Resource-rich Mongolia is being rediscovered as an important partner in northeast Asia. However, the riches under the earth have not yet brought the country general prosperity.

The seat of government in Ulaanbaatar has recently become an irresistible draw for prominent Western treasure hunters. In late May, on his way back from the G-7 summit in Japan, Emmanuel Macron became the first French president to visit the Mongolian capital. His goal was to secure access to Mongolian uranium for France's nuclear power plants, as an alternative to Russia.

Two weeks later, it was Elon Musk, citing the country’s rich deposits of copper and rare earths, who brought up the idea of building a Tesla battery factory in Mongolia during a videoconference with Prime Minister Luvsannamrsai Oyun-Erdene. Over the same period, German-Mongolian intergovernmental negotiations have been launched in the capital with the goal of breathing life into an as-yet-anemic bilateral raw materials partnership.

Strong dependence

These renewed approaches to Genghis Khan's heirs bring back memories of a time some 15 years ago, when Mongolia's wealth of raw materials earned the country its nickname of «Minegolia.» In 2009, the British-Australian Rio Tinto Group reached an agreement with the Mongolian government on what remains the country's largest such joint venture, with Rio Tinto serving as the largest shareholder. The venture has rights to exploit the huge Oyu Tolgoi copper and gold deposit in the southern Gobi Desert.

The example of Germany, which built up a particularly close relationship with the former Soviet satellite state after Mongolia's peaceful transition to democracy and a market economy in 1991, shows how quickly European interest once evaporated. In 2011, Chancellor Angela Merkel traveled to Ulaanbaatar to conclude a major raw materials partnership. In fact, the only noteworthy element that has been realized thus far is the creation of the German-Mongolian University for Raw Materials and Technology (GMIT) for the training of specialist engineers.

This has not slowed the pace at which mining has developed into what is today the most important cornerstone of the Mongolian economy, by some distance. Rising from a share of only 10% in 2000, around a quarter of the country’s gross domestic product (GDP) was generated in the raw materials sector in 2022. Similarly, about 25% of government revenues come from mining, which in turn accounts for about 40% of total investment in the country, including foreign direct investment.

The country remains strongly exposed to international market risk in two respects: first, in its high susceptibility to price fluctuations on the international commodity markets, and second, in its almost exclusive dependence on one main customer. Accounting for nearly 85% of Mongolia's exports, almost all raw materials destined for export, especially iron ore, coal and copper, are shipped to China.

Of the more than 100 graduates of GMIT, which launched in 2013, all apparently had jobs before they graduated. The most coveted employer is the Oyu Tolgoi joint venture, with its 20,000 employees. There, the starting monthly salary for engineers, the equivalent of 1,200 Swiss francs, is three times higher than the average wage.

After several years of turbulence, the second stage of underground copper mining finally began this spring. The operation has a targeted total annual output of up to 3 million tons of copper concentrate, further increasing the demand for labor. Together with the approximately 50,000 jobs being indirectly created, this is a significant economic factor in the country, which is almost three times the size of France but has a population of just 3.4 million.

The hundreds of mostly young Mongolians who besieged government offices in Ulaanbaatar for two weeks last December in subzero temperatures took a less rosy view of this resource wealth. The protests, which drew an unusually high level of participation, were triggered by the «coal mafia» scandal that had been uncovered by whistleblowers and then made public by the government surprisingly quickly.

When the coal exports reported in the customs statistics were compared with the quantities actually delivered to China from the mammoth deposits in the southern Gobi, it emerged that additional millions of tons of coal worth several billion dollars had found their way over the years into the neighboring country, bypassing the books. This had apparently been done in complicity with the state-owned company, Erdenes Tavan Tolgoi.

The list of those suspected of involvement in the criminal activities and now under investigation reads like a Who's Who of the political elite, from the former parliamentary speaker Myegombo Enkhbold to ex-president Khaltmaa Battulga, who hurriedly disappeared to South Korea in December.

