China emerges as preferred medical destination for Mongolian patients www.xinhuanet.com

Hospitals in north China's Inner Mongolia Autonomous Region are seeing an increasing number of Mongolian patients, who are drawn by the country's advanced technology, bilingual services and cost-saving policies.
Enktuyaa, a 57-year-old from Ulaanbaatar, capital of Mongolia, recently underwent successful surgery for coronary heart disease at the International Mongolian Hospital of Inner Mongolia.
"The doctors here are experienced and the equipment is advanced. I feel much better after the surgery," she said.
Having suffered from worsening heart condition for years, Enktuyaa decided to seek treatment in China based on recommendations from friends. Due to the severity of her disease, the hospital in Inner Mongolia prioritized her case through a "green channel," streamlining admission.
Her two-week treatment, costing around 4,000 yuan (about 557.5 U.S. dollars), exceeded Enktuyaa's expectations.
"Communication was smooth and meals were tailored to my preferences," she noted.
The hospital's international medical service department offers Mongolian patients seamless support from registration to hospitalization, coupled with a 20 percent discount on major diagnostic tests.
In Erenhot, a border city in the autonomous region, traditional Chinese medicine (TCM) is drawing patients like Dawasurong, who sought acupuncture treatment for chronic lumbar and cervical issues."TCM is renowned in Mongolia. This second treatment has significantly eased my pain," he said.
Naranmanda, who accompanied her husband, also had a pleasant treatment experience in Inner Mongolia. She said that therapies combining Western and traditional methods in China can address root causes of illness or discomfort.
The Mongolian-TCM hospital in Erenhot treated nearly 30,000 Mongolian patients in 2024, while offering 20 percent discounts on tests costing over 100 yuan -- totaling 802,000 yuan in savings. Notably, this hospital provides 24/7 hotline support and bilingual staff.
In addition, cross-border medical collaboration is deepening. Zhang Huujiyaa, president of the hospital, highlighted partnerships with Mongolian institutions, including staff exchanges, training and in the telemedicine field.
"We send experts who provide free clinics in Mongolia and train their doctors here in China," he added.
As China-Mongolia medical cooperation expands, more patients are finding renewed health thanks to medical services across the border.
Fan Lijun, director of the Belt and Road Initiative Research Institute at Inner Mongolia Academy of Social Sciences, emphasized that these efforts "strengthen professional ties and enhance public health outcomes."

Mongolia's coal exports face setbacks amid border congestion and weaker global prices www.sxcoal.com

