН АРСЛАН Б.ОРХОНБАЯР, Э.БАТМАГНАЙ НАР ХАЛЗ БАРИЛДААН ХИЙНЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2026/01/24     УЛААНБААТАРТ 15 МЯНГАН ӨРХ ТОЛГОЙЛСОН ЭЦЭГ ЭХ, АМЬДАРЧ БАЙНА WWW.NEWS.MN НИЙТЭЛСЭН:2026/01/24     ШҮҮХ: Э.ГАН-ЭРДЭНЭ, Э.НОМИН-ЭРДЭНЭ, Х.ЭНХСАЙХАН НАРЫГ ЦАГААТГАЖ, ХОЁР ХҮНИЙ АМЬ НАСЫГ ХӨНӨӨСӨН Ц.ДАГВАДОРЖИД БҮХ НАСААР ХОРИХ ЯЛ ОНООЛОО WWW.ITOIM.MN НИЙТЭЛСЭН:2026/01/24     НӨАТ-ЫН БУЦААН ОЛГОЛТ ИРЭХ ДОЛОО ХОНОГТ ИРГЭДИЙН ДАНСАНД ОРНО WWW.EAGLE.MN НИЙТЭЛСЭН:2026/01/23     МОНГОЛ УЛС АНУ-ЫН ЕРӨНХИЙЛӨГЧ ДОНАЛД ТРАМПЫН САНААЧИЛСАН "ЭНХИЙН ЗӨВЛӨЛ"-Д АЛБАН ЁСООР НЭГДЭЖ, ҮҮСГЭН БАЙГУУЛАГЧ ГИШҮҮН УЛС БОЛОВ WWW.ITOIM.MN  НИЙТЭЛСЭН:2026/01/23     ЕРӨНХИЙ САЙД Г.ЗАНДАНШАТАРЫН НЭГДЭЭД БУЙ ТРАМПЫН “ЭНХИЙН ЗӨВЛӨЛ” ГЭЖ ЮУ ВЭ WWW.ITOIM.MN НИЙТЭЛСЭН:2026/01/23     ЦЭРГИЙН ОНЦ БАЙДАЛ ЗАРЛАХЫН ӨМНӨ ХОЁР ТАГНУУЛЫН АЖИЛТНЫГ МОНГОЛ РУУ ИЛГЭЭСЭН НЬ ЮН СОК ЁЛТОЙ ХОЛБООТОЙ WWW.EGUUR.MN НИЙТЭЛСЭН:2026/01/23    

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Events

Events

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2025 London UK MBCCI London UK Goodman LLC

NEWS

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Malaysia wins appeal in lawsuit by family of murdered Mongolian woman Altantuya www.bloomberg.com

