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Tuesday, April 29, 2014
Headlines in Italic are ones modified by Cover Mongolia from original
KCC closed -0.5c to 6.5c Monday on low volume
Mongolia Prepares to Restore Mining Licenses in Investment Boost
By Michael Kohn, April 28 (Bloomberg) Mongolia is preparing to overturn last year's cancellation of 106 mining licenses in a further attempt to revive investor confidence in the mineral rich nation, according to one company stripped of its permit.
Mongolia set to resolve mining licenses dispute -Kincora
By Terrence Edwards, April 28 (Reuters) - Mongolia plans to put a resolution to parliament that will end a dispute between 11 foreign license holders and the government over the invalidation of 106 mineral exploration licenses, one of the companies affected, Kincora Copper, said on Monday. (Mogi: same goes here. This looks even worse. Makes it look as if ONLY foreigners are victimized)
The dispute is one of several issues, led by disagreements between Rio Tinto and the government over plans to expand the giant Oyu Tolgoi copper mine, that has soured investor appetite for Mongolia over the past two years.
The 106 exploration licenses were declared void by a Mongolian court last year after it found the former head of the Mineral Resources Authority guilty of illegally approving the licenses between 2008 and 2009.
Toronto-listed Kincora Copper Ltd, one of 11 foreign investors affected, said the proposed resolution was a "win-win" to end the dispute over its two cancelled licenses, on which the company had to take a C$7 million writeoff last year.
"This case has had a major, negative impact on investor sentiment towards Mongolia. And the way in which the government responds to investor concerns about the revocation of licenses, we hope, will set a positive and visible precedent as to how future investors will be treated," Kincora Chief Executive Sam Spring said in a statement.
Kincora Copper Limited: Proposed Win-Win Outcome for the 106-License Issue
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 28, 2014) - Kincora Copper Limited (the "Company", "Kincora") (TSX VENTURE:KCC) is pleased to announce that the Mongolian Ministry of Mining ("the Ministry") has proposed a win-win solution for all stakeholders to resolve disputes relating to the revocation of 106 mineral exploration licenses in late 2013.
The proposal, which follows constructive face to face discussions with the Ministry, is expected to be presented as a resolution to the Spring session of the Mongolian Parliament, which recently commenced. Kincora is one of 11 foreign investors and 66 local groups impacted by the decision to revoke 106 licenses following a criminal court case involving former Government officials.
Resolving the 106-license case has been a priority for the Ministry since the issue came under its jurisdiction and it has been working together with impacted investors to resolve the matter. A case by case investigate of the impacted licenses has been conducted and supported a resolution to be presented to Parliament that recognizes security of tenure and a proposed mechanism to compensate for the time lost due to original judicial process and returning the licenses back to compliant license holders. As such the proposed resolution is considered to be a win-win outcome for all stakeholders.
In its September 2013 quarterly accounts, Kincora wrote off C$6,952,000 relating to the 15075X (Tourmaline Hills) and 15076X (North Fox) licenses, which were revoked as part of the 106. Kincora's two licenses were acquired from a private Canadian group in 2012, following full due diligence, and are lower priority exploration licenses adjacent to our flagship Bronze Fox project. Bronze Fox remains unencumbered and Kincora is in advanced stages of mobilizing activities there ahead of further exploration activities in the upcoming field season. We are confident that Kincora is/was a compliant license holder and that our revoked licenses will be returned.
While the resolution still requires Parliamentary approval, it follows the approval of other recent positive legislative reforms such as the Investment Law, to promote private sector activity. The Ministry is also proposing a number of other resolutions to be heard in the Spring session of Parliament relating to the Long Name Law, revision of the tender regulation (which would see the three year moratorium for new exploration licenses lifted) and other amendments to the existing 2006 Minerals Law.
Commenting on today's announcement, Sam Spring, President and CEO of Kincora, said:
"This case has had a major, negative impact on investor sentiment towards Mongolia and the way in which the Government responds to investor concerns about the revocation of licenses, we hope, will set a positive and visible precedent as to how future investors will be treated. Although Kincora has recently successfully raised capital to explore our flagship and unencumbered Bronze Fox project, uncertainty relating to the 106-license issue has significantly impacted investment and asset valuations in Mongolia, not just amongst those directly impacted by the 106.
