At the official opening of the World Export Development Forum 2023, hosted in Ulaanbaatar, Mongolia, Ms. Rabab Fatima, the United Nations Under Secretary General and High Representative for the Least Developed Countries (LDCs), Landlocked Developing Countries (LLDCs), and Small Island Developing States (SIDS), addressed the international trade audience, sharing her insights on the theme “Vision to diversify trade in ways that are green, digital, and organic – and bring small businesses into regional and global trade.”

Fatima revealed the challenges and opportunities faced in the contemporary world of international trade through the lens of LDCs, LLDCs, and SIDS. These countries represent the 92 most vulnerable nations, each with an export share below 1% of the total global trade.

First and foremost, it is important to acknowledge the intrinsic power of trade in driving economic growth for any nation. However, she also highlighted the obstacles that LDCs, LLDCs, and SIDS encounter in their pursuit of economic development, particularly in the context of climate change.

Problems in accessing trade: From geography to border regulations

One of the major issues faced in accessing markets is the higher transit transport costs incurred by these nations due to their remoteness from major global markets, which, she stated, “contributes to much higher transit transport costs for landlocked developing countries, leading to increased greenhouse gas emissions and further exacerbating climate change.”

Recognising such a critical inter-connection, Fatima called for a fundamental re-evaluation of trade composition and patterns, asserting the imperative to minimise the carbon footprint while achieving rapid economic growth.

Furthermore, Fatima elucidated the array of obstacles that impede the participation of Micro, Small, and Medium-sized Enterprises (MSMEs) from developing countries in international trade.

She noted, “Many obstacles are internal in nature and are primarily related to managerial skills, workforce capacity, and the capability to adopt new technologies.”

Alongside these internal challenges, MSMEs also face significant financial constraints that restrict their ability to access global markets. Limited access to foreign distribution networks, along with complex border regulations and compliance with international standards add another layer of complexity, further exacerbating the plight faced by these nations.

Fatima brought attention to the marginalisation of LDCs, LLDCs, and SIDS in the organic food sector. Despite the organic food market being valued at nearly $500 billion, she pointed out the prevailing regional disparity in market share, stating, “North America and Europe account for the majority of organic product sales, with a 90% market share.”

In light of this disparity, she called for governments and financial institutions to support these nations in advancing their domestic farming practices and allowing them easier entry to external markets through simplified regulations and certifications.

Moreover, Fatima discussed the role of digitalisation in reducing barriers to international trade, acknowledging the benefits of digitalisation in reducing transit-transport costs for LDCs, LLDCs, and SIDS. However, she cited the unequal accessibility to digital solutions that became apparent during the pandemic, stating, “While developed countries could turn to digital platforms to continue business during the lockdowns, this was not an option for most businesses in the LDCs, LLDCs, and SIDS.”

In an effort to build actionable momentum, Fatima put forth the following set of measures, urging the international trade community to actively support and implement actions to address the marginalisation of (LDCs), (LLDCs), and (SIDS) within the global trading system:

Build trade capacity at a massive scale: This entails developing robust infrastructure, enhancing connectivity, streamlining customs procedures, and promoting regional integration. These ambitious initiatives will empower marginalised nations to strengthen their resilience against volatile market conditions. Additionally, it is imperative to extend unwavering support to women-led businesses, creating an inclusive business environment that unlocks the transformative potential of women.

Support digital ecosystem development: Establish essential digital infrastructure, promote fintech and mobile banking, and formulate transparent and equitable regulations to facilitate access to digital trade and the e-commerce world.

Aid for Trade: Leveraging the initiative to boost climate-resilient trade capacity and infrastructure, enabling these nations to embrace a green economy and stimulate organic production.

Facilitate technology transfer: Provide affordable access to modern technologies, especially renewable technologies, aligning with the implementation of Article 66.2 of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS).

