Events
Name | organizer | Where |
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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS
India, Mongolia joint military exercise to be held in Ulaanbaatar from July 17- July 31 www.thehindu.com
Indian and Mongolian troops will take part in the 15th edition of a bilateral military exercise in Ulaanbaatar from July 17 to July 31 aimed at exchanging best practices and developing interoperability, the Ministry of Defence said on July 16.
An Indian Army contingent comprising 43 personnel reached Ulaanbaatar on Sunday on an Indian Air Force C-17 aircraft to take part in the exercise, 'Nomadic Elephant-23', the Ministry said in a statement.
"The aim of this exercise is to build positive military relations, exchange best practices, and develop inter-operability, bonhomie, camaraderie and friendship between the two Armies. The primary theme of the exercise will focus on counter-terrorism operations in mountainous terrain under United Nations mandate," the statement said.
'Nomadic Elephant' is an annual training exercise which is conducted alternatively in Mongolia and India. The last edition of the exercise was held at the Special Forces Training School, Bakloh, Himachal Pradesh in October 2019.
Soldiers of the Mongolian Armed Forces Unit 084 and the Indian Army's Jammu and Kashmir Light Infantry Regiment will participate in the exercise, the ministry said.
The scope of this exercise involves platoon-level Field Training Exercise (FTX). During the exercise, Indian and Mongolian troops will engage in various training activities designed to enhance their skills and capabilities, it said.
These activities include endurance training, reflex firing, room intervention, small team tactics and rock craft training. Soldiers from both sides will learn from each other's operational experience, it added.
India and Mongolia have a shared commitment to regional security and cooperation. 'Nomadic Elephant-23' will be yet another significant milestone in the defence cooperation between the armies of India and Mongolia that will further foster bilateral relations between the two nations, according to the statement.
KT to cooperate with Mongolian gov't on DX techs www.kedglobal.com
South Korea's telecom service provider KT Corp. disclosed on Monday its plans to collaborate with the Mongolian government to usher in a digital transformation (DX) aimed at nurturing the country's key growth sectors and refining its e-government services.
A final report meeting concerning Mongolia's DX consulting was recently conducted at the Mongolian parliament in Ulaanbaatar, with high-ranking officials from the Mongolian Ministry of Digital Development and Communications in attendance.
The partnership between KT and the Mongolian government will focus on enhancing the digital government's supervisory role, cultivating national growth sectors through DX in the tourism and agriculture fields, refining e-government services, and introducing intelligent traffic control.
Presently, the Mongolian government is striving to diversify its industries to restructure an economy heavily reliant on mining. It rolled out the Digital Nation plan last year to foster new growth drivers via national DX and to extend its application to various industries.
The creation of the Ministry of Digital Development and Communications is a testament to the government's commitment to realizing this plan.
Write to Ji-Eun Jeong at jeong@hankyung.com
Mongol-Tibet Cultural and Religious Symposium Held at University of Tokyo www.tibet.net
Tokyo: The second Mongol-Tibet Cultural and Religious Symposium was held at the University of Tokyo, Komaba campus on 15 July 2023. The Southern Mongolian Congress organized the symposium with the Tibet House Japan as the co-organiser and the Taiwan New School for Democracy as a supporter. The symposium celebrates the 110th anniversary of the Tibeto-Mongol Treaty of Friendship and Alliance signed in 1913 between Tibet and Mongolia.
Mr Miura Kotaro, who moderated the symposium, welcomed the guests, scholars, and the audience and briefly explained the concept of the symposium, “The Symposium aims to explore and give due importance to the old historical, cultural, and religious relationship that Tibet and Mongolia enjoyed since ancient times by having scholars discuss and present research papers on the subject.” The symposium also urges the scholars to honour and look at the 1913 treaty between the two nations, debate its validity, and the potential to resolve the Tibeto-Mongol conflict with the Chinese communist regime.
Around 15 Mongolians, Japanese, Taiwanese, and Tibetan scholars spoke on the subject and presented papers on different aspects of the Tibeto-Mongol studies and their perspectives on the 1913 treaty.
President of the Southern Mongolia Congress, Mr Temselt Shobchuud, delivered the keynote address from the organisers’ side. Kalon Norzin Dolma delivered the opening remark from the Tibetan side as the chief guest.