Kincora has been proactively working with the Ministry of Mining to achieve a win-win solution for all stakeholders and I very much believe the key concepts in the resolution put forward to the Mongolian Parliament would achieve that. The proposed resolution of the 106-license issue isprobably the most transparent and tangible recent example of the Government of Mongolia, via the Ministry, working with investors to revive private sector activities, learn and move on from past mistakes acknowledging security of tenure. While Parliamentary approval is still required, a timely approval of the resolution, and its implementation, could support compliant former licenses holders undertaking field season activities this year.
Kincora is in the advanced stages of mobilizing field season activities at our Bronze Fox project, noting the extremely competitive environment for service providers."
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Announcement made after Monday close
MEC: APPOINTMENT OF MONNIS AS MINING SERVICES CONTRACTOR (OVERBURDEN REMOVAL)
April 28, Mongolia Energy Corporation Limited (HKEx:276) --
This announcement is made pursuant to Rule 13.09 of Listing Rules and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong).
The board of Mongolia Energy Corporation Limited is pleased to announce that on 28 April 2014, MoEnCo entered into a mining services (removal of overburden) agreement with Monnis for appointing it as mining contractor to provide topsoil and overburden removal services for the Khushuut Coal Mine. According to the agreement, the Contractor is principally required to provide blasting, removal of topsoil and overburden, haulage and loading services on the mine site, which are the essential works for the subsequent coal mining to take place.
Apart from Monnis, MoEnCo may seek for another contractor to perform the coal extraction services. The Company plans to resume commercial coal production for export by the fourth quarter this year.
As the resumption of commercial coal production for export is subject to a variety of factors including but not limited to the appointment of other contractors such as coal extraction, the smooth running of the Dry Coal Processing Plant and the Washing Plant, and the market conditions, shareholders of the Company and potential investors are advised to exercise caution when dealing in the securities of the Company.
MSE News, April 28: Top 20 -0.43%, Turnover ₮7.8 Million
Ulaanbaatar, April 28 (MONTSAME) At the Stock Exchange trades held Monday, a total of 18 thousand and 328 shares of 18 JSCs were traded costing MNT seven million 839 thousand and 806.10.
"Remikon" /14 thousand and 235 units/, "Genco tour bureau" /2,588 units/, "Khokh gan" /769 units/, "Gutal" /250 units/ and "Hermes center" /100 units/ were the most actively traded in terms of trading volume, in terms of trading value--"Gutal" (MNT two million 767 thousand and 500), "Remikon" (MNT two million 131 thousand and 218), "Darkhan nekhii" (MNT one million 132 thousand and 880), "Talkh chikher" (MNT 660 thousand) and "Ulaanbaatar khivs" (MNT 400 thousand).
The total market capitalization was set at MNT one trillion 611 billion 395 million 532 thousand and 898. The Index of Top-20 JSCs was 15,685.61, decreasing by MNT 68.01 or 0.43% against the previous day.
MSE Weekly Review, April 21-25: Top 20 +0.04%, Turnover ₮765.3 Million
Ulaanbaatar, April 28 (MONTSAME) Five stock trades were held at Mongolia's Stock Exchange on April 21-25, 2014.
In overall, one million 340 thousand and 681 shares were sold of 50 joint-stock companies totaling MNT 765 million 345 thousand and 132.79.
"Mongolia development" /one million and 130 units/, "Silikat" /119 thousand and 352 units/, "Remikon" /117 thousand and 543 units/, "Merex" /37 thousand and 407 units/ and "Genco tour bureau" /20 thousand and 315 units/ were the most actively traded in terms of trading volume, in terms of trading value--"Mongolia development" (MNT 600 million 089 thousand and 694), "Silikat" (MNT 28 million 997 thousand and 186), "Bayangol hotel" /MNT 18 million and 128 thousand/, "Remikon" /MNT 17 million 611 thousand and 333.00/ and "APU" (MNT 14 million 131 thousand and 620).
Previous record low before current streak was 1,787.59, February 27, 2014
BoM MNT Rates: April 28 Close
April MNT Chart:
BoM Mortgage Loan Report, March 2014: 8% Mortgage Program Covering 66.2% of Total Outstanding
April 28 (Bank of Mongolia) --
For the March 2014 total of MNT 95.9 billion mortgage loan was issued to 1684 borrowers, with total outstanding mortgage loan reaching MNT 2193.41 billion and total number of borrowers reaching 54787.