Mongolia's coal exports are facing mounting challenges as border congestion and falling global coal prices disrupt trade. At a recent government meeting, a government working group tasked with boosting mining exports and foreign exchange reserves highlighted bottlenecks at key border crossings and outlined urgent policy measures, Mongolian media outlet IKON reported.
This followed a visit to the affected ports by the group, which directed officials to resolve technical network failures slowing transport at Shivee Khuren and explore ways to reduce container handling, loading, and customs costs at border crossings.
The working group was headed by the Minister of Industry and Mineral Resources Tuvaan Tsevegdorj, Minister of Finance Javkhlan Bold, and Minister of Road and Transport Delgersaikhan Borkhuu.
The ports of Gashuunsukhait, Khanghi, and Shivee Khuren, critical gateways for Mongolia's coal exports, are experiencing severe stockpiling pressure. The storage capacity of China's Ganqimaodu port connected with Gashuunsukhait is nearly maxed out at 4.5 million tonnes, preventing further shipments.
As of March 23, coal inventories at Ganqimaodu stood at 4.39 million tonnes, Sxcoal's tracking data showed.
Similarly, coal is accumulating at Khangi and Mandula border crossings, preventing withdrawals and making additional exchange trading impossible. These logistical challenges have been exacerbated by a sharp decline in coal prices, which has led Chinese buyers to suffer heavy losses, reducing their willingness to purchase additional coal through the Mongolian Stock Exchange.
Mongolian officials also acknowledged the need for domestic improvements. The Finance Minister noted that efforts are underway to cut transportation costs, particularly at Khangi port, where railway expenses under government control have already been reduced by 50%.
By expanding its capacity, Khangi port would be an important gateway to increase foreign trade turnover. Also, it will share the load of Zamiin Uud and Gashuunsukhait ports and support the planned mining project.
Additionally, the Ministry of Road and Transport has slashed railway base freight fees along key routes, aiming to improve competitiveness.
Shivee Khuren port, which operates under a market-driven model with private sector participation, is a little different from the other two ports. Eight domestic and foreign-invested companies operating in the Nariinsukhait deposits exported 24 million tonnes of coal via the port last year, with plans to increase exports to 25-26 million tonnes in 2025.
The Shivee Khuren-Ceke cross-border railway and station – funded through private investment – is nearing completion. Once operational, the port's annual coal export capacity could reach 50 million tonnes, according to the port's private operators.
Meanwhile, the majority of the members present at a meeting supported the discussion and adoption of the draft law on the ratification of the agreement between Mongolia and China regarding the Gashuunsukhait-Ganqimaodu cross-border railway, coal trade, and cooperation in boosting Tavan Tolgoi coal mine capacity, according to the State Great Khural.
Daily truck traffic ranges from 300 to 400 vehicles at Khangi port, and 250-300 trucks cross Gashuunsukhait each day. Shiveekhuren handles over 600 trucks per day, maintaining stable exports, with further growth expected as new facilities come online.
Beyond coal exports, the government's working group inspected a coalbed methane project in Umnugobi aimag, where three exploration initiatives are underway. These projects, led by Telmen Resource, could provide a cleaner alternative energy and heat source while reducing air pollution.

Proposed Amendments to Mongolia’s VAT Law: Key Changes and Public Feedback Process www.vatupdate.com

The Mongolian Ministry of Finance has drafted reforms to the Value Added Tax (VAT) Law, alongside amendments to the General Tax Law, Corporate Income Tax Law, and Personal Income Tax Law, as part of the Government’s 2024-2028 Action Plan, with public comments accepted until April 12, 2025, and implementation set for January 1, 2026. Key VAT changes include a progressive refund incentive for individuals on purchases, a new threshold requiring local entities with sales revenue exceeding MNT 400 million in 12 months to register as VAT payers, and expanded VAT deductions. Deductible input VAT now covers capital expenditures, services received in Mongolia, purchases assumed to include 10% VAT from third parties, passenger cars, and business-related events, training, and personal use within Corporate Income Tax Law limits. The drafts, published on the Ministry’s website, will be refined with public input before submission to the Government and Parliament for approval.
Source: pwc.com

ION Announces US$13.5M Joint Venture on Urgakh Naran, Corporate Updates and Update on Rare Earths Transaction www.stocktitan.net

300 MW Combined Heat and Power Plant to Be Built in Bayangol District www.montsame.mn

As part of the 24 mega projects to develop Ulaanbaatar City, a new Combined Heat and Power (CHP) Plant No. 5 with an installed capacity to produce 300 MW of electricity and 340 Gcal/h of heat will be constructed in the 20th khoroo of Bayangol District, Ulaanbaatar City.
The plant will be designed as an environmentally friendly facility that resolves land, coal, and water supply needs all in one place. The preliminary general layout plan of CHP-5 includes the main plant, administrative building, electrical substation, coal unloading area, ash storage, and loading facilities, as well as space for future expansion.
According to the Media and Public Relations Department of the Governor's Office of the Capital City, CHP-5 will not only supply heat to Tavan Shar, 21st khoroolol, Khilchin residential area, Bayankhoshuu, and the 3rd, 4th, and 1st khoroolols, but will also reduce the Ulaanbaatar City's reliance on imported electricity.