Kalon Norzin Dolma thanked the organisers for this important symposium and spoke on the long historical and religious relationship that Tibet had with Mongolia and how the treaty of 1913 is still relevant to prove that Tibet and Mongolia had been independent countries around that time. She also thanked the University of Tokyo for their support in having the symposium on the University’s campus.
The symposium was divided into three sessions. The first session was on “Tibet Mongolia 1913 Treaty of Friendship Alliance and Its Significance”. A research scholar on Mongolia and China Dr. Miyawaki Junko; Prof. Jampa Samten from the Central Institute of Higher Tibetan Studies, Varanasi; and Ms Manting Huang of the Taiwan New School for Democracy spoke and presented their papers on the subject.
The second session of the symposium was on “Tibet and Mongolia’s Historical and Cultural Relationship and Its Significance”. A Mongol scholar Mr Baoyintu, Prof. Hirano Satoshi of the University of Tokyo, and Dr Arya Tsewang Gyalpo of the Tibet House Japan spoke and presented their papers on the topic.
In the third session, A Mongol scholar Mr Archa, Ms Phentok from the Tibet Policy Institute, and Mr Zeng Jian-Yuan of Taiwan’s New School for Democracy spoke and presented papers on “Current Situation in Mongolia and Tibet and Possibility of Solidarity of National Movement in the Future.”
Scholars’ talks and presentations were well received by the audience who participated in the questions and answers at the end of each session. Prof Ako Tomoko of the University of Tokyo gave the end speech expressing her satisfaction to have the scholars discuss and debate on this important topic in the history of Asia at the University campus.
The organisers plan to bring out the scholars’ papers in print form in Japanese, English, and Chinese language. Many expressed pleasure to see many scholars and the general public attending the symposium and taking an interest in this part of Asian history.
Kalon Norzin Dolma interacted with the scholars and congratulated them on their presentations and papers. Kalon will meet the Tibetans in Japan tomorrow at Tibet House Japan.
-Report filed by the Office of Tibet, Japan
Prime Minister Meets Energy Sector Officials www.montsame.mn
Prime Minister L. Oyun-Erdene is holding his 18th "Morning Meeting" today with officials of the energy sector.
At the beginning of the meeting, Minister of Energy B. Choijilsuren has given a brief information about winter preparations. As of today, the preparation for winter of the energy sector is at 54 percent.
The Prime Minister has presented his speech "New Revival Policy" and is listening to the opinions of the sector representatives. More than 30 representatives of the Government and private sector are participating in the meeting, and representatives of thermal power plants of 21 aimags and the private sector are partaking online.
Mineral-rich Mongolia is steeling itself for democratic change www.theguardian.com
In December, amid sub-zero temperatures, thousands of Mongolians turned up in Sükhbaatar Square in the capital, Ulaanbaatar, to protest about rampant corruption, and for a moment the Asian democracy, sitting uneasily between China and Russia, looked as though it might crumble.
That this would have mattered to the west is shown by the number of European politicians who since have travelled to the capital, including not just Emmanuel Macron, the French president, but Polish president, Andrzej Duda, the German foreign minister, Annalena Baerbock, and her French counterpart, Catherine Colonna.
Mongolia, with a population of more than 3 million, is not strategically important, but is rich in coal, copper and critical minerals including uranium that France needs for its nuclear energy. Hundreds of international investors were in the capital at the weekend for an economic forum.
One serious blight holding the country back, and making it more dependent on its two big neighbours, is corruption, according to Nyambaatar Khishgee , the minister of justice, who has been tasked with cleaning up the country’s act.
Two scandals in particular – a four-year heist involving coal exports to China, and the abuse of cheap education loans by politicians and their associates – have led to deep discontent. Nyambaatar, part of a new, younger generation of politicians not raised in the shadow of the Soviet Union, does not try to hide the scale of the crisis: “Ever since Mongolia became a democracy 30 years ago, an insider group regarded state funds and state-owned enterprises as a licence for personal gain.”
Nyambaatar is unequivocal that everything has to change. “Those protests changed the social environment dramatically, and one thing we understood is that we need to change the relationship between business, politics and economics.
“I was deeply shocked personally, because what became apparent was that over the last 30 years, the insiders basically had access to all this data, funds, and information, and took advantage of it. The idea that these funds were available on an equal basis to everybody was simply not true.
“Our economy is relatively small, but the insiders gained an advantage by using their political influence to get privileged access to all the public funds, investment, land permits.
