1 MONGOLIA MARKS CENTENNIAL WITH A NEW COURSE FOR CHANGE WWW.EASTASIAFORUM.ORG PUBLISHED:2024/12/20      2 E-MART OPENS FIFTH STORE IN ULAANBAATAR, MONGOLIA, TARGETING K-FOOD CRAZE WWW.BIZ.CHOSUN.COM PUBLISHED:2024/12/20      3 JAPAN AND MONGOLIA FORGE HISTORIC DEFENSE PACT UNDER THIRD NEIGHBOR STRATEGY WWW.ARMYRECOGNITION.COM  PUBLISHED:2024/12/20      4 CENTRAL BANK LOWERS ECONOMIC GROWTH FORECAST TO 5.2% WWW.UBPOST.MN PUBLISHED:2024/12/20      5 L. OYUN-ERDENE: EVERY CITIZEN WILL RECEIVE 350,000 MNT IN DIVIDENDS WWW.GOGO.MN PUBLISHED:2024/12/20      6 THE BILL TO ELIMINATE THE QUOTA FOR FOREIGN WORKERS IN MONGOLIA HAS BEEN SUBMITTED WWW.GOGO.MN PUBLISHED:2024/12/20      7 THE SECOND NATIONAL ONCOLOGY CENTER TO BE CONSTRUCTED IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/12/20      8 GREEN BOND ISSUED FOR WASTE RECYCLING WWW.MONTSAME.MN PUBLISHED:2024/12/19      9 BAGANUUR 50 MW BATTERY STORAGE POWER STATION SUPPLIES ENERGY TO CENTRAL SYSTEM WWW.MONTSAME.MN PUBLISHED:2024/12/19      10 THE PENSION AMOUNT INCREASED BY SIX PERCENT WWW.GOGO.MN PUBLISHED:2024/12/19      КОКС ХИМИЙН ҮЙЛДВЭРИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ИРЭХ ОНЫ ХОЁРДУГААР УЛИРАЛД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     "ЭРДЭНЭС ТАВАНТОЛГОЙ” ХК-ИЙН ХУВЬЦАА ЭЗЭМШИГЧ ИРГЭН БҮРД 135 МЯНГАН ТӨГРӨГ ӨНӨӨДӨР ОЛГОНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     ХУРИМТЛАЛЫН САНГИЙН ОРЛОГО 2040 ОНД 38 ИХ НАЯДАД ХҮРЭХ ТӨСӨӨЛӨЛ ГАРСАН WWW.NEWS.MN НИЙТЭЛСЭН:2024/12/20     “ЭРДЭНЭС ОЮУ ТОЛГОЙ” ХХК-ИАС ХЭРЛЭН ТООНО ТӨСЛИЙГ ӨМНӨГОВЬ АЙМАГТ ТАНИЛЦУУЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     Л.ОЮУН-ЭРДЭНЭ: ХУРИМТЛАЛЫН САНГААС НЭГ ИРГЭНД 135 МЯНГАН ТӨГРӨГИЙН ХАДГАЛАМЖ ҮҮСЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     “ENTRÉE RESOURCES” 2 ЖИЛ ГАРУЙ ҮРГЭЛЖИЛСЭН АРБИТРЫН МАРГААНД ЯЛАЛТ БАЙГУУЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     “ORANO MINING”-ИЙН ГЭРЭЭ БОЛОН ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ТӨСЛИЙН АСУУДЛААР ЗАСГИЙН ГАЗАР ХУРАЛДАЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     АЖИЛЧДЫН САРЫН ГОЛЧ ЦАЛИН III УЛИРЛЫН БАЙДЛААР ₮2 САЯ ОРЧИМ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     PROGRESSIVE EQUITY RESEARCH: 2025 ОН “PETRO MATAD” КОМПАНИД ЭЭЛТЭЙ БАЙХААР БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     2026 ОНЫГ ДУУСТАЛ ГАДААД АЖИЛТНЫ ТОО, ХУВЬ ХЭМЖЭЭГ ХЯЗГААРЛАХГҮЙ БАЙХ ХУУЛИЙН ТӨСӨЛ ӨРГӨН МЭДҮҮЛЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/19    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Two New Products Launched on Mongolian Stock Exchange www.montsame.mn

Two companies have launched new products on the Mongolian Stock Exchange. Specifically, “Shunkhlai” LLC started the primary market trading of “Shunkhlai” bonds, while a bell-ringing ceremony for the IPO of “Tenger Daatgal” LLC was held on November 28, 2024.