The frustration and anger unleashed by the news had been building up for some time – in large part as a result of the existential hardship into which the COVID-19 pandemic plunged much of society. The question of why the mining profits were reaching the bulk of the population only in dribs and drabs had become increasingly urgent.

Figures compiled by the World Bank reveal that successive governments have done little to turn this effervescent source of funds to sustainable use, for instance by expanding the country’s future economic base and creating the conditions for growing prosperity. According to that study, 99 cents of every dollar collected from the extractive industry had been consumed over the 20-year period, and only 1 cent had been saved for future investment.

This consumption spending also encompasses the roughly 30% that were used for purposes of social support. This includes superficially generous transfer payments that served largely as political appeasements, especially before elections, but had little lasting effect. However, the period since 2017 has seen some policy reversal, reflected in increased payments into the fiscal stabilization fund and the new sovereign wealth fund launched at the end of 2022.

Return of geopolitics

The rediscovery of Mongolia as an important partner in northeast Asia has come for two primary reasons. In geopolitical terms, it is the observation that the lone democratic state in the region is in danger of being crushed by its autocratically ruled neighbors, China and Russia. This prospect has drawn growing concern in the EU in particular.

There is currently no alternative to the tripartite cooperation being conducted through the China-Mongolia-Russia Economic Corridor (CMREC), established in 2016, which opens access to Chinese seaports for the landlocked country and to Europe via a modernized rail link. But this high level of economic dependence has come at a political cost for Mongolia, which is trying to anchor itself in all directions with «third neighbor» partnership policies intended to protect its independence.

The most recent example is the massive pressure exerted on the government and the public by Russia, a key energy supplier to the country, after the invasion of Ukraine. In a global showdown, Beijing and Moscow are now working in tandem to cut off Mongolia's freedom of choice in foreign policy.

The second motivation for the renewed Western interest in Mongolia is the global hunt for raw materials necessary for the energy transition, along with the desired diversification of supply sources beyond China.

Exaggerated hopes

By estimating the value of Mongolia's commodity holdings at $3 trillion, the International Monetary Fund has put a gigantic figure into play. Volker Steinbach, vice president for raw materials at the Federal Institute for Geosciences and Natural Resources (BGR) in Hanover, says he regards such figures as simply misleading, because they do not take into account the criteria on which the usability of raw material deposits depends.

According to Steinbach, a realistic assessment of the deposits' potential would have to include the local geological and ecological conditions; the economic efficiency of exploitation activities, including the existing infrastructure; the transport costs incurred during export; and the policy environment facing investors in the country. To some extent, Mongolia is a difficult environment as measured by these criteria.

The best-documented deposits are iron ore, copper, gold and coal. In addition, there are considerable reserves of uranium, molybdenum and tungsten, as well as the mineral fluorspar, which is used in industrial processes. Mongolia has the world's third-largest reserves of this latter mineral. All of these are being extracted on a large scale.

By contrast, the development of deposits of lithium, a raw material used in batteries, and of rare earths, which Canadian companies and now South Korea want to enter on a large scale, is still in its infancy and has not yet progressed beyond pilot projects.

However, the expectations driven up by the high levels of demand have been dampened somewhat by a recently updated BGR study on Mongolia’s rare earth reserves. This lists around 80 deposits, six of which were investigated in detail. The report indicated that all of these deposits are located far inland, and will thus require huge infrastructure investments to develop.

The EU puts out its feelers

According to the report, entry would be an economically viable option for the EU only if the raw materials extracted could be processed locally, and did not have to be transported thousands of kilometers via China or Russia.

During Prime Minister Oyun-Erdene's inaugural visit to Berlin last fall, German Chancellor Olaf Scholz assured his guest that Mongolia would be «an important partner» in Germany's diversification strategy for critical raw materials. The ambitious envisaged cooperation agenda ranges from support for the development of raw materials processing to the increased use of renewable energies.

