Commerce Minister Pichai Naripthaphan eyes rapidly growing market for Thai food, vehicles and investment

Commerce Minister Pichai Naripthaphan invited the Mongolian ambassador to Thailand for a discussion on trade cooperation on Monday morning, aiming to increase bilateral trade value to 3.1 billion baht within three years.

After meeting with Mongolian Ambassador Tumur Amarsanaa at the Commerce Ministry, Pichai stated that the discussion focused on expediting trade negotiations through the Thai-Mongolian Joint Trade Committee.

Pichai announced that Thailand is ready to host a meeting of the trade committee early next year, with the goal of boosting bilateral trade value to 100 million USD (approximately 3.413 billion baht) by 2027.

Thailand and Mongolia aim to boost trade to $100 million by 2027

The committee is also set to discuss plans to increase bilateral investment between the two countries to 1.5 billion USD by 2027.

Pichai noted that Mongolia, as a developing economy, is projected to experience GDP growth of 7% this year, making it a potential market for Thai products. He added that Thai goods are gaining greater acceptance among Mongolian consumers, who have expressed interest in importing more fruits and seafood from Thailand.

Furthermore, canned and processed foods from Thailand are also in high demand in Mongolia.

Thailand and Mongolia aim to boost trade to $100 million by 2027

The Commerce Minister extended an invitation to Mongolian businesspeople, through the ambassador, to attend trade fairs organized by the Commerce Ministry next year. These include THAIFEX-ANUGA Asia in May 2025 and the Bangkok Gems & Jewellery Fair in February and September 2025.

During the meeting, Pichai urged the ambassador to encourage the Mongolian government to facilitate Thai investors operating in Mongolia. He highlighted that Thai investors are already engaged in various sectors in Mongolia, including coal mining, healthcare services, and solar farms.

Pichai also emphasized the ongoing negotiations between the two nations on trade and investment protection, as well as a treaty to avoid double taxation, to bolster investor confidence.

Marking the 50th anniversary of diplomatic ties between the two countries, the Commerce Ministry has appointed an honorary trade envoy for Mongolia.

Last year, bilateral trade between Thailand and Mongolia amounted to 88 million USD, with Thailand exporting goods worth 21 million USD to Mongolia. Key exports included paper and paper products, beverages, vehicles and auto parts, and sugar.

Mongolia’s strategic position, between two geopolitical giants—China and Russia—has long made it a fascinating subject of international interest. However, its historical and spiritual ties to Tibetan Buddhism place it in an even more complex situation, particularly as succession of the next Dalai Lama approaches. With its economic ties to China, growing engagement with India, and cultural connections to Tibet, Mongolia now finds itself at a crucial juncture where religious, economic, and geopolitical interests intersect.

Mongolia is not simply a passive observer in the Dalai Lama’s succession but an active participant by default. The recent recognition of the 10th Jebtsundamba Khutuktu—a spiritual leader who holds dual citizenship in Mongolia and the U.S.—illustrates Mongolia’s commitment to preserving its deep-rooted spiritual heritage.

This recognition, while undoubtedly religious, is also a clear assertion of Mongolia’s autonomy in its spiritual decisions, signaling its resistance to external pressures, particularly from China, which seeks to control Tibetan Buddhism’s future.

Historically, Mongolia has resisted external interference in its religious institutions, maintaining ties to Tibetan Buddhism despite external pressures, such as during the Soviet era. This long-standing stance continues as Mongolia navigates the complexities of its spiritual and geopolitical landscape.

India’s increasing presence in Mongolia is more than just economic. The $1.2 billion investment in an oil refinery is part of India’s broader “Act East” policy, which aims to counterbalance China’s economic dominance in the region. While this economic support is crucial for Mongolia’s energy security, it also intersects with India’s strategic interest in Tibetan Buddhism.

By supporting the Dalai Lama’s religious authority, India positions itself as a counterpoint to China’s growing influence over Tibetan Buddhism. India’s role in promoting Tibetan Buddhism, particularly through Dharamshala, aligns with its broader foreign policy goals to increase influence in Central Asia and reduce China’s geopolitical sway. However, this soft power strategy raises questions about whether India’s engagement in Mongolia is purely economic or subtly entwined with religious diplomacy aimed at weakening China’s grip over Tibetan Buddhism.

China’s economic dominance in Mongolia, facilitated through its Belt and Road Initiative (BRI), gives it significant leverage. Yet, economic power alone does not explain Beijing’s approach to Tibetan Buddhism. The introduction of Order Number Five, which mandates Chinese state approval for the reincarnation of Tibetan Buddhist leaders, underscores China’s intent to control not just the economic but also the spiritual future of the Tibetan Buddhist community.