The IPO orders for “Tenger Daatgal” will be accepted through the MSE's IPO system until December 4, 4:00 PM.
• Name of the security: “Tenger Daatgal” LLC
• Total number of securities: 60,000,000 shares
• Number of shares to be offered to the public: 12,500,000
• Public offering price: MNT 800
• Total amount of funds to be raised: MNT 10,000,000,000
“Shunkhlai” LLC has issued open bonds with an annual interest rate of 17 percent. Trading orders are being accepted through the IPO system of the Mongolian Stock Exchange until December 9, 2024.
• Bond name: “Shunkhlai” bond
• Total number of bonds: 800,000
• Bond face value: MNT 100,000
• Total value of bonds: MNT 80,000,000,000
• Bond interest/yield rate: 17 percent
• Bond term: 12 months.
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Mongolia: RSF presents its recommendations to strengthen ambitious press freedom bill www.rsf.org

Reporters Without Borders (RSF) welcomes the Mongolian government’s draft law on press freedom. While some areas of the proposed legislation need further refinement, it is a positive step forward to ensure the freedom, independence, and plurality of Mongolian journalism is better guaranteed.
In October 2024, Mongolia’s Ministry of Justice introduced plans to reform the country’s Law on Freedom of The Press, originally passed in 1998. According to the government, the reform aims to foster the development of a diverse media landscape full of reliable journalism and tackle the country’s recent decline in press freedom, highlighted by Mongolia’s drop in the RSF World Press Freedom Index by 36 places since 2020. Mongolia currently ranks 109th out of 180 countries and territories in 2024.
“This is a welcome, ambitious piece of legislation that seeks to address critical issues for Mongolian journalists. In RSF’s view, while some improvements could be made, the draft law provides a good basis for upcoming Parliament discussions. By adopting this law, Mongolia would demonstrate its commitment to press freedom and the public’s right to reliable information despite the pressure of being a landlocked nation geographically surrounded by the authoritarian regimes of Russia and China.
Antoine Bernard
RSF’s Director of Advocacy and Assistance
RSF’s five main recommendations to strengthen Mongolia’s proposed press freedom law
Clarify the definition of journalism: Clearly distinguish journalists, who adhere to specific ethical codes as employees of a professional media organisation, from individuals who publish public-interest information without having to comply with the same level of professional ethics and self-regulatory scrutiny.
Guarantee media independence: Ensure that neither the state nor media regulatory authorities can interfere with editorial decisions or exert pressure on journalists and independent media.
Enhance source protection: Extend protections to all newsroom staff with access to any information that would allow for the identification of journalists’ sources. In particular, exceptions to these protections must be strictly limited so as to protect journalists from undue surveillance through spyware.
Promote self-regulation standards: Endorse both nationally and internationally recognised standards that strengthen the transparency and reliability of journalistic reporting, such as the Journalism Trust Initiative (JTI), and create legal and/or economic incentives for Mongolian media service providers to facilitate adherence to such self-assessment and certification programmes.
Increase transparency in media ownership and funding: Require the full disclosure of media ownership, including indirect state ownership, as well as details concerning public funding, particularly state advertising.
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ADB, Xacbank Sign $50 Million Deal to Boost Climate and MSME Financing in Mongolia www.adb.org

The Asian Development Bank (ADB) and XacBank Joint Stock Company (XacBank) have signed a $50 million financing package to enhance financing for climate action and to support micro, small, and medium-sized enterprises (MSME) in Mongolia.
The package includes $40 million from ADB and a $10 million concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA). At least 70% the financing package will be dedicated to climate mitigation and adaptation projects, with the remainder allocated to multisector MSME finance, including lending to women-owned and women-led businesses.