Mongolian expectations are correspondingly high, focused not only on Germany, but on the EU as a whole. The appointment of top diplomat Luvsanvandan Bold to the post of ambassador in Brussels further illustrates the importance attached by Ulaanbaatar to intensive cooperation with the Europeans. As defense minister and later as foreign minister, Bold showed himself to be particularly committed to friendly relations with the EU.

The most recent bilateral agreement is the inclusion of Mongolia in the EU's Forest Partnership Program, which serves climate and nature protection goals. On the other hand, it is not yet clear if or when Mongolia will also benefit from the EU-Asia connectivity strategy adopted in 2018 as a project competing with China's Silk Road Initiative.

BY Jürgen Kahl

On 20 January 2023, the Parliament of Mongolia adopted the Law of Mongolia Investment-Specialized Banking Law (the “Investment

Banking Law”) after six years of pending approval since the draft law has been prepared and submitted to the Parliament of Mongolia (the “Parliament”) in 2016 for parliamentary discussions and enactment.

The Investment Banking Law entered into force on 1 March 2023.

See full article on the link below https://www.melvilledalai.com/.../MONGOLIA-ADOPTS...

On June 27, 2023, U.S. Under Secretary of State for Economic Growth, Energy, and the Environment Jose W. Fernandez held the first-ever U.S.-Mongolia-Republic of Korea (ROK) Critical Minerals Dialogue with Mongolian Minister of Mining and Heavy Industry Ganbaatar Jambal and Republic of Korea 2nd Vice Minister of Foreign Affairs Lee Do-hoon in Ulaanbaatar. Through the U.S.-Mongolia-ROK Critical Minerals Dialogue, the three governments advanced information exchange and collaboration on critical mineral supply chains.

The dialogue featured both public-private and government-to-government sessions. During the first session, company and industry association representatives exchanged information about the status and potential of Mongolia’s mineral resource sector as well as about global commodity market trends and investment. In the government-to-government session, the three parties highlighted the importance and potential role Mongolia could play in meeting the world’s critical mineral needs. Each side provided views on critical minerals challenges and opportunities, and the parties discussed streamlining coordination, deepening information exchange, and implementing joint initiatives and projects. The three sides agreed that experts from each government would follow up on the dialogue’s key themes to pursue strategic opportunities.

This trilateral convening is just one example of diplomatic efforts by the United States to engage partner countries to achieve more secure and resilient supply chains around the globe. It is imperative that we come together to strengthen cooperation on shared economic, national security, and clean energy goals. Demand for critical minerals, which are essential for clean energy and other technologies, will expand significantly in the coming decades. Through initiatives like the Minerals Security Partnership (MSP), of which the ROK is a leading partner, the United States supports countries in realizing the full economic development benefit of their geological endowments. This is done through catalyzing investment in the critical minerals sector via government and private sector efforts to secure strategic opportunities – across the full value chain – that adhere to the highest environmental, social, and governance standards.

To stay updated, follow Under Secretary Fernandez on Twitter: @State_E, Facebook: @StateDeptE, and LinkedIn: @State-E.

For press inquiries, please contact: E_Communications@state.gov.

Mongolia hosted the Eighth Ulaanbaatar Dialogue on Northeast Asian Security (UBD) in Ulaanbaatar from June 15 to 16. Given the increasing uncertainties in international affairs today, this year’s conference emphasized the significance of dialogue and cooperation, which is a critical mechanism in confidence-building measures.

According to the Office of the Foreign Ministry of Mongolia, participants from 30 countries and more than 180 international and national delegates and government representatives attended the 2023 UBD. That includes high-level representatives such as Nakamitsu Izumi, the United Nations’ under-secretary-general and high representative for disarmament affairs; Kim Gunn, the United States’ special representative for Korean Peninsula peace and security affairs; and Seyfullah Hacimuftuoglu, secretary general of Turkey’s National Security Council.