“The aim now is to draw a line under the past 30 years, and make sure that in the next three decades there is equal access built around transparency. Nearly 30% of Mongolians live below the poverty line.”
The scale of the reforms under way in the areas of whistleblower laws, increased data transparency, political funding and the reform of state-owned firms is daunting. By one estimate, the anti-corruption strategy has more than 400 indicators. But the justice minister also admits that Mongolia can have any kind of perfect anti-corruption strategy on paper. What is needed is a vibrant civil society to make sure such laws are enforced.
He concedes that the president, Khurelsukh Ukhnaa, and his ruling Mongolian People’s party is meeting “huge resistance” from entrenched interests opposed to the reforms. There is also some cynicism that the party in power since 2016 is equipped to make the changes.
As part of the reforms, Mongolia is also changing the way its politicians are elected – moving to a mixed electoral system.
Nyambaatar says: “The old way of elections with 76 MPs was essentially money-driven elections. The idea is to have a parliament that represents the true diversity of people in Mongolia rather than a privileged few businessmen.” The reforms, including measures to attract more women MPs, should be in place in time for the next legislative elections next year. “We want a new parliament that is willing to drive this change. People who want to become MPs will have to make more of a choice and decide whether to become a politician, or to seek government contracts. They cannot do both,” he adds.
The hope also is that as a result of electoral reform, the opposition will have a voice in parliament, and not just in public squares.
Perhaps the best route to credibility is to track down the network of officials and politicians that defrauded the state over coal. In total, about 6.4 million tonnes of coal, worth $1.8bn, has not been registered by Mongolian customs since 2013 while being recorded by Chinese customs. Whistleblowers say corrupt customs officials registered coal-laden trucks as passenger vehicles.
The Justice Department is also using Interpol’s Red and Blue Notice system to locate suspects in a chase across the US, Malaysia, France and Australia. The former president, Battulga Khaltmaa, named as a suspect, headed for South Korea seven months ago, citing medical reasons.
Nyambaatar has faith that the public demand for change will be met. “Westerners have lived their whole lives in democracies. We have spent half of our lives caught in a totalitarian system and the second half our lives trying to live in a democratic society, and one of the lessons we learned is that in a democratic society, a change that is supported by the public always wins.”
The nomadic ‘oasis of democracy’ with a mission to become the next South Korea www.smh.com.au
Mongolians will tell you they are agile. Which means they are not good at planning ahead.
Thousands of years of nomadic living have made the people of this arid landlocked country able to adapt fast when disaster strikes.
But it has left Mongolians struggling to keep up with longer-term global economic shifts that have centralised populations, money and power.
Oyun-Erdene Luvsannamsrai, Mongolia’s 43-year-old prime minister, is trying to change that. He is in the midst of instituting the broadest political reforms seen since the country split from the Soviet Union and became a democracy in 1990.
The government is overhauling its majoritarian system to mirror New Zealand’s parliament of proportional representation – even if it might cost Oyun-Erdene’s Mongolian People’s Party power at the next election.
It is also launching a corruption drive that will hit some of the country’s most prominent families, and weaning itself off its giant neighbours Russia and China.
“Mongolia does not have anything to hide,” Oyun-Erdene says in an interview in his office at the Government Palace in Ulaanbaatar.
“We have to make reforms.”
The Harvard graduate has the build of a wrestler. He is the first Mongolian leader not to have been educated in the Soviet Union and leads a country where 70 per cent of people are under 35.
Outside his office on Sunday, students surrounded a yurt while children rode around Ulaanbaatar’s main square on electric ponies to pumping drum and bass.
But for years Mongolia’s youth have been left behind by chronic dysfunction, 14 changes of government in the past two decades (lasting an average of nine months) and an over-reliance on the mining sector.
Then COVID-19 hit, China sealed its borders and Russia launched its war on Ukraine.
Oyun-Erdene decided it was time to move.
“I do believe that my tenure as the prime minister has been unique because of these two main issues,” he says.
“We had to find some advantages from this situation. For us, the most important thing for Mongolia is to make our economy independent.”
To do that, Oyun-Erdene has to convince foreign investors that this resource-rich but volatile young democracy is worth the risk. The system of government that saw two-party rule dominate decades of Mongolian politics is out.
Coalitions are in. So too are women, who for the first time in 2024 will have one seat for every male elected in the proportional representation section of parliament.