For China, the Dalai Lama’s succession is not just a religious issue—it’s a national security concern and a strategic opportunity to exert cultural and political influence over Mongolia. By attempting to assert control over Tibetan Buddhism, Beijing hopes to extend its reach into Mongolia’s spiritual institutions, thereby consolidating its influence over the country’s religious and cultural identity.

Mongolia’s leadership is caught between two powerful forces: the economic and political pull of China and the spiritual and strategic support offered by India. While Mongolia’s ties to Tibetan Buddhism are crucial to its cultural identity, its economic reliance on China makes it highly sensitive to Beijing’s demands. This delicate balancing act is even more complicated by Mongolia’s growing ties with the United States, which has increasingly engaged with Ulaanbaatar in recent years, potentially providing an additional counterweight to Chinese influence.

Mongolia’s challenge is to preserve its religious and cultural heritage while ensuring its economic survival. The decision to recognize the 10th Jebtsundamba Khutuktu, despite potential Chinese opposition, highlights Mongolia’s determination to maintain its spiritual independence. This stance not only reflects Mongolia’s desire to preserve its religious traditions but also signals its intent to navigate a path that protects its sovereignty.

The finding of the next Dalai Lama is more than a transition of spiritual authority; it is a moment of critical geopolitical significance. For Mongolia, how it handles this transition will have far-reaching implications. Its decision or non-decision will shape not just its own future but could influence the broader balance of power in Asia.

The involvement of external actors—India, China, the U.S., and even Russia—complicates the picture. While the U.S. has not explicitly intervened in Mongolia’s religious matters, its growing relationship with Ulaanbaatar suggests that it may be indirectly influencing outcomes. Similarly, Russia’s historical ties to Mongolia add another layer of complexity to the situation.

Mongolia’s ability to maintain its cultural identity while managing economic dependencies and navigating the competing influences of China and India will set a precedent for other small nations facing similar pressures from great powers. The stakes are particularly high for Mongolia, and its choices in the coming years will have lasting consequences for its role in the region and beyond.

Mongolia’s path forward is one of careful diplomacy and strategic maneuvering. As it faces growing pressures from China and India, it must balance its economic needs with its cultural and spiritual identity. The recognition of the 10th Jebtsundamba Khutuktu is just one example of Mongolia’s determination to assert its religious and cultural autonomy in an increasingly polarized geopolitical environment. How Mongolia handles the Dalai Lama’s succession—and the competing interests of regional powers—will determine its future as a sovereign and independent actor in the heart of Asia.

BY: Zhamsrangin Sambu is a freelance writer based in Seoul.

There has been an uptick in migration from Mongolia to Australia, As a result, New South Wales Public Schools have experienced a 40 per cent growth in students from Mongolian backgrounds for two years running - encouraging one school to become a hub for the community. And this story has been produced in collaboration with SBS Mongolian.

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This is the school's principal Monica Marchiello.

“Over the last 18 months we've had an influx of students who speak Mongolian, that is more than a 100 per cent increase from last year.”

This increase has seen the school embrace Mongolia's language and culture - integrating bi-lingual elements into the classroom.

“We've put structures in place to not only support the students and their learning of English but also engaging the families, and being able to have them feel welcome, and belonging and inclusive.”

Kay Yasugi is one of the school's support teachers for students with English as an additional language or dialect.

“There weren't very many resources available, so we've really had to make our own. We have bilingual books, we make our own bilingual resources, we use online tools and we also have a Mongolian support teacher.”

A migrant from Mongolia herself, Miss Gana provides language support for both students and parents.

“At times it can be challenging moving to a new country and new environment, and adapting cultures, I have seen their experience and I have been there before, that's why I decided to come and help our kids and their families. When kids see me they will feel safe, that’s a very wonderful thing for me.”

The school is organising a celebration of Mongolian culture.

They're encouraging students to engage with activities from practicing the traditional Mongolian script, to learning Mongolian knucklebone shooting.

This is Gerelt, from the Mongolian Knuckle-bone shooting association.

“This is a traditional game for the younger generation to learn how to concentrate and how to feel your heart or brain. I'm very proud of that our young generation learns in Australia now.”

Wedged between China and Russia – migration from Mongolia has rapidly increased -

According to the 2021 Census, more than 5000 people living in Australia were born in Mongolia, an additional 7800 reporting Mongolian ancestry.

But Mongolia's ambassador to Australia, Mr Davaasuren ((Dav-ah-soo-ren)) Damdinsuren ((Dam-din-soo-ren)) suggests this figure has since almost doubled - with approximately 22,000 Mongolians residing in Australia, 60 per cent of those in New South Wales.