In her opening remarks, Mongolia’s Foreign Minister Battsetseg Batmunkh noted that Mongolia “has a long-standing and proud tradition of supporting multilateral cooperation efforts.” She added, “The UB Dialogue provides a vital opportunity for participants to exchange views on some of the most important issues currently facing the international community.”

Since its first international conference in 2014, the Ulaanbaatar Dialogue has expanded, involving more diverse profiled participants to enrich the dialogues and the perspectives on regional and global issues such as disarmament, arms control, energy connectivity, and the significance of confidence-building measures, especially concerning conflicting parties.

Northeast Asia has an increasing significance in regional and global security matters due to the number of nuclear weapons states and their role in maintaining both regional and global peace and security. Amid increasing tensions – whether between China and the U.S., the two Koreas, or China and Taiwan – the region’s defense expenditures continue to rise. That includes efforts by regional nuclear powers to build up their arsenals.

As Nakamitsu stated in her presentation at the UBD, “There has been a disturbing trend of regional nuclear-armed States increasing the role and significance of nuclear weapons in their security doctrines, contrary to decades of efforts by the international community to reduce and eliminate nuclear risks.”

For Mongolia, this there is an increasingly pressing need to support peaceful solutions to many of the region’s protracted security issues. The UBD serves as confidence-building measure (CBM) to help bring contesting parties into conversation with each other.

In support of Mongolia’s UBD initiative, Izumi stated, “As the confidence-building measures take effect over time, they can stabilize bilateral and regional relationships, and help clarify shared security interests, further opening the space for trust and cooperation. Ultimately CBMs can serve as a baseline for the pursuit of legally binding measures and agreements on arms control and disarmament.”

This year’s UBD also included a session jointly organized by the Institute for Strategic Studies of Mongolia and the United Nations Department of Political and Peacebuilding Affairs, which created a platform for youth representatives to share their views and recommendations on regional peace and security with policymakers.

Mongolia’s Ulaanbaatar Dialogue is an important, consistent mechanism that seeks to strengthen understanding between actors, observers, and states that have historically been hostile toward each other. As geopolitical issues deepen and states are vulnerable to hostilities, whether historical or contemporary, it is important to hold open dialogues and present opportunities to challenge assumptions and presumptions. The UBD aspires to do just that.

Northeast Asia is a particular tense region in the security realm. With global powers and U.S. rivals such as Russia and China, U.S. allies Japan and South Korea, and nuclear-obsessed North Korea all in the region, there is no shortage of potential flashpoints. Russia’s 2022 invasion of Ukraine, coupled with the Wagner Group’s recent high-profile fallout with Russian President Vladimir Putin, imposes further stress on the already complex and interrelated security dilemmas in Northeast Asia.

For Mongolia, a democracy that is uncomfortably positioned between two nuclear powers and increasingly authoritarian states, the stakes are high. But so are its ambitions: Mongolia wants to see Ulaanbaatar become the region’s most prominent confidence-building mechanism. In May, Mongolia, South Korea, and the United States launched a trilateral meeting in support of maintaining a dialogue with North Korea. Ulaanbaatar’s diplomatic ties with Pyongyang are crucial in such efforts.

While international dialogues and multilateral round-table discussions open certain avenues of peace, Mongolia believes that the actual cooperation and the formulation of policies remain dependent on bilateral ties, diplomacy, and negotiation between states.

GUEST AUTHOR

Bolor Lkhaajav

Bolor Lkhaajav is a researcher specializing in Mongolia, China, Russia, Japan, East Asia, and the Americas. She holds an M.A. in Asia-Pacific Studies from the University of San Francisco.

HONG KONG, June 28, 2023 /PRNewswire/ -- Lying between the vast expanses of Siberia and the Gobi Desert, Mongolia is one of the world's most sparsely populated countries. Here, livestock outnumber humans around 20 to 1, including the animals behind one of Mongolia's economic success stories: cashmere. Soft and lightweight, cashmere is one of the most luxurious fabrics money can buy. In a brand new 30-minute program, CNN's Made in explores the journey of Mongolia's cashmere industry.