The family of model Altantuya Shaariibuu, who was murdered in 2006 by two bodyguards assigned to protect officials including former Malaysian premier Najib Razak, lost their bid for damages from the Malaysian government after a court on Jan 20 upheld its appeal. 
The Court of Appeal accepted a petition from the government to overturn the family’s victory in a civil lawsuit first brought more than 18 years ago, Justice Muniandy Kannyappan said on Jan 20 via video conference. 
The decision means a lawsuit that began in the aftermath of the Mongolian woman’s brutal killing may go all the way to Malaysia’s highest court.
Ms Sangeet Kaur Deo, the lawyer representing Ms Altantuya’s relatives, said the family intends to appeal to the Federal Court.
“I am not here to go after a sum of money,” Ms Altantuya’s father Shaariibuu Setev said in Kuala Lumpur. “I am just a person looking for justice for the past 20 years. I am looking for a sincere apology.”
The three-member bench of judges rejected an appeal from Ms Altantuya’s former lover, Mr Abdul Razak Baginda, ordering him to pay more than RM1.38 million (S$438,300) in damages to the family.  
Mr Abdul Razak, a former adviser to Najib, did not respond to a request for comment on whether he will appeal the court decision.
In October 2006, Ms Altantuya was abducted outside Mr Abdul Razak’s home and taken to a forest outside Kuala Lumpur where, court records show, she was shot twice in the head and blown up with explosives.
Mr Abdul Razak helped broker Malaysia’s 2002 purchase of submarines from a French state-owned company. Najib was defence minister then, and the deal is now being investigated for corruption in Malaysia and France.
Two secret-service policemen, Azilah Hadri and Sirul Azhar Umar, who were part of a bodyguard detail for Najib and other senior Malaysian leaders, were convicted of her murder, but a motive was never established.
Mr Abdul Razak, who denies involvement, was charged with abetting the murder. He was later acquitted and the prosecution did not appeal at the time.  
Both Azilah and Sirul were sentenced to death.
Sirul fled to Australia, which will not extradite him because Malaysia retains capital punishment.
Azilah remains in prison in Malaysia, and his sentence was changed to 40 years after the government abolished the mandatory death penalty in 2023. Azilah used an earlier sworn affidavit to support his application for life imprisonment, in which he alleged Najib gave the order for the killing.
Najib has consistently denied any role in Ms Altantuya’s death. He was never charged, and has not been linked to the crime by any court finding.
In 2022, the government, Mr Abdul Razak and the two former secret-service policemen were found jointly liable for Ms Altantuya’s murder.
The family applied to the court for the judgment to be enforced because the parties have not paid damages yet.
In 2025, a judge ordered both the government and Mr Abdul Razak to pay RM4.7 million each in damages and deposit the funds until their appeals were heard. 
This latest ruling on Jan 20 means the family’s claim against the government has been dismissed and Mr Abdul Razak has to pay less in damages. 
Najib is in prison in Malaysia after being convicted of criminal breach of trust, abuse of power and money laundering in relation to 1MDB, the fund that became the centre of a multibillion dollar scandal which spawned probes across continents.
His sentence was halved to six years in 2024. 
In December 2025, Najib was sentenced to 15 years and fined RM11.4 billion on additional 1MDB charges. He has denied any wrongdoing.
In October, a Malaysian court gave Ms Altantuya’s father, Dr Shaariibuu Setev, permission to pursue a judicial review to compel the Malaysian authorities to investigate the contents of Azilah’s affidavit.
The case is ongoing. 
“I want to hear from Azilah on who gave the order” to kill Altantuya, Mr Shaariibuu said. “I am hopeful (about getting) an answer on that.”

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Social protections overlooked in Mongolia–UK critical minerals cooperation www.eastasiaforum.org