The prime minister will have power over the cabinet, with the president acting as the check and balance rather than the old-Soviet style horizontal model which saw factional rivals chuck out prime ministers as if it was Australia.
The theory is that the new model will force governments to build consensus and encourage long-term policies while limiting the instability that has dogged each administration since the fall of the Berlin Wall.
“We lived instability. It created unclear, un-understandable environments,” says the house speaker and Mongolian political veteran Gombojav Zandanshatar.
“We are not just talking about creating a favourable environment. We are doing it. We are updating the legislation,” he says.
Zandanshatar believes Mongolia can be a model for other small nations struggling to emerge from their authoritarian past.
“Sandwiched between our two giant neighbours, we call it an oasis of democracy.”
Those neighbours have caused plenty of discomfort for Mongolia’s leaders. The country remains dependent on Russia for all of its energy and 90 per cent of its exports go to China on a single railway track.
Aware the situation is not sustainable, Oyun-Erdene is diversifying the economy into artificial intelligence, renewable energy and digital finance, targeting deals with “third neighbours” like Australia in the process.
English is now the nation’s second official language.
A fibre optic cable that supplies Mongolia’s internet has to run through both Russia and China, so the government is now in talks with Elon Musk’s Starlink to provide satellite internet access to one of the world’s least densely populated nations.
“War or COVID, or any challenge, will end one day,” says Zandanshatar.
“We can’t move to Australia, with our ships and camels. Russia and China will never move. So we are neighbours. Neighbours don’t choose each other.”
It is a geographic reality that has made for a delicate diplomatic dance for Oyun-Erdene.
He has been reluctant to officially criticise Russia’s government but in his strongest public comments on the war in Ukraine to date, he made clear the distinction between the Kremlin and the Russian people.
“We always stand for peace and against war,” he says.
“Most importantly, I do believe that we don’t have to hate the regular citizens and people of the Russian Federation.”
He points to figure skater Kamila Valieva, the Russian star who tested positive for doping at the Beijing Winter Olympics. The 17-year-old performed in Mongolia in January.
“We don’t have to hate Valieva for the actions of her government. The people and businessmen are not to be blamed for the situation,” he says.
Mongolia’s economy has been hit by the sanctions imposed on Russian banks and planes. Flights to Ulaanbaatar from Europe now have to go as far as Seoul to find a connection to the Mongolian capital.
“This is a major problem,” he says.
For now, Oyun-Erdene appears willing to take the hit. But he wants the international community to do more to take the pressure off smaller countries that have found themselves caught in the middle.
“I do believe that the United Nations has to increase its role in solving this issue,” he says.
“As a kid, I watched the situation in movies, but now it’s a reality happening next door.”
Still, there are those who believe Oyun-Erdene’s reforms don’t go far enough to address the woes in an economy where two-thirds of it remains government-backed.
“For the very first time we have set a more stable system,” opposition leader Gantumur Luvsannyam told the Mongolian Economic Forum on Sunday.
“But we should shrink the government. Out of $1 in mining we get 1 cent –the rest is expenditures of the state. I want the private sector to be bold, to be courageous, not bowing to the state.”
Mining worker Bayartnar Bayaraa says transformation will take time.
“Maybe 15 years, maybe 30 years,” he says, dressed in Prada sunglasses and a traditional Mongolian deel in front of a giant statue of Genghis Khan, the Mongol leader who once ruled over the world’s largest land empire.
“It’s a long journey.”
“The only thing we don’t have is diamonds,” he says.
But in Ulaanbaatar’s main square, student Temulen Myagmar says there is also a lack of investment in education that is crippling the prospects of young people at home.
The 18-year-old has been forced overseas because of a lack of education opportunities, fuelled by the economic division between urban elites in the city and the nomads in the country.
“The country is very beautiful but it has got a lot of problems,” she says.
“There’s one Mongolia in Ulaanbaatar and one Mongolia in the countryside. It’s kind of pathetic.”
Asia House analyst Mao Zhouchen is more optimistic.
“Mongolia is likely to outpace China’s economic growth next year,” he told the Mongolian Economic Forum.
Ngaire Woods, a professor of global economic governance at Oxford University, said every fast-growing small economy in the world faces huge challenges at the moment.
“These forces mean that a country like Mongolia has to navigate with speed and deftness.”