CNN meets Mandkhai Jargalsaikhan, the founder and creative director of the knitwear label "Mandkhai," who takes pride in sourcing the finest cashmere directly from Mongolia. Mandkhai's brand is no stranger to the spotlight, with celebrities like Hailey Bieber and Gigi Hadid sporting her pieces. The designer, however, is more interested in highlighting the people who make and inspire the clothes, such as the nomadic herders who supply cashmere fibers. With the cashmere sourcing season well underway, she sets out to visit a supplier in Mongolia's countryside. Bayarduuren Zunduikhuu has lived in this part of Mongolia for a decade. She moves home each season, looking for land where her herd of 500 animals can graze, including the goats she relies on for the cashmere harvest. But extreme weather and declining ecosystems are threatening Bayarduuren's livelihood, the welfare of animals, and the future of this vital community in Mongolia.

The journey continues to Ulaanbaatar, Mongolia's capital, where "Gobi Cashmere" says it runs the largest cashmere store in the world. With decades of domestic cashmere production and distribution under its belt, the brand keeps a focus on accessible yet high-quality cashmere products, entirely made in-house in Mongolia. However, increasing a cashmere product's quality while keeping costs down can be a challenge. The brand is investing in improving their cashmere supply and reducing distribution costs.

To get a global perspective on Mongolia's cashmere output, CNN travels to London to meet Oyuna Tserendorj, a designer showcasing Mongolian cashmere to the world. Oyuna is passionate about connecting her customers with Mongolia and travels to Mongolia every year visit herders across the country. Oyuna has carved out a niche in the global luxury market, with her futuristic yet traditional products stocked in department stores around the world, from Harrods in London to Lane Crawford in Hong Kong.

Finally, back in Mongolia, among the Khentii Mountains CNN meets Ganbold Sosorbaram who has watched over a herd his entire life, just like his ancestors before him. However, how Ganbold makes a living off his herd is changing. Alongside collecting cashmere from goats, Sosorbaram now collects yak wool as well. He supplies a growing number of companies betting that yak could be the next big thing, because it is warmer and rarer than cashmere. Knitwear-maker Bodios pivoted to selling yak wool to stand out in an already crowded cashmere market. The company believes that this market will only grow as consumers become more aware of the environmental challenges that can come with cashmere.

Made in Mongolia trailer: https://bit.ly/3Pz69nh

Made in Mongolia images: https://bit.ly/46mGBQe

Airtimes for 30-minute special:

Saturday, 1st July at 6pm HKT

Sunday, 2nd July at 9:30am HKT

Monday, 3rd July at 1am HKT

About CNN International

CNN's portfolio of news and information services is available in seven different languages across all major TV, digital and mobile platforms, reaching more than 475 million households around the globe. CNN International is the number one international TV news channel according to all major media surveys across Europe, the Middle East and Africa, the Asia Pacific region, and Latin America and has a US presence that includes CNNgo. CNN Digital is a leading network for online news, mobile news and social media. CNN is at the forefront of digital innovation and continues to invest heavily in expanding its digital global footprint, with a suite of award-winning digital properties and a range of strategic content partnerships, commercialised through a strong data-driven understanding of audience behaviours. CNN has won multiple prestigious awards around the world for its journalism. Around 1,000 hours of long-form series, documentaries and specials are produced every year by CNNI's non-news programming division. CNN has 36 editorial offices and more than 1,100 affiliates worldwide through CNN Newsource. CNN International is a Warner Bros. Discovery company.

As an observer at the World Export Development Forum (WEDF) 2023, where Trade Finance Global (TFG) was a media partner, TFG had the opportunity to discuss these challenges and prospects with local and international delegates.