In June 2025, Mongolia and the United Kingdom announced a strategic roadmap on critical minerals cooperation. The agreement, concluded soon after the countries marked 60 years of diplomatic relations, sets out an ambitious plan to collaborate on the exploration, extraction and processing of critical minerals.
Yet the plan risks moving ahead with limited regard for Mongolia’s weak environmental and social protections, particularly for the rights and livelihoods of herders.
The partnership aligns closely with the UK Critical Minerals Strategy and Mongolia’s efforts to diversify beyond coal to ensure economic stability. For the United Kingdom, supply of critical minerals is considered a national security issue that cannot be fulfilled entirely by domestic production.
Mongolia is a source of at least 11 critical minerals, including copper, fluorspar, graphite, rare earth elements and lithium. Currently, the gold and copper mega mines in Omnogovi Province, Oyu Tolgoi, operated by Rio Tinto, represent the largest investment and operation of a UK company in Mongolia.
The initiative to advance a critical minerals partnership was preceded in 2024 by the confirmation of a Memorandum of Understanding (MOU) on critical minerals after diplomatic visits in 2023. The MOU outlines the intent to partner on surveying critical mineral resources, promoting trade partnerships and ‘upholding Environmental, Social and Governance standards and promoting transparency initiatives’. Likewise, the 2025 UK’s Critical Minerals Strategy includes direct reference to the importance of ensuring ‘responsible and transparent supply chains’, including ‘greater adoption of responsible business practices that protect the local environment and surrounding communities’.
These developments appear to ignore the Mongolian government’s poor record of environmental and social governance in the extractives sector. Mongolia’s mining sector currently lacks clear regulations or implementation of internationally recognised mechanisms for social safeguarding practices.
In 2024, a World Bank report raised concerns that Mongolia lacks comprehensive legislation on land acquisition, land-use restrictions and involuntary resettlement, and that legal inconsistencies produce inequitable outcomes for affected citizens. Social impact assessments are currently done on a voluntary basis. They are usually based on investor standards required by entities like the International Finance Corporation and European Bank for Reconstruction and Development, which have invested in only a minority of mining operations.
The vast majority of over 2700 mineral licenses issued across Mongolia do not account for local impacts or include coherent processes to restore livelihoods, establish grievance mechanisms or share information with affected communities. In February 2023, the Mongolian government issued Decree Number 58, requiring the designated ministry to finalise regulations on social impact assessment. Yet this process has stalled for over two years, with no progress towards requiring or implementing social impact assessment standards in national law.
Since 2020, UN human rights mechanisms have repeatedly identified Mongolia’s poor record in protecting herder rights due to the expansion of mineral extraction industries on pastoral land. In the 2020 Universal Periodic Review report for Mongolia, the UN Office of the High Commissioner of Human Rights expressed concerns that nomadic herders’ rights to their pasture, hay land and water resources were continuously infringed upon due to mining activities on their traditional lands. Herders’ free, prior and informed consent was not obtained, while compensation to herders affected by extractive industry projects was inadequate.
In a 2022 report, the UN Economic and Social Council called for ‘effective human rights and environmental impact assessments and meaningful consultations with affected local communities’.
In 2024, a UN report on mobile indigenous peoples stated, ‘in Mongolia, mining is harming herders’ livelihoods, livestock, traditional knowledge, water quality, pastures, sacred sites and cultural practices’. During the August 2025 Universal Periodic Review pre-sessions, Mongolian civil society organisations highlighted weak legal protections for herders facing land acquisition, displacement and cultural loss, including damage to sacred sites and exclusion of women herders from decision-making.
In Mongolia, rural land is formally state-owned but functions in practice as a shared pastoral commons. Herders rely on a mobile system of customary land use, moving seasonally and over long distances. Formal land titles apply only to small, fixed areas such as winter and spring camps and do not reflect how herders actually use land.
As a result, when land is expropriated for mining and related infrastructure, it fragments the wider grazing system, reducing access to pasture and water resources and undermining herders’ livelihoods, even where formally titled land is limited or absent.
Because the government grants mining licenses from the capital of Ulaanbaatar, local herders often discover that their seasonal pastures have been reclassified for industrial use only after exploration begins. When notified of a license being issued, local governments are given a short period of time to respond but have no recourse to reject or reverse the decision. Mongolia’s lack of legal requirements to assess impacts on livelihoods or to obtain the consent of affected people demonstrates the structural exclusion of rural communities from decisions that reshape their lives.
As the United Kingdom advances its vision for critical minerals cooperation with Mongolia, it must ensure that the recognition and protection of indigenous herders’ rights stand at the centre of its agenda.
For years, the UN, civil society organisations and academics have documented Mongolia’s poor record in safeguarding herders’ rights. A truly green future cannot be built on the displacement of mobile indigenous herders or damage to their livelihoods, culture and ancestral homelands.
By
Ariell Ahearn is Departmental Lecturer in Human Geography at the School of Geography and the Environment, University of Oxford.
Bayarsaikhan Namsrai is Director of Steps without Borders NGO, Mongolia.

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Prime Minister Meets ITU Secretary-General in Davos www.montsame.mn

Prime Minister Zandanshatar Gombojav is attending the 56th World Economic Forum Annual Meeting in Davos, Switzerland. On the sidelines of his participation in the event, the Prime Minister met with the Secretary-General of the International Telecommunication Union (ITU), Doreen Bogdan-Martin.
At the meeting, the PM highlighted that as part of Mongolia’s education reform, shifting from teaching-centered to learning-centered approaches, the country will introduce artificial intelligence and foundational technology subjects into the education curriculum starting from the next academic year. He said that in this context, Mongolia is cooperating with Google and the Google Gemini Academy to help teachers learn how to effectively use artificial intelligence.   
By Government Resolution No. 130 of 2025, the “Medle” digital general education school has been established. Beginning next academic year, children from around the world will be able to study their native language, national culture, heritage, and history through this platform.  Additionally, efforts are underway to develop AI-based teacher assistants and personalized assistants tailored to each student’s individual needs.
Within the framework of cooperation launched in 2023, more than 100 thousand teachers and students are currently using Google Workspace for Education and the Google Classroom platform to expand their knowledge. Moreover, a pilot program to introduce an AI assistant for teachers is planned for April this year with the support of the World Bank.
The ITU plans to organize a regional seminar in Ulaanbaatar later this year, and the two sides agreed to further cooperate in improving the quality and accessibility of Mongolia’s education sector through the use of artificial intelligence and digital technologies.
The ITU is a specialized agency of the United Nations responsible for developing policies, standards, and regulations in the global information and communication technology sector.