Growth rate of total outstanding mortgage loan has accelerated since June 2013, as government launched "Housing Mortgage Program" with an interest rate of 8 percent per annum. Year-on-year growth rate of total mortgage loan outstanding increased by 0.1 percentage point from the previous month, 13.3 percentage point from the beginning of year, 112.8 percentage point compared to the same period of previous year.
Among the outstanding mortgage loan, 66.2 percent or MNT 1451.9 billion was issued by "Housing Mortgage Program" (including refinanced mortgage loan with reduced interest rate of 8 percent per annum), 30.4 percent or MNT 667.4 billion was financed by commercial banks' own capital and 3.4 percent or MNT 74.1 billion was issued from other sources.
By the end of the reporting month, domestic currency mortgage loan made up to 97.1 percent of total outstanding mortgage loan.
Comparative share of past due in arrears and non-performing loan in total outstanding mortgage loan is stable.
By the end of March 2014, share of non-performing loan in total outstanding mortgage loan was 0.3 percent.
Mortgage loan issued in the reporting month
Mortgage loan, issued in the reporting month, has increased by 18 percent from the previous month, 114.4 percent from the same period of previous year.
Major amount (MNT 70.4 billion, which was made up of 73.4 percent of mortgage loan issued in the reporting month) was issued by "Housing Mortgage Program" with an interest rate of 8 percent per annum.
From the midterm of 2010, amount of issued loan per borrower has been constantly increasing and reached MNT 57.0 million by the end of March 2014.
In the reporting month, MNT 24.2 billion mortgage loan has been repaid, that is 77.7 percent greater compared to the same period of the previous year.
Number of borrowers
In the reporting month, "Housing Mortgage Program" loan was issued to 1226 borrowers, mortgage loan from banks' own capital was issued to 457 borrowers.
By the end of March 2014, total number of borrowers has reached 54787.
Term and interest rate of mortgage loan Term of mortgage loan, issued in the reporting month, ranges between 0.5 to 20 years and has weighted average term of 15.9 years. Weighted average term of total outstanding mortgage loan is 14.8 years.
Weighted average interest rate of issued mortgage loan stood at 9.9 percent. Weighted average interest rate of mortgage loan issued in the reporting month from commercial banks' own capital by domestic currency was 15.2, while by foreign currency was 12.7 percent per annum.
Outstanding mortgage loan (MNT million)
Weighted average term of loan issued in the reporting month (month)
Weighted average interest rate of loan issued in the reporting month (in annual basis)
Total number of borrowers
By "Housing Mortgage Program"
Mongolia's Achilles Heel: Increasing Reliance on the Central Bank
April 28 (Mongolian Economy) Even though the data from the National Statistics Office shows that the trade deficit in the first quarter has improved quite significantly, we maintain our cautious stance on the outlook of the Mongolian Economy.
That is based on the conviction that current expansionary monetary policy by the Bank of Mongolia (BOM) is not sustainable. We urge BOM to tighten its stance as early as possible to avoid the "hard-landing" scenario.
After looking at the most updated economic forecast of Mongolia done by World Bank, ADB and IMF, we have confirmed that the economic slowdown is eminent in Mongolia. Collectively, the outlook of Mongolia is still high with around 7-10% GDP forecast in the next three years. But, if you look at details more closely, they are based on the scenario that the Government will take the right measures to cool down the economy.
However, if the Government will continue to follow its current expansionary policy, they are more skeptical about the economy especially after 2015. They are particularly concerned about stimulus measures taken by BOM, strong BOP pressure driven by weak FDI and current account deficit and weak governance of politically important decisions like Oyu Tolgoi.
We believe this situation is not sustainable. And, some measures should be taken as soon as possible.
This report summarizes the view from foreign donors and investors and suggests possible measures for the Government.
The Mongolian Economy has grown by 12%, on average, in the last three years. And, it is expected to grow another 8-10% in the next three years according to ADB, World Bank and IMF. However, the pace of growth will slow down going forward in any scenario.