Mongolia, a nation steeped in history and folklore, finds itself at a crossroads.

As a landlocked country sandwiched between Russia and China, it faces unique challenges yet possesses a strategic geographic advantage.

The legend of the Mongol Empire still resonates with many–as I was reminded when visiting Ulaanbaatar’s dominating 40 meter equestrian statue of Genghis Khan–but today’s Mongolia is carving a different path on the global stage, trying to manoeuvre complex geopolitics and economic dynamics while preserving its sovereignty and identity.

As an observer at the World Export Development Forum (WEDF) 2023, where Trade Finance Global (TFG) was a media partner, I had the opportunity to discuss these challenges and prospects with local and international delegates.

Mongolia trade overview

According to John Miller, Trade Data Monitor, Mongolia’s primary exports include coal, copper ores, and crude petroleum, accounting for over 40% of its total exports.

China is the principal recipient of these exports, making up 92% of the total export value. On the other hand, Mongolia’s top import partners are Russia and China, accounting for 33% and 62% of total imports, respectively.

Mongolia’s economic trajectory as a landlocked developing country (LLDC) presents certain opportunities and challenges.

According to the United Nations, LLDCs like Mongolia face particular issues due to their lack of direct territorial access to the sea and isolation from world markets, which translates to high transit costs and decreased competitiveness.

The landlocked paradigm

However, the paradigm is shifting.

Rabab Fatima, Under-Secretary-General and High Representative for Least Developed Countries, Landlocked Developing Countries (LLDCs) and Small Island Developing States (SIDS), noted in her opening statement at the WEDF 2023, “Digitalisation reduces many of the entry barriers to international trade facing MSMEs and startups in LDCs, LLDCs and SIDS. It significantly reduces the transit-transport costs that serve as a major hurdle for LLDCs.”

Despite the formidable economic challenges, there’s an underlying resilience and adaptability that propels Mongolia forward.

This determination was highlighted by the country’s President Khurelsukh Ukhnaa in his speech.

One Billion Trees

While acknowledging the difficulties faced by LLDCs, he emphasised the ongoing efforts to counter these challenges, including the “One Billion Trees” campaign.

The initiative aims to combat desertification and mitigate the impact of climate change in Mongolia, a testament to the nation’s commitment to a greener future.

Khurelsukh said, “I firmly believe that these national movements will not only expedite the development of the environment, food, and agriculture sectors but also support regional trade and investment. Consequently, they will yield positive outcomes in the pursuit of sustainable development goals, including employment growth, poverty reduction, and the creation of a healthy and safe living environment for our citizens.”

In addition to the environmental commitment, Mongolia’s economic endowment plays a crucial role in its strategy for growth. Nestled between economic powerhouses China and Russia, Mongolia lies at the intersection of significant global infrastructure projects such as Russia’s Trans-Eurasia railway and China’s Silk Road Economic Belt.

Mongolia’s role in OBOR and CMREC

Mongolia sits along the shortest path connecting Europe and Asia, making it a key area for China’s One Belt One Road (OBOR) initiative.

However, reliance on China and Russia carries risks of economic over-dependence, as does the potential for geopolitical conflict.

The rise of the China-Mongolia-Russia Economic Corridor (CMREC) carries promises of economic progress but also potential pitfalls.

As of 2023, China receives 92% of Mongolia’s exports, highlighting the nation’s economic vulnerability.

In response to these geopolitical pressures, Mongolia has pursued a policy of diversifying its alliances.

Deputy Prime Minister of Mongolia, His Excellency Amarsaikhan Sainbuyan, has spoken about the nation’s aspiration for “enhanced economic independence”.

This strategy is embodied in the Third Neighbor Policy, seeking stronger relations with global democracies, including the United States, Canada, Australia, Japan, South Korea, India, and members of the EU.