Mongolia receives highest number of Chinese tourists in 2024 www.xinhuanet.com

Mongolia received the highest number of Chinese tourists in 2024, with a total of 221,250 visitors, according to official data released by the Mongolian Tourism Organization on Thursday.
The Chinese tourists accounted for 30.4 percent of the total international tourist arrivals to Mongolia, the report said, adding that the landlocked Asian country attracted a total of 727,400 foreign visitors at the end of 2024, up 11.9 percent from the 650,000 international guests in the same period of last year.
According to experts, Chinese tourists continue to make a significant contribution to the development of Mongolia's tourism sector.
China has become one of the biggest sources of foreign tourists to Mongolia in 2024, leaving behind Russia and South Korea, according to the report.
Currently, Mongolia's economy relies most heavily on the export of mineral resources. Tourism promotion is considered one of the priorities for diversifying the country's economy and increasing the competitiveness of its tourism in the context of global competition.
According to Mongolian Prime Minister Luvsannamsrai Oyun-Erdene, the Mongolian government has decided to continue the "Years to Visit Mongolia" tourism program until 2028 to promote the development of four-season tourism in the country.
By 2028, Mongolia plans to receive a total of 2 million foreign tourists as part of its policy to support the tourism sector under the official motto "Go Mongolia," he added.

IFRC and CIDCA launch first joint project in Asia to strengthen climate resilience in Mongolia www.ifrc.org

Mongolia to Launch the "Atar-IV" Campaign www.montsame.mn

During its regular session on March 26, 2025, the Cabinet of Mongolia decided to implement the "Atar IV" Campaign.
Chief of the Cabinet Secretariat of Mongolia Uchral Nyam-Osor noted, “In line with this decision, Prime Minister of Mongolia Oyun-Erdene Luvsannamrai will work in agricultural regions and solve the problems facing the food and agricultural sectors on-site.”
Mongolia has successfully implemented three "Atar" Campaigns to reclaim virgin lands for crop production. The resolution to launch the first "Atar" Campaign was issued by the III Plenum of the Central Committee of the Mongolian People’s Revolutionary Party in March 1959, while the second campaign began in 1976.
The first Atar campaigns were organized by the Mongolian Revolutionary Youth League under the leadership of the Mongolian People’s Revolutionary Party (MPRP), involving young people in a wide range of activities, and working together with newly established state farms.
The "Atar" Campaigns benefited Mongolia in meeting its domestic food needs, such as flour and wheat, and also remarkably contributed to the development of industry and technology. The Government approved the “Atar III" Campaign by Resolution No. 70 of 2008. The main goals of the Campaign were to protect and restore soil fertility, intensify seed and technical innovation, and ensure sustainable development of import-substituting and export-oriented crop production.

Why Mongolia’s Debt Market Is Attracting Strong Investor Appetite www.thediplomat.com

In recent months, Mongolia has tapped into its financial market, aiming to boost investor confidence and attract funding from diverse sources. Mongolia's debt market has witnessed a surge in investor interest, which can reflect growing confidence in the country's economic trajectory.

In 2024, Mongolia experienced a strong capital inflow - raising more than $1.2 billion - which can be attributed not only to the country's economic recovery but also some structural changes. The International Monetary Fund Concluding Statement stressed that "[t]he adoption of a nominal debt ceiling of 60 percent of GDP is a major step forward in strengthening Mongolia's fiscal rules..." but warned that domestic policymakers need to be vigilant on emerging risks.

Mongolia's economy and investment environment require constant global engagement. While Mongolia's landlocked position limits its exposure, it is having new success attracting businesses and investments. Market participants are now speculating on another possible credit rating upgrade, further bolstering investor sentiment. Fitch Ratings upgraded Mongolia's sovereign credit rating from B- to B with a stable outlook in September 2024.