As the current strong economic growth relies on issuance of Chinggis Bond and expansionary monetary policy, we believe loose monetary policy will result in a weaker currency, resulting in higher inflation. IMF predicts this occurrence as a risk scenario (see below). Under its weak policy scenario, the IMF forecasts that economic growth in Mongolia could be minus two years in a row in 2015 and 2016 which could be more severe than the period in 2009 when Mongolia, and the world, was impacted by the Global Financial Crisis.
This risky scenario mirrors the scenario we have predicted 13 months ago. Our report identified the potential risk of the Mongolian Economy which we believed was due to too loose budget control. But, no many people may have paid attention our findings at that time. My current warnings regarding the economy have not changed so much from then. But, the risk of the "hard-landing" scenario , which we predicted, is the most likely to play out.
This bar chart shows loan-to-deposit ratios of emerging economies in Asia, including Mongolia. The ratio has increased the most in Mongolia in the last three years.
And the same ratio has continued to increase since December 2010. The ratio is almost equivalent to December 2008 when Mongolia's bubble burst.
The high loan-to-deposit ratio is the result of an expansionary monetary policy by BOM. As you see below, Credits from BOM now accounts for 22 percent of the Bank's liabilities which has increased a mere 3.6 percent from a year ago.
As a result, the banking system's reliance on Central bank funding has increased dramatically in the last 18 months. As you see on the graph below, the reliance has exceeded that of major weak credit countries like Spain, Portugal, Greece, Ireland, Italy and Cyprus. And now, it looks like Mongolia may be entering a similar insolvent condition.
Speaking of non-performing loans (NPL), the ratio has increased a bit as of the end of September last year at more than 5%. This figure is comparatively low to the 20% peak after the Global Financial Crisis. However, at a time when credits increase, the ratio tends to be low. So, as the increase of the credit has softened this year, the NPL ratio will increase.
Looking at sectors, we believe that mining, manufacturing, construction and mortgage sectors are the most vulnerable sectors. And, we have already seen some evidence of growing NPLs in these sectors as you see below.
As for the balance sheet of the Government, charts below show the recent sharp increase of both nominal and net present value (NPV) of public debt. As you see the structure of public debt has tripled in just two years. As a result, the public debt in percentage of GDP has increased from 36% of GDP in 2011 to 63% of GDP in 2013. The Government assumes that the ratio will decrease gradually if the economy grows at 12-15% just like they did in the past.
However, as the economy will only increase modestly and currency may be weakened more than expected, the ratio may remain high in the next half a decade. In addition, the maturity of the debt of – around 1 Billion USD – is expected in 2017 and 2022. So, the government needs to finance for those in the future. To repay the debt, exports of mining, especially Oyu Tolgoi and Tavan Tolgoi are expected to contribute a lot. However, the revenue should be much smaller than previously anticipated because of the delay of the production and much weaker copper and coal prices.
Going back to the situation of banks in Mongolia, below are the Stress Test Results and Stress Test Assumptions made by Moody's. Based on the adverse scenario and highly adverse scenario, you can see how the profit ratio of the banks will be influenced. Under the highly adverse scenario, the ratio may go down to similar figures which Banks in Mongolia have experienced at the time of the Global Financial Crisis.
As explained earlier, bulk of Bank System Asset growth is funded by the central bank. If BOM will continue its current strategy, risks of higher inflation and weaker currency will be heightened. The balance sheet of the Government will deteriorate as well. Hence, a sudden shock coupled with weak BOP may lower international reserve and result in default of sovereign debt in the future. To avoid the worst-case scenario, BOM should stop injecting money to commercial banks and tighten the monetary policy. And, the Ministry of Finance should make sure that under the Fiscal Stability Law, the expenditure should be controlled more. The off-balance sheet by Development Bank of Mongolia should be added to the balance sheet as well. With those measures, the currency may not be weakened so much. And, inflation will be under control. And BOP pressures will be softened in a future.
Parliament Working Group on Draft Bill on Investigation Meets FBI Delegation
Ulaanbaatar, April 28 (MONTSAME) Members of the working group in responsible for drawing up a bill on investigation service met last Friday a delegation of the US Federal Bureau of Investigation (FBI).