Technical assistance: Support these countries in meeting organic standards in international markets and enable their active participation in international standard-setting bodies through assistance under the Technical Barriers to Trade (TBT) and Sanitary and Phytosanitary (SPS) Agreements.

Engage the private sector: Encourage the active involvement and collaboration of the private sector with governments and development partners to drive economic growth, create employment opportunities, and promote inclusive and sustainable trade.

Through the dedicated commitment and actions of the international trade community, marginalised countries can have the opportunity to embark on their transformative journey towards rapid economic growth and sustainable development.

BY

Deepesh Patel is Editorial Director at Trade Finance Global (TFG) and host of Trade Finance Talks. Deepesh regularly chairs and speaks at international industry events with the WTO, BCR, Excred, TXF, The Economist and Reuters, as well as industry associations including ICC, FCI, ITFA and BAFT.

In many travelers’ minds, Mongolia conjures images of vast plains, nomadic gers, desert landscapes and one of the most famous warriors of all time, Genghis Khan.

Though the famed first khagan of the Mongol Empire died in 1227, his legendary pursuits continue to reverberate across this beautiful land. The country’s most important annual event, the Naadam festival, is no exception.

Nowadays it’s the event of the year, a nationwide celebration of sports and arts attended by thousands of Mongolians and a hot draw for international tourists, too. Given its popularity, travelers looking to experience this one will want to start looking ahead to July 2024 now.

Here’s a quick guide to the action and how to see it.

What is the Naadam festival?

The event is often referred to as “Eriin Gurvan Naadam” – which translates to “Three Manly Games.”

Mongolian native Buyandelger Ganbaatar, country director of tour company Nomadic Expeditions, tells CNN that Naadam actually has over 2,000 years of history and it was originally a means of preparing for war, as Mongolia-dwelling tribes regularly raided each other.

“Naadam means ‘games’ in the Mongolian language and it includes three main competitions, Mongolian wrestling, archery and horse racing,” he explains.

Karakorum: Mongolia’s ancient capital is a cultural delight

It’s also the largest gathering in Mongolia, with 21 provinces all taking time off to celebrate their traditional nomadic culture and heritage, “from the capital city of Ulaanbaatar to the remote towns of the Gobi.”

The main official event takes place July 11-13 in the capital city, in Ulaanbaatar’s National Stadium.

“During the festival, it is possible to see pride, joy and happiness on every face,” says Ganbaatar. “Naadam has become (part of) the national identity of Mongols.”

It all started with Genghis Khan

Start of the Naadam Festival celebrating the 800th anniversary of the Mongolian State in the National Stadium. A Genghis Khan actor was central the spectacular event. (Photo by In Pictures Ltd./Corbis via Getty Images)

It wasn’t until 1921 that Naadam was officially declared an annual national holiday in Mongolia.

For hundreds of years though, this trio of events – archery, horse riding and wrestling – was believed to have been integral to building important skills for the region’s nomads as well as Mongolian soldiers.

According to some historical accounts, in the early 13th century, after Genghis Khan defeated his enemies and ruled over the Mongol tribes, he held the games as a celebratory event.

Providing evidence of this, the Stele of Genghis Khan – a stone dating back to the 1200s bearing the first known Mongolian script – depicted a nobleman named Yesunge who managed to shoot a target with an arrow from a distance of more than 500 meters.

In 2010, Naadam was added to the UNESCO List of the Intangible Cultural Heritage of Humanity.

“Mongolian Naadam is inseparably connected to the nomadic civilization of the Mongols,” says the UNESCO inscription.

“The three types of sports are directly linked with the lifestyles and living conditions of the Mongols and their transmission is traditionally undertaken through home-schooling by family members, although formalized training regimens have recently developed for wrestling and archery. The rituals and customs of Naadam also accentuate respect for nature and the environment.”