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Rio Tinto reports higher Q4 copper output as huge Mongolian mine ramps up www.seekingalpha.com

Rio Tinto (RIO) exceeded expectations for quarterly iron ore and copper production, reporting Wednesday that iron ore production at its core Pilbara operations hit a record and copper output increased due to the continued expansion of its operation at Oyu Tolgoi in Mongolia.
Q4 shipments of iron ore, still Rio’s (RIO) biggest source of revenue by far, jumped 7% Y/Y to 91.3M metric tons, above the Visible Alpha consensus estimate of 88.2M tons, while output rose by 4% to 89.7M tons, but full-year exports of 326.2M tons fell 1% and came in near the lower end of its forecast range of 323M-338M tons, "with a strong recovery from the extreme weather interruptions earlier in the year."
The company said mined copper production on a consolidated basis rose 5% Y/Y to 240K metric tons, above the Visible Alpha consensus estimate of 214.4K tons, while annual output climbed 11% to 883K tons, topping its guidance of 860K-875K tons, driven by the continued underground ramp-up, higher grades and recovery rates at the Oyu Tolgoi mine.
Rio Tinto (RIO) disclosed earlier this month it is in talks with Glencore about a potential deal that could create the world's largest mining company, but the negotiations were not discussed in its quarterly update.

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NCT WISH heads to Mongolia in new travel variety 'ON THE MAP,' premiering today www.allkpop.com

On January 20, the production team at Mnet Plus announced the premiere of its original travel variety program 'ON THE MAP.'
'ON THE MAP' is a global adventure show in which K-pop idols travel around the world, take on hidden challenges in each destination, and work to complete a single map. In this installment, NCT WISH heads to Mongolia to complete their challenge map and reveal new sides of their charm along the way.
The first episode follows the members as they arrive in Mongolia and begin adjusting to their new environment. Starting with the local greeting “Sain baina uu? (hello),” the group is immediately faced with their first surprise challenge, putting their quick thinking and teamwork to the test.
One mission requires all members to appear smiling in a single frame during an impromptu photo time. As they maintain their smiles throughout the challenge, viewers are left wondering what kind of strategy NCT WISH comes up with to succeed. Later, an unexpected hurdle arises during their first meal, prompting the members to attempt a clever counterattack.
The production team shared, “This season of 'ON THE MAP' is built around six key strengths and charm points that the members of NCT WISH personally discussed and selected. We hope viewers enjoy watching how they solve each challenge tied to these keywords in unpredictable locations and situations.”
'ON THE MAP' premieres on January 20 at 8 PM KST via Mnet Plus, followed by a broadcast on the Mnet channel on January 21 at 8 PM KST.

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Tugrug Weakens Against Euro, Ruble, and Yuan on Monthly Average www.montsame.mn

 According to the Bank of Mongolia, the monthly average exchange rate of the tugrug against the euro stood at MNT 4,155.07 in December last year, weakening by MNT 575.5 year-on-year and by MNT 26.4 compared to the previous month.
The National Statistics Office reported that during the same period, the monthly average exchange rate of the tugrug against the US dollar was MNT 3,549.18, weakening by MNT 131.3 year-on-year, but strengthening by MNT 22.5 compared to the previous month.
Meanwhile, the monthly average exchange rate of the tugrug against the ruble was MNT 45.26, weakening by MNT 12 year-on-year and by MNT 0.8 month-on-month. The monthly average exchange rate against the yuan stood at MNT 503.91, weakening by MNT 34.5 year-on-year and by MNT 1.5 compared to the previous month.