The working group comprised D.Battsogt, D.Lundeejantsan, M.Batchimeg and S.Demberel MPs, and present at this meeting were Mr Ronald D. Curtis and Mr Timothy J. Altomare, special agents of the FBI; and Mr Russell Hunt, a legal attaché of the US Embassy in China.
At the beginning of the meeting, Battsogt MP mentioned that the State Great Khural is discussing the draft law on investigation service which has 40 clauses in six chapters. "We are studying the same laws of foreign countries," he said, and introduced to them directions of this law.
The working group members clarified from the delegation some functions of the FBI, and discussed related matters.
Mogi: somehow get the feeling that the database is the bigger goal here than actually helping the homeless
Government Decision to Socialize the Homeless
Ulaanbaatar, April 28 (MONTSAME) A Cabinet meeting last Saturday agreed to take some measures aimed at socialization of homeless people.
These measure include forming of a database to collect information of the homeless, rendering of social welfare, psychotherapy, educational and health services to them, and assisting in job training and employment – all the actions to be carried out under financing from the local budgets. Human Development and Social Protection Minister S.Erdene will be responsible for overall supervision of these projects.
The same meeting assigned Ulaanbaatar Mayor E.Bat-Uul to renew and expand the activities of 'Philosophy of Life' training center affiliated to City Governor.
According to a population and housing survey of 2010, there were 1,018 homeless people in the country. However, social welfare projects by municipal authorities registered 2,800 homeless people in 2011.
Mining Ministry Signs MOU with MNMA to Strengthen Public, Private Partnership
Ulaanbaatar, April 28 (MONTSAME) The Ministry of Mining and the Mongolian National Mining Association /MNMA/ have established a mutual understanding memorandum on cooperation.
This document was signed Friday by R.Jigjid, the State Secretary of the Ministry and by D.Damba, the president of the MNMA with aims to strengthen partnership between state and private sectors, to reflect entrepreneurs' opinions in the state policies, to provide private sector's participation in law making process and to share true information to the public.
The sides also intend to advertise social responsibility of companies in mining sphere including responsible mining principles, to report work results and to give a comprehensive support on mutually initiated actions.
Furthermore, the parties agreed to co-organize annual exhibition and conference of mining sector themed "Discover Mongolia", "Minetech" and "Safety First" in frames of the cooperation.
ADB Offers $25 Million Financing for Vocational Support in Agriculture, Construction, Transportation
Ulaanbaatar, April 28 (MONTSAME) Head of the parliamentary Standing committee on budget Ts.Davaasuren Monday met a delegation headed by Mr Robert Schoellhammer, country director of the Asian Development Bank (ADB) for Mongolia.
Expressing thanks to the Standing committee head for receiving him, Mr Schoellhammer introduced projects which are being implemented by the ADB in Mongolia on modernizing a sewage water management in Darkhan city, refining upon payment system of the Bank of Mongolia (BoM), renovating the public transport in Ulaanbaatar city and improving skills for employment.
Mr Schoellhammer said the Asian Development Fund (ADF) has proposed to give a financing of USD 25 million for the project on skills for employment that focuses on supporting ongoing reforms to establish a market-responsive, and competency-based technical and vocational education and training (TVET) system for the agriculture, construction and road-transportation sectors in Mongolia.
The project on refining upon the sewage water management for Darkhan city aims to renovate pipelines of the local city and to realize an urban development policy in order to form a nice condition for living.
In response, Mr Davaasuren said these projects should be fruitful for bringing positive changes in specific sectors, adding that he will back the projects.
Cabinet Meeting Approves Credit Agreements with ADB, JICA for Parliament Submission
Ulaanbaatar, April 27 (MONTSAME) An annual meeting of the Asian Union for Budget Expenditure Management will take place on June 11-13 in Ulaanbaatar city. At the cabinet meeting ran Saturday ordered Ch.Ulaan, the Minister of Finance, to organize the meeting with support from international organizations.
- The cabinet considered as necessity to submit to parliament a bill on ratifying a credit agreement for the "Project on nutrition and social welfare: Extra financing" which has been established between the government of Mongolia and the Asian Development Bank (ADB).
- The cabinet also considered as necessity to parliament a draft law on ratifying a credit agreement for a project on engineering and technological higher education. It has been established between the government and the Japan International Cooperation Agency (JICA).