Australian miner Rio Tinto is looking to take advantage after a tumultuous few years.
The mining giant forgave the Mongolian government’s $3.4 billion share of debt for the construction of the Oyu Tolgoi copper mine last year and began digging in one of the world’s largest copper reserves in March.
“Think about an ore body the size of Manhattan, that’s 1300 metres below the Earth’s surface, in a fairly remote part of the world that sort of gives you a sense of the challenge,” said chairman Dominic Barton.
“We could have spent that capital elsewhere, but we chose to spend it here.”
“In 1970, South Korea had no energy whatsoever. They had no iron ore, they had no coking coal, they had no industry. They had a GDP per capita of $100,” he said.
“And most organisations, including the World Bank, said: ‘This is the craziest thing you could possibly do. Do not build this’.”
South Korea now has a GDP per capita of $52,000.
“And this is something that I also see in Mongolia. Ambition,” he says. “People have a vision.”
BY: Eryk Bagshaw is the North Asia correspondent for The Sydney Morning Herald and The Age.
B.Lkhagvasuren: The Bank of Mongolia fully supports foreign investment www.mongolbank.mn
The Prime Minister's morning meeting with the management of Bank of Mongolia, Ministry of Finance, and domestic commercial banks, and representatives of foreign investment banks and investment funds is ongoing.
In his opening remarks, the Prime Minister extended his heartfelt wishes for a happy Naadam Festival to the attendees and provided a brief overview of Mongolia's macroeconomic situation.
He stated, "COVID-19 has presented one of the toughest challenges for us. Our economy contracted by -4.7% during the pandemic, but it is now in a phase of recovery. In 2022, we achieved an economic growth rate of 4.8%, and we expect it to reach approximately 6% this year."
The Prime Minister emphasized, "Our country recently amended the Constitution, increasing the number of members in Parliament to 126. This is a significant step to ensure policy stability for investors. The introduction of a mixed electoral system will promote wider representation and gender equality, and provide greater opportunities for other political parties. Additionally, the Government of Mongolia is actively combating corruption and intensifying the digital transition to create a more transparent and business-friendly environment."
Floods in the capital, 20,000 people displaced, resilience programs in place www.fides.org
Due to the heavy rains that continue to hit the capital of Mongolia, Ulaanbaatar, since July 3, the rising waters of the Selbe and Tuul rivers have caused extensive flooding that has affected the population of the city : according to government estimates, 128,000 people belonging to 31,600 families have been affected and damaged by the floods, while more than 20,000 people have been displaced and transferred to safe places, where they are in immediate need of warm clothes and food.
Mongolian army soldiers and members of the civil defense have been deployed for rescue and relief activities, such as setting up centers for displaced people and distributing food and medicine. Humanitarian services have been activated: Unicef has provided medicines and medical equipment, as well as psychosocial support activities to affected families, while the Mongolian Red Cross has provided blankets, mattresses, kitchen utensils , disposable masks, gloves and sanitizing products. Heavy rain since the start of last week has damaged a dam on the Selbe River, displacing hundreds of people and damaging extensive infrastructure: over 100 residential buildings, hundreds of yurts and traditional vehicles have been flooded in the city, while more than 700 roads, bridges, schools, dams and power lines were damaged.
The government has declared a state of high alert in Ulaanbaatar, as more rains are expected, which experts describe as "the heaviest in the last 50 years".
Eighteen districts of Ulaanbaatar, a city of around 1.5 million people, have suffered hardship and damage, and the situation is expected to worsen. The United Nations, through the UN-Habitat Mongolia office, had already launched a project in the country which includes a wide range of initiatives and which, through prevention, has improved the resilience of local communities, particularly with regard to climate impacts on urban areas. Indeed, Mongolia faces climate change-related risks, such as extreme rainfall, strong winds and snowstorms, which have intensified in recent years. Most vulnerable to these changes are traditional settlements, known as 'ger districts', often established on lowlands and mountain slopes, susceptible to flooding and mudslides. Seven "ger districts" in Ulaanbaatar have been selected for the "Adaptation Project" as early as 2019, and UN-Habitat technicians have started work to improve communities' adaptation to floods. The project implemented a number of steps: construction of physical infrastructure against flooding and improved sanitation services; improving knowledge of the dangers and risks of flooding. The project has brought together action and training groups, of 10 to 20 families at a time, where household members are encouraged in mutual awareness, communication, solidarity and help. A total of 89 groups have been formed in Ulaanbaatar, half of them led by women, who are implementing local action plans. Five flood protection and drainage facilities were also constructed. Thus, more than 27,000 people have benefited from flood protection and 6,000 people have improved sanitation facilities, while another million people in the capital benefit indirectly. In addition to serving as a model for the whole city, these activities show the importance of protecting and improving the urban environment, since the constructed drainage channels reduce the damage caused by flooding. "Climate change, notes UN-Habitat Mongolia, is having an increasing impact on cities, informal settlements and other urban areas around the world. There is therefore a growing need to invest in urban adaptation actions and building resilience, which are beneficial in emergencies. Prevention initiatives build the capacity to respond effectively, in the most vulnerable communities and regions". (PA)
...
