Summary of events for the week of January 8-14, 2024.

In Ulaanbaatar:

January 8: Regular session of the Mongolian People’s Party and Democratic Party in the State Great Khural will be held in the State Palace.

January 8: There will be a meeting for journalists and media workers at the State Social Insurance General Office.

January 8: "The Current State of Governance of Hospitals of Various Specialties" and "Hospital Autonomy and Financing System" forums will be jointly organized by the Ministry of Health and University of Finance and Economics at the University of Finance and Economics.

January 9, 10: Standing Committee sessions of the State Great Khural will be held at the State

Palace.

January 10: The regular meeting of the Cabinet will be held at the State Palace.

January 10: “Amar baina uu-2024” trade fair will be held at the "New 100 Ail" service center.

January 11: The Awards Ceremony of the International Contest “Best Mongolian Calligrapher 2023” will be held in the Main Hall of the National Art Gallery of Mongolia.

January 11, 12: A Plenary Session of the State Great Khural of Mongolia will be held at the State

Palace.

January 12: The Ministry of Mining and Heavy Industry, the Department of Chemical Engineering of the School of Applied Sciences of the Mongolian University of Science and Technology, and the Mongolian Chemical Society will jointly organize an academic conference on "Chemistry, Processing and Ecological Issues of Combustible Minerals".

January 13: Tchaikovsky's "The Nutcracker" ballet in two acts and four scenes will be presented on the stage of the State Opera and Ballet Academic Theatre.

Local events:

January 11-12: "Tsodgor Huu-2024" regional championship of youth chess players will be held in Khuvsgul aimag.

January 12-14: Arkhangai aimag will organize the "WinterLand Ice Festival 2024" event to revive rural development, improve the livelihood of herders, and develop winter tourism.

January 13-14: Selenge aimag’s 100-round checkers tournament will be held at the aimag's Department of Physical Education and Sports.

After technical issues were resolved at Phu Quoc International Airport on Phu Quoc Island off Kien Giang Province in southern Vietnam, an Airbus A330-202 with registration number EAZ212, operated by Eznis Airways, took off at 1:37 pm on Thursday, with 200 passengers bound for Mongolia.

Nguyen Minh Dong, director of Phu Quoc International Airport, said on Thursday that the flight departed the airport at about 3:00 am on Wednesday.

However, the aircraft encountered a technical problem and had to revert to a holding pattern for three hours.

It later landed safely at Phu Quoc International Airport.

Airport authorities coordinated with relevant agencies to take the flight’s passengers to local hotels so that they could rest before boarding the flight again.

After the issues were resolved, the flight took off at 1:37 pm on Thursday and arrived in Mongolia at about 7:30 pm the same day.

Company Gobi, one of the largest cashmere brands in Mongolia, will officially cooperate with the Barcelona club.

Representatives of Mongolia met with President of the Barcelona club Joan Laporta and other officials this month. The sides agreed to cooperate, with Gobi company providing the club with sweaters, scarves, hats and gloves.

Barcelona, also known as Barça, is a Spanish professional football club from the city of the same name, the most titled club in Spain and the top 5 championships.

According to Resolution No.12 dated October 13, 2023 of the tripartite National Committee for Labor and Social Partnership, the minimum wage of Mongolia was increased by 20% and became MNT 660,000. The decision is effective starting from January 1, 2024.

In Mongolia, over 100,000 citizens get the salary of above amount.

As defined in the International Labor Organization, “The minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract, and the purpose of minimum wages is to protect workers against unduly low pay”.

According to the law on Minimum Wage of Mongolia, the Minimum wage shall mean the minimum limit of the basic hourly remuneration /wage/ that should be observed in general which was determined by the competent person in order to protect the legal interests of employees and workers who work under labor contracts, hired work contracts, and other similar contracts for simple jobs that do not require specific education or special skills.

4.2.The minimum wage shall be determined or changed by taking into account of the following factors:

Changes in the minimum standard of living of the population;

Appropriate ratio of labor productivity and average salary;

The minimum amount of full pension to be provided by the social insurance fund;

Economic growth and employment level;

Inflation rate;

The Development Bank of Mongolia successfully paid off USD 500 million of Eurobonds and JPY 30 billion of 'Samurai' bonds on time, using its own resources. This serves as the foundation for maintaining the bank's credit rating assessed by an international credit rating agency.

Specifically, the international credit rating agency “Moody's” reported its decision to maintain the long-term credit rating of the Development Bank of Mongolia at the B3 (stable) level and elevate the bank's Baseline Credit Assessment from CAA2 to CAA1. This information was reported by the Development Bank of Mongolia.

"Moody's" agency had monitored the possible downgrade of the credit rating since October 2023, assessing potential performance risks associated with the repayment of two bonds that matured in the fourth quarter of 2023.