"A strong green finance market is essential to fostering a sustainable economy that supports Mongolia's net zero goals," said ADB Vice-President for Market Solutions Bhargav Dasgupta. "As Asia and the Pacific’s climate bank, ADB is partnering with XacBank to improve the livelihoods of people who run these crucial businesses and to support broad economic growth, while helping Mongolia to build resilience against climate impacts."
Green finance is increasingly important in Mongolia, which faces significant climate vulnerabilities and high greenhouse gas emissions. The local green loan market is still developing, with green loans representing only a small percentage of total bank loans. The Mongolian government aims to expand this market by 2030, highlighting the need for private sector involvement to meet these and other climate targets.
MSMEs are vital to the Mongolian economy, making up over 70% of registered businesses and employing a considerable share of the workforce. Even so, they often struggle to access credit, especially for investments that meet green standards. Expanding their access to climate-friendly and inclusive financing can help enhance the resilience of this key strategic sector and drive sustainable and inclusive growth in Mongolia. ADB will assist XacBank in promoting gender equality including by offering new banking products for women entrepreneurs.
“At XacBank, we are dedicated to advancing sustainable finance and supporting businesses that contribute to Mongolia’s climate resilience,” said XacBank’s Chief Executive Officer Tsevegjav Gumenjav. “This partnership with ADB allows us to offer long-term, affordable financing options that will empower more green businesses and MSMEs to thrive, contributing to a sustainable and inclusive economy for Mongolia.”
Established in 2024, CANPA is a trust fund managed by ADB, supported by a commitment of Can$360 million from the Government of Canada. The fund builds on the success of the two previous funds, namely the Canadian Climate Fund for the Private Sector in Asia II (CFPS II) and its predecessor CFPS. CANPA aims to support private-sector projects in Asia and the Pacific that focus on climate and nature-based solutions, while also promoting gender equality. This financing package marks the first commitment under CANPA.
Established in 2001, XacBank is one of Mongolia’s leading banks, with a strong commitment to sustainable finance and MSME development. XacBank operates across all 21 provinces, serving over 1 million customers through its 72 branches.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.
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Central Bank of Mongolia Purchased 1.6 Tons of Precious Metals in November www.montsame.mn

In November 2024, the Central Bank of Mongolia purchased 1,689.5 kg of precious metals, bringing the total amount to 15.8 tons since the beginning of the year.
This figure represents a 1.6 percent decrease compared to the same period last year.
Since the beginning of the year, the Darkhan-Uul branch of the Central Bank of Mongolia has purchased 753.4 kg of precious metals, whereas the Bayankhongor branch- 1,177.2 kg.
The Central Bank of Mongolia determines the purchase price of precious metals based on global market prices. In November 2024, the average price for purchasing gold was MNT 291,101.68.
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Mongolia Exports 74.2 Million Tons of Coal in 2024 www.montsame.mn

According to the Mongolian Customs General Administration, on December 1, 2024, Mongolia exported 18.2 thousand tons of coal.
The total amount of coal exported since the beginning of the year reached 74,250.2 thousand tons of coal, a 23.9 percent increase compared to the same period of the previous year.
Mongolia has set a target to export 78 million tons of coal in 2024 and plans to increase the export of coal to 83 million tons for the next year.
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IT, services lead Mongolia’s diversification away from mining www.emerging-europe.com

Mining-driven economic growth since 2023 has lifted Mongolia to upper-middle income status, but despite this strong growth, further diversification of the economy is necessary.
Stereotypes abound when discussing Mongolia, not least its nomadic herding culture and vast steppe landscapes.
However, this resource-rich nation is currently undergoing a significant transformation. Its journey toward diversification, technological advancement, and sustainable growth reflects the aspirations of a society balancing deep-rooted cultural identity with the pressures—and, indeed, ambitions—of globalisation.
Mining-driven economic growth since 2023 has lifted the country to upper-middle income status. Mongolia’s economy is further projected to grow by 5.3 per cent in 2024 and 6.5 per cent in 2025, amid ongoing robust mining production and domestic demand, according to the World Bank’s latest semi-annual Mongolia Economic Update.
