Mongolia launched official medicine registration database of traditional medicine drug in 2013 and there are presently standards for more than 120 traditional medicine raw materials, technical cases and technological instructions for some 160 Mongolian traditional medications as well as 60 medical treatments introduced at practice. In addition, eight local factories of traditional medicine make around 50 new substances, 60 new medications, 260 types of traditional pills, substances and mineral spring water in accordance with approved standards and technologies and provide not only for domestic supply, but also trade them for export to Russia and China.

To date, a clinic with a capacity to receive 48 beds, 185 outpatient clinics, 20 foreign-owned hospitals, 34 recreation centers, 233 state and private health organizations are operating in the field of traditional Mongolian medicine in Mongolia, providing health assistance and services to up to 1.5 million people in a duplicated number. Furthermore, nine universities and higher education institutions are offering undergraduate, graduate and post graduate programs in traditional medicine and around 230-260 people graduate with degrees annually. Around 3 thousand doctors and specialists from Mongolia are employed in traditional medicine field not only in Mongolia, but also the USA, Austria, Hungary, Czech, Poland, Russian and Kazakhstan.

As the forum coincided with the 70th anniversary of the establishment of the diplomatic relations between Mongolia and China, this forum on traditional Mongolian medicine is considered to be important for the future development of the long-standing mutual trust and cooperation in various fields between Mongolia and China, especially in the Mongolian traditional medicine.

Mongolia, with a population of about three million – approximately one eighth that of the city of Shanghai alone, doesn’t often get the same attention as larger Asian economies such as Japan or China, but its economy is also doing well. GDP in the landlocked nation is likely to grow by more than 6% this year, Forbes Mongolia Editor-in-Chief Tsetsegsuren B. said during a visit to Forbes China in Shanghai on Tuesday.

Ties to China are helping. China and Mongolia are neighboring economies and “should collaborate on a broader scale,” she said. Even if China’s GDP growth is slowing, the country is still doing well in comparison with many others, Tsetsegsuren said. China’s current GDP growth rate of 6-7% “is quite good,” she said.

China is Mongolia’s biggest export market, accounting for 60% of its total trade. Business between the two countries – which in 2019 are celebrating their 70th year of diplomatic ties -- is focused on minerals, Tsetsegsuren said. Mongolia is a producer of copper, gold and coal.

Yet there is more room for growth. “Agriculture, services and tourism’s contribution can be increased rapidly,” she said. “Mongolia’s natural beauty is stunning.” Among other attractions, Mongolia offers visitors the chance to take in yurts, camels and rugged peaks. Forbes named Mongolia as one of the 10 coolest places to go in 2019.

Forbes Mongolia is one of 39 locally licensed editions of Forbes around the world.

--Russell Flannery

Mongolia received a total of 540,000 arrivals in 2017; of them, 4150 have been charged with breaking the Law on Immigration. The number of arrivals increased by 10.3 percent and violations rose by 37.3 percent in 2018.

As for August, 2019, over 3000 people were charged with breaking regulations; most of them were overstayed, did not register, and worked illegally or failed to carry their passport.

If foreign citizens fail to register to Mongolian Immigration within seven days, then they will be fined MNT 100,000 and the inviting party for MNT 250,000 for an individual and MNT 2,500,000 for a company.

“We expect spot gold prices to trade stronger for longer, possibly breaching $2,000 an ounce and posting new cyclical highs at some point in the next year or two,” analysts including Aakash Doshi said in a note received Sept. 10. That would exceed the record of $1,921.17 set in 2011.

Low or lower-for-longer nominal and real interest rates; global recession risks — exacerbated by U.S.-China trade tensions; and heightened geopolitical rifts are “combining to buttress a bullish gold market environment,” the bank said. Also, “in affinity to our U.S. rates research colleagues, we believe the Fed will ultimately end up cutting rates all the way to zero,” the analysts wrote.

Gold hit a six-year high this month as central banks ease policy to address the slowdown in growth amid the trade war. This week, investors expect the European Central Bank to unleash more stimulus, while next week the Fed is seen cutting rates again. That’s helped to drive flows into bullion-backed exchange-traded funds as investors track the trajectory of the U.S. economy.

Market signals
“For now, the U.S. consumer and potential growth story is holding up,” Citi said in the note. However, “we remain more concerned about market signals — three-month to 10-year yield curve inversion — and leading indicators that are weakening at the fastest pace since the Great Recession,” it said.

Spot gold traded at $1,491.34 an ounce on Tuesday, up 16% this year after rising for the past four months. Citi said that it had upgraded its baseline forecasts for gold on the Comex by $125 to $1,575 an ounce for the fourth quarter, and by about 14% to $1,675 for 2020.