Easier than ever for international travelers to visit

The first few jockeys make it through the finishing line. Naadam, a traditional Mongolian festival celebrating the 'three manly games' , is celebrated in Uliastai, Western Mongolia. Child jockeys up to the age of 12 can compete in the horse races, which span some 40km. It's considered an important rite of passage for Mongolian children. Tessa

The multi-day national Naadam holiday was extended from three to five days by the Mongolian Government in 2020, and much of the country shuts down during this period.

Naadam is also one of the most popular times for international travelers to visit Mongolia, with more than 11,000 foreigners coming specifically to see the games in 2019 according to local news reports citing government statistics. The country received about 637,000 international travelers in total that year.

Why 2023 is the year to visit Mongolia

The Naadam games took place virtually for two years, from 2020-2021, because of the pandemic. With the effects of border closures still lingering in 2022, hopes were high among authorities that the just-concluded 2023 Naadam festival would mark the start of a comeback for international tourism.

To boost tourism in general, the Mongolian government declared 2023-2025 the “Years to Visit Mongolia.” As part of the campaign, travelers from an additional 34 nationalities can visit Mongolia visa-free for up to 30 days.

The addition of several European countries as well as Australia and New Zealand brings the total number of countries and territories on Mongolia’s visa-exempt list to 61.

From the capital to the countryside

In addition to the major festivities held in Ulaanbaatar, there are Naadam games – of different scales – held across Mongolia in the countryside. Many tour companies offer these as an alternative.

Travelers headed for the main Naadam festival at the National Stadium can expect a massive party with an opening ceremony, parades, performances and, of course, the games, to be held in Ulaanbataar over a few days.

The opening ceremony is a grand celebration that showcases the best of Mongolian dance, music and other cultural traditions. One particularly special event that takes place during this event is the parade of the Nine White Banners. Horse riders in traditional attire march into the stadium hoisting a banner attached to a pole with white horse tail hairs on top.

According to Nomadic Expeditions, the white banners were carried during peace negotiations and festivals since the time of Genghis Khan.

Today, the Nine White Banners are a sacred emblem of Mongolia and are usually kept in the State House.

Can women compete in the ‘manly games’?

Most of the games are open to participants of all ages and genders, except for wrestling. Male athletes only.

In Ulaanbaatar, hundreds of the nation’s top wrestlers compete for two days in nine untimed, single-elimination rounds.

“There are no age limits, no time limits, and certainly no size limits in competition,” says Nomadic Expeditions on its website. “It is not uncommon to see a David and Goliath-style match, often with the smaller guy winning.”

Multiple competitions happen at the same time as athletes, dressed in a hat, a shoulder vest and shorts, pair up and try to throw their opponents to the ground. A competitor loses if any parts of their body other than their hands and feet touch the ground.

The main archery competitions take place next to the National Stadium, at the National Archery Field, over several days. In one style of event, for example, the archers shoot their arrows toward a series of leather targets on the ground. Those who hit the most win.

Meanwhile, the horserace competitions are held at fairgrounds outside Ulaanbaatar. These long-haul races test the horses’ endurance and the animals are primarily ridden by child jockeys. Though the sport is part of the country’s heritage, the age of the riders has attracted criticism in recent years. leading the government to amend related regulations to improve safety standards surrounding the sport.

At the end of each race, the crowd rushes forward to surround the winning horse. Why? The sweat of the winning horse is said to be lucky.

Any special foods?

Khuushuur - small size cheburek filled with chopped meat, fried in mutton fat or vegetable oil. Mongolian cuisine

Visitors to any of the Naadam festivals are going to eat well.

Vendors and markets pop up outside each of the game venues in each province.

In between the games, spectators would be wise to grab a khuushuur, a round deep-fried meat dumpling that is the unofficial snack of Naadam, from a street vendor nearby.

Is it difficult to get tickets?

International travelers should arrange their accommodation and tickets far in advance if they wish to visit Mongolia during the Naadam festival. That includes the weeks before and after the games.