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Mongolia’s Coal: Record Volumes, Tough Prices — 2025 Review & 2026 Outlook www.capitalmarkets.mn

Coal remains the backbone of Mongolia’s economy, reflected in its outsized role in industrial output, exports, fiscal revenue, and the logistics value chain. The mining sector contributes roughly 70% of total industrial output, with coal accounting for about 43% of that output. Mining also dominates Mongolia’s export basket, making coal a key driver of foreign-exchange inflows and external liquidity.
Beyond export receipts, coal activity supports services through trade, transport, and employment. The sector’s throughput underpins rail and road freight demand, while higher mining activity typically transmits into broader labor-market strength and consumption.
Needless to say, coal performance affects the economy as a whole. As year end numbers are out, let's look into sector performance in 2025 and what we can expect in and what investors should monitor in 2026. Let’s dive in.
2025 Review: What actually happened?
Total coal export volumes rose 7% YoY, increasing from 83.8 Mt in 2024 to 89.7 Mt in 2025, and surpassing the government’s annual target of 85 Mt. In contrast, export value fell to $5.8 billion, down 34% YoY. Overall, 2025 was characterized by a widening gap between volume and value: shipments increased, but coal prices weakened materially.
According to the draft law on the 2026 State Budget of Mongolia, weaker activity in China’s steel and industrial sectors in 1H 2025 contributed to higher stockpiles and depressed pricing at the border. Prices then rebounded in 3Q as supply-side tightening measures and inspections reduced mining output in China, improving sentiment and lifting market pricing.
Importantly, 2025 marked the fourth consecutive year of rising export volumes — suggesting that logistics capacity and export execution efforts have been paying its dividends.
H1 vs. H2 Dynamics: The "V-Shaped" Recovery
Coal-sector performance in 2025 followed a “V-shaped” pattern: a weak first half (H1) followed by an acceleration into the second half (H2).
H1 contraction: 1H 2025 was marked by a slowdown, with total coal production reaching 43.7 Mt—an 7% decline versus 1H 2024 (46.7 Mt). Coking coal exports to China also fell materially during the period.
H2 rebound: Activity recovered meaningfully in H2. By September 2025, monthly output had swung back into growth to 89.7 Mt (+15.2% YoY).
This pattern underscores a key theme for investors: Mongolia’s export system is increasingly capable of ramping when demand/pricing conditions improve, but it remains highly sensitive to China-driven demand signals and border market microstructure.
Chinese Demand Conditions
With China purchasing nearly all of Mongolian coal exports, China’s macro and industrial cycle remained the decisive variable in 2025.
Resilient coking coal intensity: Even as China’s crude steel output softened in H1, the implied intensity of metallurgical coal usage remained relatively supported—consistent with demand for higher-quality inputs in certain production chains.
Strategic import shift toward land-based supply: China has increasingly favored proximate, land-based suppliers—particularly Mongolia and Russia—over seaborne supply in certain market conditions, reflecting delivered-cost advantages and shorter logistics chains.
Macro headwinds: China faced broader economic slowdown during 2025, including disinflationary pressures and uneven manufacturing momentum, which contributed to weak pricing conditions across the bulk commodity complex.
Logistics Breakthroughs
The H2 recovery was reinforced by infrastructure progress and ongoing efforts to reduce Mongolia’s historical overreliance on truck-based transport. In particular, construction activity on the Gashuunsukhait–Gantsmod cross-border railway is positioned as a medium-term catalyst that could increase annual transport capacity and improve cost competitiveness for exporters. 
For investors, the key implication is that logistics constraints—while easing—remain a gating factor for monetizing volumes during upcycles. Capacity additions can amplify export responsiveness, but they can also contribute to localized oversupply at the border if demand softens.
The Impact of Coal on the 2025 and 2026 Budgets
Coal remains the one of the most important swing factor for Mongolia’s fiscal outcomes—primarily through price and volume assumptions embedded in budget planning.
2025: Price-driven fiscal stress
In 2025, the budget absorbed a material shock from weaker-than-expected coal pricing relative to assumptions:
Price collapse vs. budget assumptions: The 2025 budget assumed coal prices near $105/ton, while realized pricing was materially lower during the year.
Revenue shortfall and adjustment: The pricing gap reduced coal-linked revenues, forcing expenditure and revenue revisions and increasing deficit uncertainty.
2026 Budget Projections and Reliance
Despite 2025 volatility, the 2026 budget framework remains heavily reliant on coal export performance:
Revenue and expenditure targets: The 2026 consolidated budget is planned with revenues of around MNT 31.6 trillion and expenditures of about MNT 33.0 trillion, implying a deficit near 1.4% of GDP. 
Ambitious volume target: The Mongolian government is projecting 90 Mt of coal exports—an all-time-high target that would imply another record-year outcome.
For foreign investors, the takeaway is straightforward: coal prices and border execution will remain the primary determinants of fiscal performance, liquidity conditions, and FX dynamics in 2026.
2026 Outlook: What to expect and what to watch?
Mongolia’s coal sector forecast for 2026
The Ministry of Economy and Development projects 90 Mt of coal exports in 2026 at an average price of ~$70/t, implying export proceeds of ~$6.3bn. Looking ahead, the partial implementation of China’s “276 working days” policy (effective August 2025)—together with Beijing’s push for higher-quality steel output to support priority sectors (green energy, advanced technology, biomedicine)—is expected to underpin demand for Mongolian coking coal, helping keep prices broadly stable versus the 2025 price.
Domestic projections cite several supportive factors: maintaining/increasing export volumes, more stable pricing, and incremental supply gains (including operational developments at Erdenes Tavan Tolgoi). Diversification efforts—such as discussions around supplying coking coal to India—could add longer-term optionality, although China will remain the anchor market in the near term.
At the macro level, the base case for 2026 is steady growth, moderating inflation, a slightly easier policy stance, and a weaker currency versus the USD—with coal and copper still acting as Mongolia’s primary transmission channels to fiscal revenues, FX inflows, and activity.
Longer-term reference point (IEA)
Looking beyond 2026, the IEA projects Mongolia’s coal output to ease toward ~97 Mt and exports toward ~84 Mt by 2027, while metallurgical coal exports remain broadly stable at ~56 Mt as Chinese demand plateaus. This supports the base-case view: volumes can stay high, but price and end-demand growth are likely to be the binding constraints.