Economic growth held steady at 5.7 per cent year-on-year in the first half of 2024, with recent high-frequency data indicating continued momentum into the third quarter.
The strong performance is attributed largely to a sustained surge in mining and transportation services, despite contraction in the agriculture sector caused by harsh climate conditions.
Domestic demand was a key driver of growth, but is putting pressure on the balance of payments as imports outpace revenues from commodity exports.
The medium-term growth outlook remains positive, at six per cent over 2026–27. After a surge in output from the Oyu Tolgoi gold and copper mine in 2025, mining output is projected to moderate, with growth increasingly driven by other sectors, including trade and other services, and agriculture. Nevertheless, the mining industry remains the cornerstone of Mongolia’s economy, contributing approximately 21.8 per cent to the GDP.
Increased public consumption and investments under the government’s four-year action plan are also expected to accelerate the growth.
Challenges
Mongolia’s transformation, however, is not without its complexities. As the country harnesses its natural wealth and embraces digitalisation, it faces the dual challenges of economic dependency and environmental vulnerability.
Geopolitically, Mongolia’s position as a relatively stable democracy wedged between two authoritarian giants—China and Russia—adds another layer of intricacy to its narrative.
Indeed, the economic outlook faces several downside risks. Greater-than-expected fiscal spending could elevate inflationary pressures and widen fiscal and current account deficits.
Climate change heightens the risk of more frequent and severe natural disasters, posing significant economic risks for Mongolia, especially for poor and vulnerable households. Harsh climatic conditions, such as the severe winter of 2023–24, known as ‘dzud’, led to the death of over 6.9 million livestock, severely affecting the agricultural sector and nomadic herders.
Slower-than-expected global growth meanwhile could weaken external demand and reduce prices for key export commodities. Escalating geopolitical tensions could drive up fuel prices, resulting in higher imported inflation, increased production costs, and a larger import bill.
“While Mongolia’s ongoing mineral export boom is delivering positive macro-fiscal outcomes for the second consecutive year, maintaining these gains will require prudent macroeconomic management,” says World Bank Country Manager for Mongolia Taehyun Lee.
“The continued reliance on mining leaves Mongolia vulnerable to external shocks and structural reforms to diversify the economy and increase its resilience remain important.”
In recent years, Mongolia has prioritised digital transformation to diversify its economy beyond mining. The establishment of the Ministry of Digital Development and Communications in 2022 marked a significant step towards building a ‘digital nation’.
The government has implemented laws on personal information protection, cybersecurity, and digital signatures, creating a robust legal framework for digital advancement. 
With some help from e-government pioneer Estonia, an ‘e-Mongolia’ initiative exemplifies this digital shift, offering over 800 public services online, thereby enhancing government transparency and efficiency.
By January 2024, internet penetration in Mongolia reached 83.9 per cent, with 2.91 million users, indicating a substantial digital user base.
The IT sector: Crucial for diversification
In 2024, the IT services market is projected to generate revenues of approximately 124.20 million US dollars, with an anticipated annual growth rate of 5.08 per cent from 2024 to 2029, reaching USD 159.20 million by 2029, according to Statista.
The software segment is also experiencing significant expansion, with revenues expected to hit 214.20 million US dollars in 2024. This sector is forecast to grow at an annual rate of 8.62 per cent between 2024 and 2029, culminating in a market volume of 323.80 million US dollars by 2029. 
A vibrant start-up ecosystem is at the heart of Mongolia’s IT sector, fostering innovation and technological advancement. Notable start-ups include Chimege, specialising in automatic speech recognition and natural voice synthesis for low-resource languages.
Chimege focuses on the Altaic language family, including Mongolian, Kazakh, and Kyrgyz. Their technology enhances communication and digital content accessibility for speakers of these languages. 
Then there’s World Plus, which offers an interactive global magazine experience across all devices. World Plus serves as a dynamic digital newsstand, providing a diverse range of publications to keep users informed about global news and trends.
Anduud Lab meanwhile is a software development company dedicated to creating AI-driven platforms that empower small and medium-sized enterprises (SMEs) in their digital transformation journeys, enhancing efficiency and operational effectiveness.