Tickets to the opening and closing ceremonies in Ulaanbaatar are especially limited.

The stadium seats 11,000 people and around 2,500 tickets are reserved for international tourists each year. This year’s prices were $25 per ticket.

Ticket sales usually only open about a week before the game. But travelers can purchase through a tour company in advance. Some book through their local hosts and accommodations.

If you fail to get a ticket, you can still attend the horseraces.

Rio Tinto (ASX, LON: RIO) agreed on Monday to buy a 15% stake in Australia’s Sovereign Metals (ASX: SVM) (LON: SVML) for A$40.4 million ($27.6 million), becoming a top investor in the critical minerals developer.

The move by the world’s second largest miner marks its first public step into the graphite sector, as it continues to boost its exposure to battery minerals.

Rio Tinto’s exploration arm – Rio Tinto Mining and Exploration – will subscribe for an initial 83.09 million shares in Sovereign Metals at a price of 48.6c each, reflecting a a 10% premium to the explorer’s 45-day volume weighted average share price.

The mining giant will also be granted an option over a further 34.54 million shares, with a 12-month option period, which could see Rio’s share in Sovereign increase to 19.99%.

Sovereign will use the funds to advance a definitive feasibility study for its Kasiya project in Malawi, where it aims to produce graphite for lithium-ion batteries and rutile for the pigment and titanium metal industries.

“This landmark agreement is a confirmation of Kasiya’s place as one of the most significant critical mineral discoveries in recent times,” Sovereign chairman Ben Stoikovich said in the statement.

The companies will collaborate on technical and marketing aspects for a graphite product from the project, with a focus on supplying purified graphite for the lithium-ion battery anode market.

Rio Tinto already produces titanium dioxide from rutile at its operations in Madagascar, South Africa and Canada. Titanium is used in solar panels, paint and aircraft because of its ability to withstand temperature extremes.

Kazakhstan was the leader among global landlocked developing countries (LLDCs) for foreign direct investment (FDI) last year, attracting a total of $6.1bn, according to the World Investment Report 2023 released by UNCTAD on July 5.

The majority of investment flows remained concentrated in a small number of the 32 economies, with the top five LLDC recipients accounting for 83% of the total FDI received by the group, UNCTAD said. The leading countries in terms of FDI were Kazakhstan, Ethiopia, Uzbekistan, Mongolia and Uganda.

LLDCs in Africa, Asia and Europe observed an increase in investment inflows, while those in Latin America and the Caribbean experienced a decline.

Among the LLDCs in developing Asia, Kazakhstan experienced an 83% surge in FDI to $6.1bn. Although equity flows decreased, reinvested earnings reached an all-time high of $10bn, bolstered by substantial profits in extractive industries.

Uzbekistan recorded a record high of $2.5bn in FDI, largely attributed to a doubling of reinvested earnings to $1.2bn. On the other hand, FDI flows to Azerbaijan turned negative, falling to -$4.5bn, due to dividend payments in the extractive industries.

Elsewhere in the world, Ethiopia maintained its position as the second-largest recipient among LLDCs, despite a decrease in inflows. FDI in Uganda saw a significant rise of 39%, totalling $1.5bn, mainly attributed to major projects in extractive industries.

In Latin America flows to Bolivia turned negative once again, falling to -$26mn, primarily due to exceptional dividend payments in the hydrocarbon sector. Conversely, Paraguay witnessed more than a twofold increase in flows to $474mn, driven by investment growth in various economic sectors.

FDI to LLDCs primarily originated from a few key investor countries. China emerged as the largest investor, contributing a significant $20bn in 2021, including $7.5bn in Kazakhstan alone. Thailand, Canada and the Netherlands followed as the next biggest investors in LLDCs.

The report also indicated a significant increase in the number of greenfield project announcements by LLDCs as a group, which reached $31bn. This growth was particularly noticeable in the extractive industries sector.