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Exports of Combed Cashmere Reach USD 330 Million Under the 'White Gold”' Movement www.montsame.mn

President of Mongolia Khurelsukh Ukhnaa visited national manufacturing enterprises operating under the “White Gold” movement.
The President first visited Gobi Erdene Cashmere LLC, established in 2010. The company employs 108 people and has the capacity to produce more than 200,000 items annually. It manufactures a full range of knitted products for men, women, and children, exporting around 70 percent of its output to 12 countries.
Within the framework of the “White Gold” movement, the company received an investment loan of MNT 2 billion. As a result, its production capacity increased by more than 10 percent, while both tax payments to the state and the number of employees rose by 20 percent each compared to the previous year. In 2025 alone, the company created 30 jobs in rural areas. It has set a goal to triple its production capacity in the coming years.
In 2025, a total of MNT 52 billion in investment loans was provided to cashmere manufacturers, increasing spinning capacity by 400 tonnes to more than 2,000 tonnes. In addition, MNT 322 billion in working capital loans enabled the purchase of raw cashmere to reach 60 percent of the total national output.
Whereas Mongolia previously exported cashmere mainly in raw form, it has now shifted to combed cashmere processing. Compared to the previous year, exports of combed cashmere increased sixfold, reaching 4,000 tonnes, equivalent to USD 330 million in export revenue.
“White Gold” Movement to Enable Annual Production of Two Million Pairs of Shoes
Founded in 2018, Lugati LLC produces work footwear for the mining, transport, construction, and heavy and light industry sectors. The company has the capacity to manufacture 100,000 pairs of shoes annually. Under the “White Gold” movement, it received MNT 900 million in working capital loans, expanded its capacity, and set a target to produce 250,000 pairs of shoes per year.
To protect domestic production, company representatives emphasized the need to increase tariffs on similar imported footwear, provide stronger support through loan and tax policies, promptly commission the Emeelt Industrial Complex, and place particular emphasis on training skilled workers.
Currently, more than 40,000 students study at 69 vocational education and training centers nationwide, yet fewer than 100 specialize in footwear manufacturing. Therefore, sector ministry representatives noted that policies are being implemented to create conditions for “learning while working and working while learning,” with training programs lasting from six months to one year.
Under the “White Gold” national movement, MNT 54 billion in working capital and investment loans have been provided nationwide to the leather and hides processing sector alone. As a result, within just one year, capacity was created to fully process 1.2 million small hides and 500,000 large hides annually, while capabilities for recycling waste and producing gelatin and pressed leather products were also expanded.
Footwear factories now have the capacity to produce 1.5 million pairs of shoes per year. Mongolia currently produces around one million pairs annually, with a target under the “White Gold” movement to reach two million pairs by 2028.
President Khurelsukh expressed his appreciation to herders, suppliers, and national manufacturers who cooperate to create jobs, supply value-added products to domestic and foreign markets, pay taxes, and contribute to national wealth creation.
Since the launch of the “White Gold” national movement in 2025, 66 enterprises engaged in wool, cashmere, leather, and hides processing and final product manufacturing have received MNT 520 billion in concessional loans. This year, an additional MNT 425 billion in low-interest, long-term concessional loans will be provided.