Mongolia's Growing Economy and Favourable Investment Environment Underscored www.montsame.mn
"Mongolia Economic Forum-2023" is taking place on the second day in Ulaanbaatar. About 1,700 domestic and foreign delegates are participating in the Forum, where rapid economic growth of Mongolia after the global "Covid-19" pandemic is being highlighted.
On the second day Deputy Prime Minister, Minister of Economy and Development of Mongolia Ch. Khurelbaatar delivered keynote speech “We are ready”, noting the current state of the economy, business and investment environment, infrastructure condition, and the proven reserves of mineral resources. Here are some underscoring figures in his presentation.
The Economic Conditions:
The total economy of Mongolia has reached USD 16.8 billion and is ranked 124 out of 196 countries.
The gross domestic product per person reached USD 5033, ranking 119th out of 196 countries.
The economic growth is approximately 5.1 percent and ranks 11th.
The export amount reached USD 12.5 billion.
Foreign exchange reserves are back to normal and inflation is going down.
Despite three difficult years of the Covid-19 pandemic, the credit rating remains stable.
Favourable business environment:
It is ranked 81st by the World Bank's "Enjoyable Business Environment"
73rd out of 176 countries in the Economic Freedom Index by the Heritage Foundation publication
71st out of 132 countries in the Global Innovation Index.
74th out of 193 countries in UN e-Government Development Index.
Investment environment:
33rd out of 211 countries with its average tax burden or the country with low taxes;
One of the 16 countries with the lowest VAT;
One of the 6 countries with the lowest cooperate income tax;
Mongolia has a double taxation agreement with 26 countries;
It has concluded an Agreement on the Mutual Protection and Promotion of Foreign Iinvestments with 43 countries
Infrastructure environment:
To be newly commissioned railway network is +2336 km
New railway network +2,966 km
Number of airports that can receive International flights +6
Proven Mining Resources:
Mining operations are taking place in 3.7 percent of the total territory with 2,557 special licenses;
Copper reserves - 69.9 million tons
Coal 33.4 billion tons
Iron ore 1.84 billion tons
Gold 448.1 tons
Uranium 192 thousand tons and
Mongolia has Oil reserves of 332 million tons.
Government and Rio Tinto Will Implement Renewable Energy and Irrigation Projects in Gobi www.montsame.mn
On July 10, 2023, the Prime Minister of Mongolia L. Oyun-Erdene received the Chairman of the Board of Directors of the Rio Tinto Group Dominic Barton, who is participating in the "Mongolia Economic Forum-2023" under the slogan "Welcome to Mongolia."
At the beginning of the meeting, Prime Minister L. Oyun-Erdene expressed his gratitude for the participation and high significance the management of the Rio Tinto Group attaches to the Mongolia Economic Forum-2023. “The participants of Mongolia Economic Forum appreciated the speech you presented today. Rio Tinto is a visionary company and I am confident that the project implemented in our country will be successful."
Dominic Barton, Chairman of the Board of Directors of the Rio Tinto Group, noted that the "Vision 2050" document implemented by the Government of Mongolia is a road map that clearly shows what we are aiming for in the future, so we must contribute as an active and responsible company. It does not have to be just the mining industry. Mongolia has full potential to create a diversified and sustainable economy. By 2028, Oyu Tolgoi will produce 500,000 tons of copper per year. That is enough copper to produce six million electric cars a year. He said that by 2030, Oyu Tolgoi is expected to become the fourth largest copper mine in the world, and expressed intention to cooperate in the long term.
The parties agreed to jointly implement renewable energy and irrigation projects in the Gobi region.
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