Mongolia Legal Pioneer Edward Lehman Awarded 2014 DePauw University Distinguished Alumni Achievement Award
BEIJING, April 28, 2014 /PRNewswire/ -- DePauw University awards Edward Lehman (Connect on Linkedin), resident in mainland China for the past 27+ consecutive years, with the 2014 Distinguished Alumni Achievement Award for Management and Entrepreneurship. The award is presented each year to one alumni by the DePauw University Alumni Association in conjunction with the McDermond Center for Management and Entrepreneurship. The McDermond Center for Management and Entrepreneurship is named for Robert C. McDermond the 1931 graduate of DePauw who endowed the Center and its prestigious Management Fellows Program in 1980.
Edward Lehman, a 1982 graduate of DePauw, was the first foreign lawyer to work at a mainland Chinese law firm in the history of the People's Republic of China. He is the first foreign lawyer to be a founding member of one of China's first private law firms. He holds the "dubious distinction" of being the longest serving Managing Director of a mainland Chinese law firm (22+ consecutive years). Additionally, Mr Lehman is the first foreign lawyer admitted by the Ministry of Justice of the Republic of Mongolia, and founded the first private law firm in Mongolia's capital Ulaan Batter. Mr Lehman also founded and manages an accounting firm in mainland China, Hong Kong, and Mongolia. He also founded and manages a mainland based investment firm, LehmanBush with the son of former President George Herbert Walker Bush (41) and older brother of former President George W. Bush (43), businessman Neil Mallon Bush with offices in mainland China, Hong Kong, and Mongolia. In 2014, the China Better Business Bureau, promoting high standards in business practices in China, has appointed him as General Counsel. (Mogi:
Mr. Lehman aided in the establishment of Lehman, Lee & Xu, along with three Chinese partners, in 1992 as one of the first private law firms established in mainland China and since then has served as the firm's Managing Director. Today the firm has seven offices throughout China and in Mongolia, in addition to a network of associated offices throughout China. Mr. Lehman has personally advised many major global corporations in their establishment and corporate governance of their China operations.
Bangkok and Ulaanbaatar City Councils sign MoU to promote collaborations in student exchange programs and public health
BANGKOK, 28 April 2014 (NNT) - The Bangkok Metropolitan Council (BMC) and the Ulaanbaatar (Mongolia's capital city) City Council (UCC) signed a memorandum of understanding (MoU) to strengthen relations by promoting a student exchange program and mutual public health development.
The MoU was signed by Bangkok Metropolitan Council President Pipat Larbpratthana and the Chairman of the Ulaanbaatar City Council, Dashjamts Battulga, and promises mutual collaboration in the area of student exchange program and public health development. The MoU signing ceremony took place at the Bangkok Metropolitan Administration Bangkok City Hall.
Thailand and Mongolia just celebrated the 40th anniversary of relations on March 5. The BMC and the UCC began their relationship in 1999 and since then have promoted an exchange of culture, sports and tourism.
The MoU that was just signed expands the scope and areas of mutual development and represents a good sign of positive collaboration which is expected to benefit to both countries in the future.
Finance Ministers of Mongolia, China sign cooperation MoU, discuss Asian Infrastructure Investment Bank
April 28 (news.mn) Chinese Finance Minister Lou Jiwei begins an official visit to Mongolia today, April 28th on the invitation of Mongolian Finance Minister Ch.Ulaan. Minister Lou Jiwei will conduct the official visit between April 28th and 29th.
Finance Ministers Ch.Ulaan and Jiwei exchanged views on the topic of the establishment of an Asian Infrastructure Investment Bank, and about expanding mutually beneficial cooperation between the Finance Ministries of the two countries. In particular they discussed the sharing of information and experience. The two parties signed a Memorandum of Understanding agreement on cooperation between the Finance Ministries of Mongolia and China.
The Chairman of China Xi Jinping initiated the idea to create an Asian Infrastructure Investment Bank and the Government of China is working hard to establish the bank in the near future.
Discussions are underway and there are expectations that 15 Asian countries including Mongolia and China are expected to join to the Asian Infrastructure Investment Bank as members.