In contrast, the number of international project finance deals declined by 19% compared to 2021, and the value plummeted by 72% to $19bn. While the majority of projects focused on renewables, there were also announcements in the power, mining and industrial real estate sectors.

VATICAN CITY, July 17 (Reuters) - The head of one of the world's smallest national Catholic communities - Mongolia with 1,450 members - said on Monday that Pope Francis' visit there will show how far it has come since locals watched "these funny foreigners praying".

Cardinal Giorgio Marengo, an Italian who administers the Church in the vast country that borders China and Russia, also said the pope's Aug. 31-Sept. 4 visit will be a balm to a people who suffered "70 years of harsh communist rule" until the fall of the Soviet Union in the early 1990s.

"The reaction of both the Catholic community and the larger local community was of great wonder and joy and something thrilling. It's gradually becoming more evident how important and meaningful this visit will be," he said at a conference.

Francis, who enjoys visiting places where Catholics are a minority, will spend all of his time in Mongolia in Ulaanbaatar, capital of the vast country with fewer Catholics than most parish churches in many places. The smallest of Mongolia's nine parishes has only 30 members.

Marengo has been a missionary in Mongolia for more than 20 years and recalled his first years.

"We put up two gers," he said, using the Mongolian word for a tent-like portable circular dwelling.

"One for prayer and one for activities with children ... the people of the neighbourhood started entering and watching these funny foreigners who were praying (in Mongolian)."

"They told us 'we felt there was something special in this ger,'" he said.

Maregno would not be drawn on the political significance of the trip, referring reporters to Vatican diplomats.

The country of about 3.3 million people is strategically significant for the Roman Catholic Church because of its proximity to China, where the Vatican is trying to improve the situation of Catholics.

Mongolia, which was part of China until 1921, has good relations with Beijing. Diplomats say it could be used as an intermediary with China.

About 60% of Mongolians identify as religious. Among those, 87.1% are Buddhist, 5.4% Muslim, 4.2% Shamanist, 2.2% Christian and 1.1% followers of other religions, according to the U.S. State Department.

Reporting by Philip Pullella; Editing by Sharon Singleton

His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, headed a UAE delegation to the Mongolia Economic Forum in Ulaanbaatar this week, where he met senior government officials to strengthen economic collaboration and foster investment flows between the two nations.

During the two-day event, HE Al Zeyoudi held bilateral meetings with His Excellency Ch. Khurelbaatar, Mongolia’s Deputy Prime Minister and Minister of Economy and Development, and His Excellency Y. Sodbaatar Chief of Staff of the President’s Office, during which, both sides explored the means to develop the partnership and underlined their commitment to enhance trade and investment cooperation. The two sides also discussed the latest developments relating to the 13th ministerial meeting of the World Trade Organisation (WTO) which will be hosted by the UAE in 2024.

HE Dr Thani also met Her Excellency B. Battsetseg, Minister of Foreign Affairs of Mongolia, to explore the opportunities in emerging sectors such as agriculture and food security in addition to exploring potential joint investments in the mining sector, and His Excellency S. Byambatsogt, Minister of Road and Transport development of Mongolia, where they reviewed Mongolia’s status as a bridge between China and Russia and how that can catalyze its logistics and aviation sectors

HE Al Zeyoudi said: “Mongolia is a valued partner for the UAE in Asia, with increasingly open trade policies, strong regional integration, and commitment to economic diversification. By further strengthening trade ties, we can mutually benefit from increased market access and the exchange of goods, services, and technologies that contribute to the sustainable growth and prosperity for both our countries. The discussions held during the Mongolia Economic Forum have highlighted the immense potential for cooperation in these areas, while setting the foundation for stronger economic cooperation in the years ahead.”

HE Dr Thani also used the occasion to meet Mongolia’s leading business executives to identify opportunities for private sector cooperation in fields such as logistics, mining and food production. Here, he promoted the UAE’s enabling business ecosystem and incentives such as the NextGenFDI program that offer seamless market access for pioneering companies.