Yet, the execution of these policies remains a complex task, which calls for effective domestic strategies and international cooperation. With international support, the opportunities for economic diversification are vast, with an emphasis on sustainable growth. Mongolia’s potential lies in various sectors, such as green and organic farming, digital services, and small and medium-sized enterprises (SMEs).

Farming and agriculture – landlocked to land-linked?

Rabab Fatima further highlighted the potential for organic farming in her speech, emphasising that “North America and Europe account for most of the sales of organic products, with 90% market share…However, LDCs, LLDCs, and SIDS are yet to tap the potentials of vibrant organic farming sector.”

Mongolia, with its rich agricultural heritage, has a unique opportunity to transition into sustainable, organic farming practices, tapping into a near $500 billion market. But for this, a significant shift in domestic farming practices and overcoming regulatory hurdles will be needed.

In the context of the global digital boom, Mongolia also needs to tap into the global digital services market, which reached $3.82 trillion in 2022. Again, the transition is a significant task that requires structural changes, investments in digital infrastructure, and human capital.

As Mongolia charts its path towards a sustainable, diversified economy, the phrase “landlocked” might give way to “land-linked.”

Navigating the complexities of this transformation demands wise domestic strategies, effective international collaborations, and a keen understanding of global trends.

Trade is about people, not goods and services

As President Ukhnaa said, “Trade is not about goods and services, it’s about people.” The key to Mongolia’s success lies not in its geography but in the strength, resilience, and vision of its people.

Mongolia sits in a unique and challenging position.

Its status as a landlocked developing country demands innovative approaches to trade, economic development, and regional cooperation. While the nation’s story is deeply intertwined with the fabled Mongol Empire, its future is inextricably linked to the complex geopolitical dynamics of Russia and China, and its ambitious Third Neighbor Policy.

Amid this context, the World Export Development Forum in Ulaanbaatar has showcased Mongolia’s quest for a sustainable, balanced, and inclusive economic future.

The reality of Mongolia’s situation is summed up aptly by policy analysts, stating that the country’s Third Neighbor Policy may suffice for now, but it is no guarantee of longevity.

Even as it leans into the challenges of being a landlocked nation, the reality is that Mongolia’s sovereignty and future are still tied to the “Bear” to its north and the “Dragon” to its south.

A nation of warriors and nomads, Mongolia stands at a crossroads of history and the future, at the intersection of great powers and greater ambitions.

Its path forward is uncharted and arduous, yet its journey will undoubtedly be watched by the world with keen interest.

BY:

Deepesh Patel

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.

Carter Hoffman

Carter is a Research Associate at Trade Finance Global focusing on the impact of macroeconomic trends and emerging technologies on international trade. He holds international business and science degrees from the European Business School in Germany as well as Brock University and Queen's University in Canada where he served as the director of operations and finance for the student executive council and as an operations associate for the Queen's University Alternative Asset Fund. Carter’s work has been featured in publications and articles supported by the SME Finance Forum, managed by the International Finance Corporation, World Trade Organization, and International Chamber of Commerce

Chinese President Xi Jinping met with Mongolian Prime Minister Luvsannamsrai Oyun-Erdene in Beijing on Tuesday, calling for strengthening connectivity and deepening friendship, mutual trust, and cooperation between China and Mongolia.

Noting the two countries are neighbors linked by mountains and rivers, Xi pointed out that the development of long-term good-neighborliness is a strategic choice made by both sides, which fully conforms to the fundamental interests of the two peoples. China, a trustworthy and reliable partner for Mongolia, attaches great importance to developing China-Mongolia relations, Xi said.

"China stands ready to work with Mongolia to deepen friendship, mutual trust, and cooperation under the guidance of building a China-Mongolia community with a shared future, take China-Mongolia comprehensive strategic partnership to new heights, and inject more stability and certainty into the region," he said.

Xi stressed that China and Mongolia should uphold mutual respect for national independence, sovereignty, and territorial integrity, respect the development paths independently chosen by the two peoples, and firmly support each other on issues concerning each other's core interests and major concerns.