Bolstered by these innovative start-ups and supportive government policies, Mongolia’s IT sector is clearly on an upward, if gentle, curve.
Continued investment in talent development and infrastructure will be key to sustaining this growth and ensuring the sector’s long-term success, and to fully diversifying the economy away from mining and agriculture.
FDI
Foreign investment could also help. Currently, however, there are barriers to entry: notably foreign investors must invest a minimum of 100,000 US dollars—not an issue for large firms, but a huge amount for start-ups—to establish a venture. In contrast, Mongolian investors face no investment minimums, according to the US department of State.
Second, only Mongolian adult citizens may own real estate in the form of land. Additionally, while foreign investors may obtain use rights for the underlying land, these rights last for five years with a one-time, five-year renewal. The government imposes no such restriction on its nationals.
There is some positive development, however. Mongolia offers a ‘One-Stop-Shop’ for investors, which provides investors with services related to visas, taxation, notarisation, and business registration.
Mongolia’s Ministry of Economy and Development, responsible for FDI promotion, has also created a new foreign investment and foreign trade support entity, Invest Mongolia.
Mongolia foreign direct investment for 2023 was 2.25 billion US dollars, a 10.25 per cent decline from 2022, according to Macrotrends—around 11 per cent of total GDP.
BY Marek Grzegorczyk
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Japan expands Official Security Assistance scheme, flexes clout in more nations www.scmp.com

Japan has selected the Philippines, Indonesia, Mongolia and Djibouti as the next recipients of its Official Security Assistance (OSA) scheme, according to reports, with analysts saying the move reflects Tokyo’s aim to align its security objectives with partner countries while countering China’s growing influence.
The recipient nations are likely to receive non-lethal military equipment such as radar to improve their maritime surveillance and communications capabilities, the Yomiuri newspaper reported on Saturday.
Unveiled by the Japanese government in April last year, the OSA framework aims to address the growing security challenges faced by nations in the Indo-Pacific region.
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Mongolia Defines Its Vision for Artificial Intelligence www.gogo.mn

The concept of "Data Governance and National Artificial Intelligence Strategy of Mongolia" is set to be discussed in January next year.
In 2020, Mongolia ranked 93rd out of 172 countries in this indicator. By 2023, the country was ranked 109th out of 193 countries in terms of artificial intelligence readiness. The lack of a clear vision for artificial intelligence has become a limiting factor.
To address this, the Ministry of Digital Development and Communications has announced plans to present the "Concept of Data Governance and National Artificial Intelligence Strategy of Mongolia" to the public next month.
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Cyrillic Mongolian editions of Xi's books released in Mongolia www.xinhuanet.com

The launch ceremony of the Cyrillic Mongolian editions of the second volume of "Xi Jinping: The Governance of China" and "Xi Jinping's Excerpts on Poverty Alleviation," along with a seminar on governance in China and Mongolia, was held in Ulan Bator, the capital of Mongolia, on Monday.
During the launch ceremony, guests from China and Mongolia jointly unveiled the Cyrillic Mongolian editions of the two books. This was followed by a seminar on state governance, where experts and scholars from both nations exchanged insights and experiences on governance practices in China and Mongolia.
Participants expressed the belief that on the occasion of the 75th anniversary of the establishment of diplomatic relations between China and Mongolia and the 10th anniversary of the establishment of the China-Mongolia comprehensive strategic partnership, it is of great significance for China and Mongolia to strengthen the exchange of experience in governance and poverty alleviation and jointly explore the modernization path with their own characteristics, deepen the friendship and mutual trust between China and Mongolia, integrate interests, and promote the building of a community with a shared future for the two countries.
The organizers of the event said that "Xi Jinping: The Governance of China" reflects the development context and main content of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and is an authoritative work for the international community to understand contemporary China. Meanwhile, "Xi Jinping's Excerpts on Poverty Alleviation" systematically expounds on the guiding philosophy and great practice of China's poverty alleviation, and contributes the Chinese solution to global poverty governance.
The publication of the Cyrillic Mongolian version of the two important works is expected to help the Mongolian people better understand China, and open a new chapter for the traditional friendship and mutual learning of civilizations between China and Mongolia.