CICA Backs Ulaanbaatar Dialogue on Northeast Asian Security Initiative
Ulaanbaatar, April 28 (MONTSAME) Ambassador of Mongolia to Turkey B.Batkhishig attended a regular meeting of the Special Working Group (SWG) and Senior Officials Committee (SOC) of the Conference on Interaction and Confidence Building Measures in Asia (CICA) held in Ankara on April 24 and 25.
The meeting backed inclusion of a provision in support of the Mongolian President's Ulaanbaatar Dialogue on Northeast Asian Security initiative into the Declaration which is expected to issue at CICA summit in Shanghai in May 2014. The document supports International Think Tank for Landlocked Developing Countries in Ulaanbaatar and Mongolia's nuclear-free status.
Joined CICA in 2001, Mongolia is one of its founders.
Deputy Foreign Minister's Southeast Asia Tour Continues with Laos
April 28 (infomongolia.com) Deputy Minister for Foreign Affairs of Mongolia, Mr. Damba GANKHUYAG who is paying a working visit to the Lao People's Democratic Republic, had a meeting with Deputy Prime Minister, Minister of Foreign Affairs of Laos Thongloun Sisoulith on April 28, 2014, reports the Ministry of Foreign Affairs of Mongolia.
At the meeting, the sides deliberately discussed a broad range of issue concerning Asia-Pacific regional cooperation mechanism, including East Asian Summit, Mongolia's willingness to become a partner of ASEAN Dialogue, International Think Tank for Landlocked Developing countries in Ulaanbaatar, and the UN Human Rights Council and UN Security Council non-permanent member elections.
The Lao Foreign Minister accepted gratefully an invitation of the Minister for Foreign Affairs of Mongolia L.Bold to pay a visit to Mongolia at his convenience.
On the same day, Deputy Minister D.Gankhuyag was received by the Minister of Public Health and Chairman of the Lao part of the Mongolia-Laos intergovernmental commission Eksavang Vongvichit. The sides expressed a satisfaction with the completion of "Lao-Mongolian Friendship" hospital's extension and touched upon issues concerning bilateral economic cooperation.
Moreover, the Ministries of Foreign Affairs of Mongolia and the Lao People's Democratic Republic held a consultative meeting in Vientiane city on April 24, 2014.
Co-chaired by Deputy Minister for Foreign Affairs of Mongolia D.Gankhuyag and Deputy Minister of Foreign Affairs of Laos Sounthone Xayachack, the meeting discussed issues concerning bilateral political and economic relations and cooperation and certain issues related to the integration in Asia and the Pacific.
Mongolia is carrying out some projects and programs charted to develop animal husbandry and veterinary in Laos and extend the Laos-Mongolia Friendship hospital founded with Mongolia's aid and has launched a project for rice cultivation in Laos with a view to supply its domestic needs.
Mongolia and the Lao People's Democratic Republic have established the diplomatic relations on September 12, 1962.
Mongolia's Khuvsgul & Japan's Niigata Provinces to Sign Cooperation Memorandum
Ulaanbaatar, April 28 (MONTSAME) The administration of Khovsgol province received Japanese delegation led by Mr Yutaka Sakuma, a head of administration office of Niigata prefecture in the province, last week.
The sides talked cooperation matters such as to involve local business people, specialized doctors, senior pupils and journalists in experience exchanging program, then agreed to establish a cooperation memorandum during UB city and Niigata prefecture joint "Open Day" to be organized in this August.
During the stay, the delegates legged local factories of cashmere and of concrete and witnessed hotel operation after visited Khovsgol lake.
China, Mongolia Leaders Exchange Congratulatory Letters on 20th Anniversary of Friendly Ties
Ulaanbaatar, April 28 (MONTSAME) Celebrating the 20thanniversary of establishment of friendly relationship and cooperation between Mongolia and China, state heads of the two countries sent congratulation letters to each other.
The letters were sent from the President of Mongolia Ts.Elbegdorj to the President of China Xi Jinping, from the Prime Minister of Mongolia N.Altankhuyag to the Premier of the State Council of China Li Keqiang, and from the Foreign Minister of Mongolia L.Bold to his Chinese counterpart Wang Yi. Congratulation letters have also been sent to Ts.Elbegdorj from Xi Jinping, to N.Altankhuyag from Li Keqiang, and to L.Bold from Wang Yi.
Twenty years ago, Mongolia and China signed a memorandum of friendly relationship and cooperation on April 29.
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