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Local leaders agree on decentralization and reform priorities for 2026 www.ubpost.mn

A joint meeting of government members, provincial chairpersons, governors, and representatives of the Capital City was held at the State Palace to present the government’s 2026 policies and ensure a unified understanding between central and local authorities. Prime Minister G.Zandanshatar delivered a detailed report titled “One Mongolia – One Direction: Order and Reform Movement,” outlining the government’s achievements, current challenges, and reform agenda.
The PM noted that when the government was formed six months ago, Mongolia faced urgent challenges including weakened state capacity, declining public trust, slowed economic growth, falling foreign exchange reserves, rising inflation, and a potential budget shortfall. To address these issues, an emergency regime was imposed at Erdenes Tavan Tolgoi JSC, resulting in a 1.6-fold increase in coal production and sales and a rise in foreign exchange reserves by about 2 billion USD within months. He emphasized that the economy has revived and now requires proper direction to sustain growth.
The government has set eight major reform directions for 2026–2030, including human development, economic restructuring, social values, environmental and green development, governance and digitalization, national competitiveness, regional development, and science and AI. It has also launched a “300-Day Action Plan” aimed at ensuring economic growth benefits citizens directly, including managing the National Wealth Fund and ensuring fair wealth distribution. The prime minister stressed that the state must be disciplined and efficient, and announced plans to abolish over 1,000 unlawful regulations that cause bureaucracy and delays.
Addressing local authorities, the PM urged them to work closely with citizens and take an active role in implementing reforms. He called for decentralization of authority, allowing local governments to manage budget savings, and transferring decision-making powers from Ulaanbaatar where possible. He also said the government would address unresolved issues such as land allocation for soum residents and herders’ camps and the restructuring of development funds to improve access to concessional loans for small businesses.
Following the premier’s speech, Speaker of the Parliament N.Uchral and Secretary General L.Ulziisaikhan discussed key legal reforms and budget priorities. The speaker highlighted that the 2026 budget focuses on human development, health, and education, while reducing state intervention and supporting private enterprise. He also emphasized reforms under the “Let’s Free” initiative, which aims to reduce bureaucracy and simplify regulations, and noted upcoming draft laws on economic freedom, insolvency, commerce, and state-owned enterprise reform.
The speaker called for increased regional investment through public-private partnerships, supported expanded renewable energy development, and reiterated efforts to protect citizens from price increases and improve energy independence. He also announced that 2026 is declared the Year of Child Protection, with plans to revise family and victim protection laws.
Overall, local leaders supported the reform agenda, particularly renewable energy and decentralization, and called for regional discussion of procurement and tax system reforms. They emphasized the need to reduce state intervention in the economy and strengthen local autonomy, according to the Parliamentary Press and Public Relations Department.

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Prime Minister of Mongolia to Attend World Economic Forum Annual Meeting www.montsame.mn

 The 56th World Economic Forum Annual Meeting is being held in Davos, Switzerland, from January 19 to 23 under the theme “A Spirit of Dialogue.”
Prime Minister of Mongolia Zandanshatar Gombojav will deliver remarks and share views at several sessions during the meeting, including the High-Level Meeting on Global Tourism, Accelerating Global Cooperation for the Environment, and The Use of Artificial Intelligence in Circular Value Chains. He will also take part in some discussions among global economic leaders.
On the sidelines of the forum, the prime minister will hold working meetings with political, social, and economic leaders from around the world, as well as heads of international organizations, to present the policies, activities, and projects of the Government of Mongolia.
The World Economic Forum has been held annually since 1971. This year’s 56th meeting brings together heads of state and government from more than 70 countries and over 2,700 participants in total.

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