The Mongolian government recently issued $650 million sovereign bond, priced at the tightest spread in the country's history at 6.85 percent, which underscores the heightened demand. This milestone showcases Ulaanbaatar's ambition and goals to access international capital markets at increasingly favorable terms.
Last week, the Bank of Mongolia made another major decision to stimulate growth and curb inflation, while. According to the central bank, the newly passed monetary policies have three aims. First, it will increase the policy rate by 2 percentage points to 12 percent. Second, it will reset the upper limit of the debt service-to-income (DSTI) ratio to 50 percent for banks' newly issued and restructured consumer loans. Third, for loans secured by pension and benefit income, the borrower's remaining income after paying the monthly loan installments shall be no less than the minimum subsistence level.

Beyond sovereign debt, Mongolia's corporate bond market is also gaining momentum. In June 2024, Golomt Bank led the way with a successful $300 million bond issuance, later tapping an additional $100 million due to strong investor demand. This transaction set a crucial benchmark for other financial institutions considering international bond issuances. Following Golomt's lead, other Mongolian banks and corporations are evaluating similar capital-raising strategies to enhance liquidity and fund expansion.

Trade and Development Bank (TDB) became a trailblazer by issuing Mongolia's first international green and social bonds, signaling a growing commitment to sustainable capital raising. This move aligns with global investor demand for instruments that acknowledge the importance of environmental, social, and governance (ESG) factors and sets the stage for further ESG-related financial innovation in the country.

In Ulaanbaatar, the mayor's office also issued the country's first municipal bond, successfully raising $500 million. The subnational issuance will help to diversify Mongolia's debt instruments and strengthen investor confidence in municipal-level fiscal management. The funds raised will be directed toward critical infrastructure projects, including transportation, energy, and urban development, enhancing the capital city's long-term economic sustainability.

Despite these positive trends, there are notable challenges and risks. Geopolitics and disruption in financial markets can impact investment, the debt market, and fixed-income investments.

Global interest rate movements will also impact Mongolia's cost of capital. If other major central banks maintain high interest rates, emerging markets like Mongolia may face increased borrowing costs, potentially limiting future debt issuances.

On the domestic front, concerns are growing that the government's push to implement 14 mega-projects-largely dependent on state procurement could fuel inflation. Higher prices could erode real returns on fixed-income investments. In its March meeting, the Bank of Mongolia warned that "inflation is projected to remain above the Bank of Mongolia's target range throughout this year," adding, "If upcoming mega projects are financed through domestic sources, heightened pressures on the balance of payments and the exchange rate could further accelerate inflation.

Another key challenge is ensuring the sustainability of Mongolia's debt. The surge in the bond market comes with concerns about burdening future generations with excessive debt. While investor confidence is strong, the government must remain vigilant about maintaining fiscal discipline, avoiding excessive reliance on external borrowing, as well as tackling corruption and transparency.

For now, though, Mongolia's debt market looks promising, offering diverse options such as sovereign bonds, corporate debt, green financing, or municipal bonds. For investors seeking exposure to high-growth frontier markets with improving credit fundamentals, Mongolia presents a compelling case. The Mongolia Investment Forum, which will take place in New York in April, will seek to further capitalize on these positive trends in Mongolia's financial market.

By Bolor Lkhaajav and Zolbayar Enkhbaatar

Mongolia exports over 10 mln tons of coal in first 2 months of 2025 www.xinhuanet.com

Mongolia exported 10.2 million tons of coal worth 858.8 million U.S. dollars in the first two months of 2025, local media reported on Wednesday, citing official data released by the country's Ministry of Road and Transport.
The figure decreased by 35.7 percent in terms of value and 3.4 times in physical volume compared to the same period last year, the data showed.
The mining sector remains one of the main pillars of the Mongolian economy, as the country is rich in natural resources such as gold, silver, copper and coal.
A significant share of Mongolia's coal production is accounted for by the Tavan-Tolgoi coal deposit, which is one of the world's largest untapped coking and thermal coal deposits, located in the southern Mongolian province of Umnugovi. It has a total estimated resource of 6.5 billion tons, one-quarter of which is high-quality coking coal.