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MED partners with JICA to develop state-private sector partnership policy

state-private

By B.MENDBAYAR The Ministry of Economic Development organized the “Mongolian State-Private Sector Partnership, Today and Future” conference in association with a team of experts from the Japanese International Cooperation Agency (JICA), on September 16. Principles of state-private partnership and the Law on Concession were introduced at the conference. Over 50 delegates from the Ministry of [...]

September 18th, 2014 | Posted in Business & Economics | Read More »

Increase to electricity rates cancelled

shudarga ursulduun TUYA1

By B.MENDBAYAR The Authority for Fair Competition and Consumer Protection Mongolia (AFCCP) and Financial Regulatory Commission have stopped the Energy Regulatory Commission’s (ERC) move to raise residential and commercial electricity fees following the discovery of industry violations and lack of AFCCP approval for the price increase. The Energy Regulatory Commission approved a resolution to increase [...]

September 11th, 2014 | Posted in Business & Economics | Read More »

Hydroelectric power plant coming to Khovd River

ambassador

By B.MENDBAYAR The Ambassador Extraordinary and Plenipotentiary of Mongolia to Turkey, B.Batkhishig, had a meeting in the Mongolian Embassy in Turkey with General Manager of ZTM Engineering and Consulting Co. Inc. Muslum Gunduz to discuss the hydroelectric power plant that will be constructed on the Khovd River. During the meeting, Muslum Gunduz noted that the [...]

September 9th, 2014 | Posted in Business & Economics | Read More »

Overview of Invest Mongolia conference

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By B.MENDBAYAR “Friends of Mongolia have gathered here in this hall…” said CEO of the Representative Office of Standard Chartered international bank in Mongolia, Shin Bonggun on stage at the two-day Invest Mongolia conference held at Blue Sky Tower. As of the first half of this year, foreign direct investment to Mongolia has decreased by [...]

September 5th, 2014 | Posted in Business & Economics | Read More »

Foreigners interested in investing in Mongolia investment fund

By B.MENDBAYAR Below is an interview with B.Dolgorsuren, director of the New Financial Products and Services Division at the Financial Regulatory Commission, about investment funds. How many regulations following the Investment Fund Law will be approved? Are there any regulations already approved and started taking effect? Nearly twenty regulations following the Investment Fund Law are [...]

September 2nd, 2014 | Posted in Business & Economics | Read More »

Trial of Altanbulag FTZ extended

altanbulag (5)

253 million MNT in goods traded By B.MENDBAYAR The Ministry of Economic Development (MED) held a press conference on August 29, and stated its decision to extend the trial period of Altanbulag free trade zone (FTZ). A two-month trial of Altanbulag FTZ, bordering Russia in Selenge Province at Altanbulag-Khiagt border point, was launched in June. [...]

August 31st, 2014 | Posted in Business & Economics | Read More »

Geology, mining and petroleum activities updates

oyu hartsaga (1)

Trans. by B.MENDBAYAR The Ministry of Mining held the monthly Transparent Mining press conference on August 27, and provided updates on the nation’s large scale geology, mining and petroleum activities. Below are some highlights from the conference. Oyu Tolgoi’s unresolved issues Oyu Tolgoi LLC’s mining and marketing activities are advancing normally, but there are two [...]

August 28th, 2014 | Posted in Business & Economics | Read More »

Tendering for 14 previously revoked exploration license areas announced

uurhai hartsaga1

Trans. by B.MENDBAYAR Last year, 106 mineral exploration licenses were found to be granted without tendering and were revoked following a court decision. On July 4, in order to compensate losses that former license holders faced, the Government approved Resolution No. 216 and a tendering regulation for granting licenses for the areas revoked. Under the [...]

August 28th, 2014 | Posted in Business & Economics | Read More »

Mongol Bank signs new agreement with the People’s Bank of China

Governor of Mongol Bank N.Zoljargal and Governor of the People’s Bank of China Zhou Xiaochuan signed a new agreement to expand bilateral currency swap facilities from 10 billion CNY to 15 billion CNY, on August 21. The new agreement will take immediate effect and will be effective for three years. Establishment of the new agreement [...]

August 24th, 2014 | Posted in Business & Economics | Read More »

Financial losses from 106 revoked mining licenses to be estimated

Last year, 106 mineral exploration licenses determined to be improperly granted by authorities, including former chairman of the Mineral Resource Authority D. Batkhuyag, were revoked. Companies claiming to have lost huge amounts of money in these projects due to the mistakes of state officials have been asking the government, Parliament and relevant authorities to pay [...]

August 24th, 2014 | Posted in Business & Economics | Read More »

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