Additionally, HE Al Zeyoudi showcased the UAE’s leading industrial and special economic zones model through a panel discussion at the event titled ‘Trade Opportunities: Special Economic Zones’, where he joined members of Mongolia’s parliament and other regional stakeholders to build consensus on the effective utilization of special economic zones to stimulate economic development.

UAE is Mongolia’s number trading partner in the Arab World. Non-oil bilateral trade reached US$18.6 million in 2022, a 31 percent increase on 2021.

The Mongolian Economic Forum took place on July 9 and 10. In the forum, more than 500 foreign investors, including representatives of the world’s top 45 banks and financial institutions, such as JP Morgan, CITI, Goldman Sachs, and Morgan Stanley attended. This year’s economic forum was held under the theme of “Welcome to Mongolia”, and about 2,200 guests and representatives from foreign and domestic economic and business sectors participated in the forum making it a wider scope than in previous years.

Prime Minister L.Oyun-Erdene opened the forum and said that during the pandemic, the economy of Mongolia was at negative 4.7 percent, in 2022 it was positive 4.8 percent, and in the first quarter of this year it was positive 7.9 percent, which is the first time that the GDP has reached 5,000 USD.

The premier then said “Within the framework of comprehensive anti-corruption program, one of the most successful projects was E-Mongolia platform, which digitized 839 services of 71 government organizations, which made government information transparent, and worked to reduce government bureaucracy. As a result, in 2022, Mongolia ranked 74th out of 193 countries in the E-Government Development Index, 18 places higher than previous year.”

According to PM, the government fully paid the debt of 1.5 billion USD of the Chinggis bond in December of last year and 800 million USD of the Gerege bond in May 2023, maintaining its credit rating at the B stable level. Also, in addition to our only export railway, four new export gateways are being put into operation in line with China’s “Belt and Road” initiative as part of its Port Revival goal. As a result, export income reached 13 billion USD. Moreover, in relations to the New Revival Policy, Oyu Tolgoi mine was put into operation last year, which had a major impact on our country ranking fourth in the world in terms of copper production.

At the main discussion, member of the Board of Directors of the Rio Tinto Group, founder of the Global Economic Governance Program at the University of Oxford Professor Ngeire Woods said, “Each country with a rapidly developing small economy in the world is facing major challenges. Most of those challenges depend more on external factors such as the international financial system, currency market, and geopolitical issues, rather than on the country itself. There are three important questions to be asked. First, does Mongolia have the vision to lead the country in difficult social and economic times? Second, does the state have the capacity to advance all this? Third, can it be stable in terms of political governance?” With the questions, professor Woods emphasized that she believes that the “Vision 2050” document can be an answer to the questions and is a clear expression of our country’s striving for development.

During the forum, Mongolian Prime Minister L.Oyun-Erden and the Governor of Mongol Bank B.Lkhagvasuren met with foreign banks and investment funds. In addition, the branch meeting on “Banking and Finance” was organized. Governor of Mongol Bank B.Lkhagvasuren said that the banking industry is conducting an IPO and transitioning to public ownership. This is a special moment for customers, regulators, and investors, and it is a new beginning of the development of the industry. He also mentioned that foreign investment in the banking sector, participation of multinational banks and financial institutions, and cooperation with them are important for the development and expansion of the banking sector to the extent that it can bear the burden of economic expansion and support economic growth.

Other participants representing the banking sector spoke about the importance of reform and the problems they face in the banking sector. For example, proposals were made to increase the availability of green finance, improve its certification system, and loosen restrictions on investments in the banking sector by international financial institutions in the banking sector and restrictions on investing in multiple banks.