“Mongolia and Australia, we have very friendly relations. A lot of Mongolians come to Australia to study English languages.”

For parents at Concord West Primary School – they say it's important for their kids to keep a strong connection to their homeland.

“In his classroom maybe 8-9 Mongolian kids in there, he can talk to with them in Mongolian, it's very good to not forget the Mongolian language, especially the kids who are living abroad.”

Fostering community, connections and belonging – In a home away from home.

At its regular meeting, the Monetary Policy Committee (MPC) of the Central Bank of Mongolia decided to maintain the policy interest rate at 10 percent and increase the minimum reserve requirement in both domestic and foreign currency by 1 percentage point, reaching 11 percent and 16 percent respectively.

Annual inflation rose to 8.1 percent nationwide in November 2024, up from 7.0 percent in October, driven mainly by a significant increase in electricity prices. An increase in electricity price contributed 1.9 percentage points to November’s annual inflation, compared to 0.6 percentage points in October. In addition, the higher-than-expected price increases in services, rent, and imported goods, driven by accelerated domestic demand and rising wages, have further fueled inflationary pressure in recent months. The demand-side pressures from fiscal expansion as well as the indirect effects of the administrated price increases are expected to push inflation higher in the first half of 2025, followed by a gradual decline afterward.

The economy grew by 5.0 percent in the first three quarters of 2024. The slowdown was primarily driven by weakened activities in the construction and manufacturing sectors, alongside lower-than-expected production of copper and gold. As a result, the growth forecast for 2024 has been revised downward. However, economic growth is projected to pick up next year, supported by fiscal expansion, increased production of Oyu Tolgoi, and the easing of adverse effects from the recent dzud natural disaster.

With the inflation rate expected to stabilize within the target range by 2026, the MPC decided to keep the policy rate at 10 percent to maintain stable medium-term growth while avoiding excessive tightening of credit and financial conditions.

To prevent risk accumulation in the financial sector and ensure financial stability, the MPC also decided to raise the reserve requirements in domestic and foreign currency liabilities by 1 percentage point each.

These policy decisions align with the objectives of stabilizing inflation at the target level and ensuring macroeconomic and financial stability over the medium term, reported the Central Bank of Mongolia.

First drifting ice-driving experience with Lamborghini’s High Performance Electrified Vehicle (HPEV), Revuelto

Exhilarating driving emotions on the world’s most breathtaking winter driving playgrounds:– Lamborghini brings its signature Esperienza Neve to the snow-clad paradise of Yakeshi, Inner Mongolia for its first ever edition in China, where guests from the Asia Pacific region enjoyed an exclusive first opportunity to experience the Revuelto’s performance and dynamics on ice.

On the frozen expanse of Yunlong Lake, where temperatures dip as low as -20 degrees Celsius in the winter months, guests savoured a full course of winter driving exercises with a range of Lamborghini models. Participants were guided by professional Lamborghini instructors, ensuring both an exhilarating and safe experience. The Esperienza Neve program involves a series of exercises behind the wheel on low-grip surfaces and in different models, allowing every driver the chance to maximize their potential and discover the talents of Lamborghini super sports car and super SUVs on winter tracks. Guests also relish sideways thrills in the Huracán Sterrato, Huracán Tecnica, Urus Performante and Urus S, while honing their skills in extreme driving conditions.

Guests explored their driving abilities as well as the captivating prowess of the Revuelto, with the High-Performance Electrified Vehicle (HPEV)’s mesmerising powertrain – its naturally aspirated V12 and three electric motors – working in perfect synergy with its Lamborghini Dinamica Veicolo 2.0 system to deliver an exhilarating combination of immediate power, smooth traction and dynamic agility, even on snow. With the Urus Performante and Urus S, guests experienced the sure-footed handling characteristics of Lamborghini’s Super SUV models, with both models’ four-wheel steering enabling them to tackle challenging driving exercises on the ice track, while the rear-wheel drive Huracán Tecnica and Huracán Sterrato delivered emotive, race-oriented control on the slippery ice courses.

As part of its ongoing efforts to support Mongolia's forest conservation efforts and to strengthen the capacity of local fire suppression units, the UNDP’s “Strengthening Forest Firefighting Capacity Towards Green Recovery in Mongolia” project, funded by the Government of the People’s Republic of China through the Global Development and South-South Cooperation Fund of the China International Development Cooperation Agency (CIDCA), has delivered $350,000 worth of firefighting equipment to the National Forest Agency of Mongolia.