China is advancing national rejuvenation on all fronts through a Chinese path to modernization, while Mongolia is also making efforts in national reform and economic and social development. The two sides can forge ahead to synergize development strategies and work together to promote modernization, he said.

Xi said that China will continue to cooperate with Mongolia in the spirit of amity, sincerity, mutual benefit, and inclusiveness, strengthen connectivity between the two countries, advance the construction of the China-Mongolia-Russia Economic Corridor, and jointly promote the high-quality development of the Belt and Road Initiative (BRI).

China plays an active role in global environmental governance and stands ready to cooperate with Mongolia in preventing and controlling desertification, and will continue to support Mongolia's tree-planting campaign dubbed "Billion Trees," said Xi, adding that China is willing to improve interparty exchanges and promote experience exchanges in state governance with Mongolia.

He pointed out that China and Mongolia are both developing countries, sharing extensive common interests and similar positions on international and regional affairs. He said that China supports Mongolia in playing a positive role in regional and international affairs. He expressed hope that the two sides will uphold the vision of a community with a shared future for humanity, firmly safeguard multilateralism, and jointly promote a new type of international relations featuring mutual respect, fairness, justice, and win-win cooperation.

For his part, Oyun-Erdene said that Mongolia and China have a shared future and that the heart of the two is connected. He praised the successful hosting of the Winter Olympics amid the COVID-19 pandemic, saying it manifested solidarity and cooperation, boosting the confidence of the international community.

The prime minister appreciated China's remarkable development achievements and leadership in the world, adding that the Mongolian side will not forget the valuable assistance provided by China.

Mongolia is willing to work with China in making the Mongolia-China relations an example for relations between countries, Oyun-Erdene said. He pledged that Mongolia adheres to the one-China principle, supports China's position on Taiwan, Tibet and Xinjiang, as well as the China-proposed Global Development Initiative, Global Security Initiative, and Global Civilization Initiative.

He expressed the willingness to work closely with China, continue to uphold mutual respect and support each other's choice of development path, jointly promote a high-quality BRI, and strengthen exchanges between political parties and young people. He said the two countries should improve the connectivity of cross-border railways and ports, and promote cooperation in areas such as economy, trade, investment, energy, green development, and anti-corruption.

Wang Yi, director of the Office of the Foreign Affairs Commission of the Communist Party of China Central Committee, was also present at the meeting.

Mongolian National Chamber of Commerce and Industry (MNCCI) has joined the One-Stop Export Digital System and presented to the enterprises of the how they fully completed the development of the program and put it into use. The system will be put into use from July 1.

By transferring the export certification of meat and meat products to a digital form, it will eliminate the problems faced by exporting enterprises, reduce time and money, documents and steps involved in issuing the export certificate, and government bureaucracy, and make it possible to make electronic decisions.

With the introduction of the system, more than 50 duplicate documents for 26 types of meat were previously prepared, but now there are 15, and the time spent is reduced to four to 13 days.

Currently, there are 18 companies that have the right to export meat and meat products to China, and there are many companies that have been trying to get export rights for the last four to five months.

Head of the MNCCI T.Duuren informed that a unit has been set up to support exports, to request a permit to export meat and meat products to China, and to assist in the preparation of documents. The unit will provide advice and support in matters such as applying for a meat export permit and preparing the necessary documents.

Currently, only meat and meat products’ export service is digitized on the One-Stop Export Digital System. However, in the future, Director of the Agricultural Exchange O.Narandelger said that all agricultural goods and raw materials, such as cashmere, wool, leather, and oilseeds, will be exported on the system.

The parties also exchanged views on issues related to the system and meat export. On this occasion, they expressed their desire to cooperate with the MNCCI for Meat Export Permits in the future. Representatives of more than 20 enterprises participated in the meeting to introduce the One-Stop Export Digital System to enterprises exporting meat and meat products.