At the second-day, Deputy Prime Minister and Minister of Economy and Development Ch.Khurelbaatar mentioned the possibility of investing in banking, tourism, renewable energy, agriculture, mining, and infrastructure. In particular, to intensify the development of the banking sector and take a big step forward, Mongolians announced that they are fully opening the doors of the banking sector to foreign investors.

However, during the “New Future - New Opportunities” plenary session, Global Chairman to JP Morgan’s Investment Bank, Technology, Media and Communications Group Jennifer Nason said, “The Oyu Tolgoi project is not only a copper mine, but Mongolia’s major project that demonstrates competence. The project is said to be the result of multi-skilled personnel, high-level performance, and world-class operations. Therefore, Mongolia is a country of entrepreneurs” which brought attention.

During the Prime Minister’s meeting at the end, investors said that they are happy that the 2012 economic recovery is coming back. They mentioned that we have lost ten years, and now is important to save economic growth, become disciplined in the state budget and not make investment policy mistakes.

In the forum, following decisions were made and these agreements, and memorandums were signed:

• what3words company signed the first memorandum with Ministry of Environment and Tourism, Ministry of Culture, Mongol Shuudan, and E-Mongolia academy.

• An agreement was signed with China’s “SSSS First Highway Engineering Group” LLC. Capital City Governor and Ulaanbaatar City Mayor D.Sumiyabazar said that within the agreement, circle highway, Ulaanbaatar metro project, improvement of Tuul river dam, construction of hospital and school are planned. The agreement is an investment of about 4.3 billion USD.

• Ministry of environment and Tourism announced the establishment of a Nature Conservation Trust Fund in Mongolia with “The Nature Conservancy”. Specifically, it aims to create a sustainable financing system for the nature conservation sector, manage it, and implement long-term nature conservation programs.

• To support foreign investment, the Government has decided to establish an Investment and Trade Department under the Ministry of Economy and Development. They also announced the establishment of a new Partnership Center.

BEIJING/SINGAPORE, July 17 (Reuters) - China's average daily coal production rebounded in June from a six-month low the prior month, official data showed on Monday, as miners ramped up output to meet increasing demand from power generators amid a heatwave.

China churned out 390.1 million metric tons of coal last month, up 2.5% from a year earlier and 1.2% from May, data from the National Bureau of Statistics (NBS) showed on Monday.

Daily production in June was equivalent to 13 million metric tons, up from May's 12.43 million metric tons, which was the lowest level since October 2022.

Coal output during the first half of 2023 reached 2.3 billion metric tons, 4.4% higher than the same period last year.

Miners have been urged by the government since June to step up output to fill their supply contracts with utilities as rounds of blistering heatwaves have swept across large swathes of China since late June.

Daily coal consumption in eight coastal provinces in June surpassed the levels seen over the same period of the past four years, data compiled by the China Coal Transportation and Distribution (CCTD) showed.

Record temperatures continue to boost air conditioning demand, driving daily coal use at utilities last week to 2.4 million metric tons, highest by far this year, according to data provider Wind and the CCTD.

China's peak summer power demand typically starts in late June and lasts for two months.

China's National Climate Centre forecast that most of the country could see temperatures 1 to 2 degrees Celsius (1.8 to 3.6 Fahrenheit) higher than normal this month and next, while precipitation could be 10% to 20% lower than average.

That suggests stronger power demand but possibly lower output from hydropower stations.

Hampering efforts to lift coal production, however, China's mining safety watchdog tightened inspections in late June, after deadly accidents were disclosed at an iron ore mine in Shanxi and at a coal mine in Liaoning provinces.

Chinese mines are known to be among the deadliest in the world and the country has carried out several rounds of mining safety checks since late February following an accident in Inner Mongolia that killed dozens of people.

The average operations rate at major coal mines in the hubs of Shanxi, Shaanxi and Inner Mongolia fell to 82% in June from 84% in May, data compiled by the CCTD showed.

But coal output is expected to increase further as some miners in Inner Mongolia could be allowed to restart this month after being shut down since March to improve mining safety.