Over the course of the project, the goal is to equip 1,500 individuals, consisting staff of 38 forest units and 700 forest user groups across 16 provinces with firefighting gear, fire-protective clothing, and critical skills to manage and respond effectively to wildfire risks. In addition to the equipment, the project will offer comprehensive training for local communities and produce key resources such as forest fire model maps and a forest fire management finance plan, which will be finalized by February 2025. These efforts will significantly improve fire preparedness and resilience, providing crucial support for Mongolia’s forest conservation efforts.

Belarus and Mongolia seek to bring relations to a higher and qualitatively new level, Belarusian First Deputy Minister of Foreign Affairs Sergei Lukashevich said as he spoke in the Belarusian Parliament on 10 December, BelTA learned.

At a sitting of the second session the House of Representatives of the National Assembly of Belarus of the eighth convocation passed the bill “On Ratification of the Treaty on Friendly Relations and Cooperation between the Republic of Belarus and Mongolia.” The treaty was signed in Ulaanbaatar on 3 June 2024 in order to bring the bilateral relations between Belarus and Mongolia to a qualitatively new level and to strengthen their legal framework. “The reason why we concluded the treaty is to bring the relations between our two countries to a higher and qualitatively new level,” Sergei Lukashevich said.

The treaty stipulates that Belarus and Mongolia develop their relations as friendly states and are guided by the principles of mutual respect, independence, state sovereignty, inviolability of borders, territorial integrity, equality and non-interference in internal affairs, peaceful settlement of disputes, respect for human rights and freedoms and good faith fulfillment of international obligations.

The parties agreed to regularly exchange views, at various levels, on the bilateral relations and cooperation, international relations of mutual interest, to promote ties between the government bodies of the two countries. The parties undertake to develop cooperation within the framework of the United Nations and other international organizations in the interests of strengthening peace and security, solving economic, environmental and other pressing international problems; to promote and protect mutual investments, develop trade, including with the participation of partners from third countries; to facilitate the opening and operation of representative offices of economic entities of the other party, etc.

“The Republic of Belarus signs such documents with friendly countries. We have signed over 20 such documents in the course of our history,” the first deputy minister added. “The document was signed during the first official visit of Belarusian President Aleksandr Lukashenko to this country. The presidents [of Belarus and Mongolia] reviewed the bilateral relations, discussed specific economic and cooperation projects between our countries, and gave certain guidelines for further development of our interaction and cooperation”.

Sergei Lukashevich pointed out that the Belarusian president invited Mongolia to set up joint enterprises to assemble tractors, cars, elevators, and dump trucks. “Good prospects for the cooperation in agriculture, science and education were also outlined. We can contribute to such national programs of Mongolia as Food Revolution or Billion Trees. In total, 14 international agreements were concluded as part of the visit of the Belarusian president to Mongolia, including the roadmap of cooperation between Belarus and Mongolia for 2024-2026, and the action plan to implement the economic part of this roadmap,” he emphasized.

"In the 2024 Mongolian parliamentary elections, 32 women were elected, representing 25% of the total number of members of parliament. This marks a historic milestone, making Mongolia a leader in Asia in women's representation in decision-making bodies," said Minister of Labor and Social Protection Enkh-Amgalan Luvsantseren.

The Minister is confident that women's participation at the decision-making level will continue to increase in Mongolia in line with the principles of the constitutional reforms.

Between 2019 and 2024, Mongolia has made significant progress in addressing gender issues. The number of domestic violence reports has decreased relatively over the past two years. However, these improvements are not yet sufficient, he said.

Going forward, Mongolia will focus on creating opportunities for women to thrive, including promoting employment, improving access to education, and raising awareness of human rights and equality.

Key legal frameworks such as Mongolia's long-term development policy "Vision 2050", the Election Law, the Law on Social Insurance Package, amendments to the Labor Law, and the revised Child Protection Law strengthened the legal environment for gender equality and women's empowerment.

"It is important to note that gender is not only a women's issue. We must protect everyone from violence and discrimination, promote inclusion and uphold human rights at all levels," the Minister added.

"Ensuring gender equality and increasing women's economic potential are the most important strategies for protecting women," said Minister Enkh-Amgalan Luvsantseren.

OTC Markets Group Inc. (OTCQX:OTCM) announced that Mongolian Mining Corporation, the largest producer of high-quality washed hard coking coal in Mongolia, has upgraded to the OTCQX® Best Market from the Pink market.

Beginning Wednesday, Mongolian Mining Corporation will trade on OTCQX under the symbol 'MOGLF.' This upgrade allows the company to enhance its U.S. investor engagement and transparency, meeting high financial standards and corporate governance practices.