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Mongolia to increase its beef exports to Russia tenfold

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By B.MENDBAYAR Russian officials expect Mongolia to increase its annual beef export to Russia to up to 110,000 tons, a tenfold increase from its current export volume, according to globalmeatnews.com Currently, Mongolia annually exports 10,000 to 11,000 tons of beef to Russia. However, Russian industry participants expect that Mongolia could increase its current beef export [...]

October 23rd, 2014 | Posted in Business & Economics | Read More »

New high-speed railway connecting Beijing and Moscow to pass through Mongolia

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By B.MENDBAYAR China and Russia signed a memorandum of understanding (MoU) early last week on building a 7,000 kilometer high-speed railway from Moscow to Beijing, according to Chinese media. The MoU was signed during Chinese Premier Li Keqiang’s visit to Moscow. The railway would be over 7,000 kilometers long and cost more than 230 billion [...]

October 22nd, 2014 | Posted in Business & Economics | Read More »

Mongolia to become founding member of Asian Infrastructure Investment Bank

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By B.MENDBAYR Mongolia is set to become a founding member of the Asian Infrastructure Investment Bank (AIIB) upon signing a memorandum of understanding (MoU) with other Asian countries to establish the bank. The government has selected Ambassador Extraordinary and Plenipotentiary of Mongolia to China Ts.Sukhbaatar to sign the MoU being established between the founding member [...]

October 20th, 2014 | Posted in Business & Economics | Read More »

Business Parliament to be established

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By B.MENDBAYAR Mongolian National Chamber of Commerce and Industry has resolved to establish a Business Parliament with goals of improving the business legal environment and protecting entrepreneurs’ rights. The Structure of the Business Parliament is set to resemble that of the State Great Khural, comprising of seven standing committees. However, the National Chamber of Commerce [...]

October 17th, 2014 | Posted in Business & Economics | Read More »

Darkhan Metallurgical Plant to launch its wet processing plant

tumurlugiin uildver

By B.MENDBAYAR Darkhan Metallurgical Plant JSC is working toward the launch of its iron ore wet magnetic processing plant this year. The wet processing plant is being constructed within the framework of a plan to develop Darkhan Metallurgical Plantinto a mining and metallurgical industrial complex. Construction of the wet processing plant is completed. Currently, electricial [...]

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

Mongolia to export coal by new railway next year

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By B.MENDBAYAR Prime Minister N.Altankhuyag visited the embankment construction site for the 267 kilometer railway being built between Tavan Tolgoi and Gashuun Sukhait. The Tavan Tolgoi-Gashuun Sukhait Railway is being constructed under the New Railway Project being implemented by the Mongolian Railway state-owned stock company. Funding of 200 million USD from the Chinggis Bond has [...]

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

Viking Mines to wholly own Berkh Uul Mine and complete acquisition of Auminco Mines

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By B.MENDBAYAR Viking Mines Ltd announced on September 26 that it has secured acceptances in respect to 97.93 percent of Auminco Mines Ltd shares at the close of its off-market takeover bid. The company is proceeding to compulsorily acquire the remaining shares in Auminco Mines. Auminco Mines is known to Mongolians primarily for its Berkh [...]

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

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

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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

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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 »

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