In July, U.S. monetary policy makers reduced borrowing costs for the first time in more than a decade, and they are widely expected to do so again at their Sept. 17-18 meeting. BNP Paribas SA, which is also bullish on the outlook for bullion, said it expects four quarter-point reductions over the coming year.

Citi’s outlook did come with caveats, including a hawkish turn from the Fed or a breakthrough in trade talks, although that’s not its base case. “A surprise trade deal coupled with a sharp upturn in global manufacturing data would probably suggest a peak for gold at the $1,550 an ounce level for this cycle.”

(By Ranjeetha Pakiam)

FIABCI Mongolia Chapter will work for bringing sustainable changes in the real estate industry in Mongolia by expanding its global professional network, having our privilege to enhance our professional skills and building businesses, said Batbaatar Narantuya, Chapter President.

Moreover, FIABCI Mongolia Chapter is planning to focus on protecting the interest of real estate professionals, organizing various educational courses, granting a professional license to agents, introduce real estate related law to the public, and in terms of building the strong foundation of the real estate related legal environment in Mongolia by working with government and ministries.

Founded in 1951 in Paris, FIABCI is a worldwide business networking organization for all professionals associated with the real estate industry. It has provided access and opportunities for real estate professionals interested in gaining knowledge, sharing information and conducting international business with each other. Also, it is a member of the International Ethics Standards Coalition and signed off on the 10 Principles of the UN Global Compact.

Gazprom is due to start exporting gas to China in December via the eastern Power of Siberia pipeline.

“Please, look into the resources of Yamal (Peninsula) as well, in order to gather the necessary resources for the supplies via the western route to China via Mongolia,” Putin told Gazprom head Alexei Miller at a meeting, adding that the partners in China also “lean toward” this route.

Reporting by Maria Grabar; Writing by Vladimir Soldatkin; Editing by Edmund Blair

The Heron-1 well was drilled to 2960 metres, with the top Lower Tsagaantsav reservoir, the primary target for the well, encountered at 2803 metres.

'The formation drilled from 2803 to 2880 metres was predominantly sandstone interbedded with shales and siltstones,' the company said.

'Oil and gas shows were recorded over this interval and on the basis of the drilling data, the gross reservoir interval in Heron-1 appears to be very similar to the productive reservoirs found in oil wells immediately to the north in Block XIX.'

Wireline logs had been acquired and analysis of that data supported the interpretation of a 77 metre gross interval of potential oil reservoir.

'Within this interval the logs also define three zones with a total gross thickness of 22 metres, 14 metres net, exhibiting better porosity and permeability characteristics than is generally seen within the Lower Tsagaantsav.'

'Overall, the reservoir quality and oil saturations indicated on the wireline logs are sufficiently encouraging that casing will now be run in preparation for a testing programme.'

A casing operation was now underway and discussions with the testing contractor had commenced to determine how quickly the testing equipment could be mobilised to the Heron-1 location.

'The results of the Heron-1 well are encouraging,' chief executive Mike Buck said.

'Along with the well and wireline logging data being consistent with our pre-drill prognosis, there is also evidence of zones with better than expected porosity/permeability characteristics.'

'The well will now be tested and we are pushing the contractor to mobilise equipment as quickly as possible.'

'Further updates will be provided in due course.'

During the expo, 15 projects of the Mongolian Government, 50 projects of private entities were presented to investors. The total cost of these projects is estimated at CNY 41 billion, according to the National Development Agency of Mongolia. Projects of food, agriculture, and light industry accounted for almost 50 percent of all projects.

The expo which takes place every two years aimed to leverage the geographical advantages and special industrial resources in Northeast Asia, promote business exchanges and cooperation, and to contribute to the Belt and Road Initiative. It has been expanding to a crucial spot where regional countries are able to cooperate. Also, delegates from Hong Kong and Macau as well as Russia, Japan, the Republic of Korea, and other countries have attended the expo, confirming its importance in the region.

As of the first half of 1990-2019, Chinese-invested enterprises account for half of the 14,000 registered foreign-invested entities in Mongolia. During the period, China’s direct investment reached USD 5.1 billion, accounting for 20.1 percent of total foreign investment.

This year marks the fifth anniversary of comprehensive strategic partnership, the 70th anniversary of diplomatic relations between Mongolia and China. Accordingly, both countries are committed to launching a mutually beneficial partnership as well as Mongolia intends to expand its trade in goods other than mineral commodities.

The Mongolian Police reported that 130 people have been investigated over 67 drug-related cases since January 2019; more than 80 percent of them are young people aged between 18 and 35.

Mongolia has national football teams in nine age categories and is taking part in international matches. However weather and environmental conditions cause difficulties for trainings. Up to now, the absence of a world standard ground has proved a major disadvantage.