Reporting by Muyu Xu in Singapore and Dominique Patton in Beijing; Editing by Kim Coghill, Janane Venkatraman and Tom Hogue

As Mongolia and Finland celebrate 60 years of diplomatic relations, the significance of Finland’s pioneering role cannot be understated. Finland stands proud as the first Nordic country to forge official ties with Mongolia, laying the foundation for a friendship that has endured the test of time. This milestone marks a crucial moment in history when two nations recognized the importance of engaging in open dialogue and cooperation, setting the stage for fruitful diplomatic endeavors over the years.

A Long-Standing Connection: Celebrating Six Decades of Collaboration

The commemoration of 60 years of diplomatic relations between Mongolia and Finland is a testament to the enduring connection between the two nations. Over the past six decades, Mongolia and Finland have worked hand in hand to foster strong cultural, economic, and social ties. The journey of collaboration has seen the exchange of knowledge, expertise, and experiences, enriching the lives of citizens from both countries. This celebration is not only a reflection of the past but also an opportunity to look forward to a future of even deeper cooperation.

Strengthening Ties: Mongolia and Finland’s Shared Commitment to Cooperation

As the Ministry of Foreign Affairs of Mongolia pledges to enhance bilateral cooperation with Finland, the emphasis on shared values comes to the forefront. Both nations recognize the importance of collaboration based on mutual respect, understanding, and trust. Strengthening ties means embracing opportunities to work together in areas of mutual interest, whether it be in trade, education, environmental conservation, or other fields. Mongolia and Finland stand united in their commitment to building a stronger diplomatic alliance that will benefit their citizens and contribute to global progress.

BY:

Mamoon Alvi serves as an integral part of our global newsroom team. With a strong background in international news from his time at both BOL TV and Dharti TV, he came on board at BNN well-prepared to contribute. Mamoon's unwavering dedication to journalism drives him to relentlessly pursue the truth and deliver crucial stories to audiences around the world.

Canadian Solar, the world's fifth-biggest photovoltaic module supplier that just completed its secondary listing in Shanghai last month, intends to initially invest CNY18 billion (USD2.5 billion) to build a factory in China's Inner Mongolia Autonomous Region to stay relevant.

The company has penned an agreement with the municipal government of Hohhot, the capital city of Inner Mongolia, to construct a large-scale production base for various types of products to strengthen its industrial leadership, the Ontario-based firm’s Chinese listed arm said in a statement yesterday. The first phase of the project will cost CNY18 billion.

Canadian Solar, which used to focus more on downstream products such as cells and modules, is aiming to increase its production capacity across the industry chain. Its year-end capacity target is 20.4 gigawatts of silicon rods, 35 GW of wafers, and 50 GW of cells and modules, according to a plan released earlier.

The situation that PV companies are trapped in forces them to choose between two options: "expand or die," industry insiders told Yicai Global. Suppliers need to either keep expanding their capacity to keep up with the latest technologies or risk being left behind by rivals.

After the first phase is ready, Canadian Solar's new plant can make 30 GW of monocrystalline silicon rods per year, as well as 10 GW of monocrystalline wafers, 5 GW of PV modules, and 80 GW of crucibles, a key consumable used in making PV wafers, plus other ancillary products.

The workshop to produce silicon rods is scheduled to begin construction this month and start operation in March 2024. The remaining facilities are slated to kick off construction in September and reach the planned capacity a year after that. The company also plans to invest in phases two and three of the project to further expand its capacity, but the final decision will be made based on the initial performance of the first phase and market conditions.

Shares of Canadian Solar [SHA: 688472], trading on the Star Market, closed down 1.3 percent at CNY16.15 (USD2.30) The firm's Nasdaq-listed equity [NASDAQ: CSIQ] was 0.9 percent up in after-hours following a 3.4 percent decline on July 14.

Editor: Emmi Laine