"Moody's" agency emphasized that the Development Bank of Mongolia, as a bank that implements the policies of the Government of Mongolia within the framework of its obligations under the law, has maintained a stable credit rating.

The International Agency's assessment has an important effect on attracting long-term and low-cost funds from the international market in the future as it ascertains that the Development Bank successfully implemented its obligations to international investors.

The 54th Annual Meeting of the World Economic Forum (WEF) will take place under the theme “Rebuilding Trust” in Davos-Klosters, Switzerland, on January 15-19, 2024. Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai will participate in the Forum.

The World Economic Forum, founded in 1971 by Swiss economist and business professor Klaus Schwab, convenes leaders from diverse fields, such as politics, business, environment, and technology, to address pressing global challenges and determine future development trends and policies.

Dignitaries who took part in the WEF from Mongolia are:

Foreign Minister of Mongolia B. Battsetseg – 2023

President of Mongolia Kh. Battulga – 2020

Minister of Mining and Heavy Industry D. Sumiyabazar – 2019

Foreign Minister of Mongolia D. Tsogtbaatar – 2018

President of Mongolia Ts. Elbegdorj – 2017

The Law on Public-Private Partnership, previously regulated by the Law on Concession, came into force on January 1, 2024.

According to Minister of Finance Javkhlan Bold, the main goal of the Law on Public-Private Partnership is that the government will not compete with the private sector, but will provide long-term support to the implementation of infrastructure projects.

Deputy Minister of Economy and Development Tuvdendorj Gantumur highlighted multiple gains as a result of the implementation of the Law on Public-Private Partnership. These include:

· Promotion of competition in the public services sector by attracting the private sector,

· Introduction of financial instruments to meet growing needs,

· Reduction of the budget burden in the long term

"To improve Mongolia's economic competitiveness in the world, many projects aimed at improving and accelerating the development of infrastructure such as power plants, roads, railways, and public transport are included in Mongolia's medium-term development policy document "New Revival Policy." It requires improving the business environment and state potential through approving new laws and revising or amending laws. In this context the Law on Public-Private Partnership was approved, ” stated Deputy Minister G. Tuvdendorj.

As Deputy Minister G. Tuvdendorj stressed by eliminating violations of financial discipline, not properly regulated in the Law on Concession, the Law on Public-Private Partnership brings the legislative framework into line with international standards.

Under the Law on Public-Private Partnership, government organizations will not compete with private sector organizations.

Under the Public-Private Partnership Law, the private sector will be supported in 7 areas and the government's actions must be clear, transparent, and concise. Deputy Minister G. Tuvdendorj emphasized that by signing a long-term contract the government guarantees the fulfillment of all obligations under the contract.

Under the Law on Public-Private Partnership, the government will support the projects that have completed the feasibility study and meet the high requirements of the government.

The Public-Private Partnership Law regulates:

- providing land for private construction and investment

-special permit issuance

- solving price issues, especially price liberalization in the energy and civil aviation sectors

- development based on economic and business principles

- providing opportunities to attract private sector investment

MBD (Mongolian Business Database NGO) successfully hosted its regular Mongolian business group mission to the Mongolian-British Chamber of Commerce's Christmas Reception at the House of Commons on Dec 18 and business program between 16-23 Dec 2023 in London, UK.

Mr. B. Enkhsukh, Mongolian Ambassador to the UK welcomed the business delegation at the Embassy and the business representative met with British investors and business people during the program.

This time 20 business delegates joined the group including Mr.Munkhjargal Director of Cashmere Holding (Eermel/Evseg brand) one of the 2 leading cashmere manufacturers of Mongolia who is sponsoring the event in London, Mrs.Baigalmaa Co-Founder of Gazar Shim JSV, one of the leading food processing manufacturer of Mongolia, Mr.Gan-Erdene, Founder and Director of Geocad, one of the most potential geodesy company which implemented the potential projects such as OT and new airport-related work, Mr.Chinzorig Chairman of Board of Tandem Investment, one of the leading Japanese invested firms in Mongolia on Fintech and Mongolian drillers in Japan projects and Mrs. Badamgerel Founder of Andra Academy (Miss and top model of Mongolia who is well known social influencer).

Mongolia exported a total of 4.34 million barrels of crude oil in the first 11 months of 2023, said the Ministry of Mining and Heavy Industry on Tuesday.

The figure is a two-fold increase compared with the same period last year, the ministry said in a statement.

Mining is the most important sector of Mongolia's economy. The Asian country is rich in natural resources such as gold, iron, coal and copper.

However, the country does not have a refinery yet. The first oil refinery is under construction in the southeastern province of Dornogovi, and expected to be put into production in 2027.