Khurelbaatar Bulgantuya, deputy chairman of Mongolia's State Great Hural (Parliament), said during the ceremony that, under President Xi Jinping's leadership, China is striving to comprehensively build a modern socialist country after achieving a moderately prosperous society. She noted that Mongolia admires these efforts. "Over the past 40 years, China has made significant contributions to global poverty reduction. These two works provide valuable references for countries around the world by sharing China's successful experiences," she said.
Shen Minjuan, Chinese ambassador to Mongolia, emphasized that China and Mongolia share similar development goals and interconnected futures. Shen expressed the hope that the Chinese solutions and wisdom contained in the two books would inspire Mongolia, boost motivation, and enhance confidence in achieving greater development while deepening bilateral cooperation across various fields.
Adiyasuren Davaajargal, state secretary of Mongolia's Ministry of Culture, Sports, Tourism, and Youth, noted that cooperation between Mongolia and China has grown increasingly close in recent years, yielding remarkable results. He added that Xi's works serve as a vital bridge for deepening the exchange of governance experiences between the two countries.
The second volume of "Xi Jinping: The Governance of China" was translated and published in Cyrillic Mongolian by the Foreign Languages Press in collaboration with Mongolia's Admon Publishing House.
To date, "Xi Jinping: The Governance of China" has been translated into 42 languages, while "Xi Jinping's Excerpts on Poverty Alleviation" has been made available in English, French, Spanish, Russian, Arabic, and other languages. Cyrillic Mongolian is the first language in which this book has been translated and published through international collaboration.
The events, co-organized by the Chinese State Council Information Office, the Ministry of Foreign Affairs of Mongolia, the China International Publishing Group and the Chinese Embassy in Mongolia, were attended by more than 300 representatives from political parties, media outlets and think tanks from both countries, and diplomatic missions in Mongolia.
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Baogang sees rapid growth in steel exports www.chinadaily.com.cn

With expanded reach to key global markets, Baogang Group said it has achieved growth in both scale and quality, as well as significant progress in steel exports.
According to the latest data from the Baotou, Inner Mongolia autonomous region-based major steel manufacturer, Baogang exported a total of 1.376 million metric tons of steel in 2023 to 46 countries and regions involved in the Belt and Road Initiative, solidifying its share on the global stage.
Among all the potential markets, Central Asia remains a key export destination for the group, it said.
For example, as the first Chinese enterprise to develop and mass-produce steel rails conforming to Russian standards, Baogang has yielded tangible results in product promotion and sales in the region. In July, the group signed a 130,000-ton steel rail export order with Uzbekistan for the country's railway maintenance project.
Over the past decade, Baogang has actively ramped up steel exports. The number of export destinations has grown from 22 to 60, with annual export volume once reaching a peak of 1.8774 million tons — doubling from initial levels.
In addition, the company's product range has also expanded to include new categories such as plates, pipes, rails and wires.
"We have adopted a product-driven approach, focusing on upgrading and transforming our product portfolio. By reducing exports of general-purpose materials and seizing opportunities in specialized steel markets along the BRI, we have seen growth in high-quality steel products for use in pipeline, wind power equipment, automotive sector, home appliances and rails," said Wang Wei, manager of the import and export division at Baotou Steel International Economic and Trading Co Ltd, a subsidiary of Baogang Group.
To further expand its global reach, Baogang plans to establish offices in the Middle East and Central Asia, creating international marketing stations and ultimately forming a globalized sales network, Wang said.
In addition, the group is preparing to sign a warehousing agreement with a logistics park at the Mandula Port on the China-Mongolia border. Currently in the preparatory and on-site investigation stages, the agreement is expected to pave the way for renminbi-denominated imports of iron ore and coal resources. Once operational, the port will serve as Baogang's largest transit hub for imported iron ore and coal, Wang added.
Beyond steel products, Baogang has also achieved record exports of non-steel products, surpassing 70,000 tons in the first eight months of this year, the group said. The products have been widely used in key projects around the globe, such as the Port Said development at the northern gateway of the Suez Canal and the Mombasa-Nairobi Standard Gauge Railway in Kenya.
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