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Tuesday, June 16, 2015
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KRI closed -4.35% Monday to C$0.44
Khan Resources Takes $104 Million Mongolia Dispute to U.S. Court
by Michael Kohn
June 15 (Bloomberg) Khan Resources Inc., the Canadian mining company claiming $104 million from Mongolia for lost licenses, petitioned a U.S. court to weigh in on the protracted dispute.
Khan on June 12 asked the U.S. District Court in the District of Columbia to endorse a compensation package that international arbitrators ruled was owed the company in March.
"The award is due and payable now," Khan Chief Executive Officer Grant Edey said Monday in a statement. "We continue to seek an amicable basis for the payment."
The Mongolian government has refused to pay compensation to the Toronto-based company after stripping its uranium mining licenses in 2009, an action Khan fought in the courts for four years. The $100 million in damages awarded by arbitrators is accruing interest at a rate of $6,485 a day, reaching $104.3 million at the end of last week.
The dispute risks deterring investors in Mongolia, which has used last month's copper-mine deal with Rio Tinto Group to try to woo companies back after foreign direct investment plunged more than 90 percent in two years.
Confirmation of the compensation award would make it executable in the U.S. as a court judgment, Khan said in the statement. Mongolia's refusal to pay "raises the question of whether investors should be investing in a country that does not respect international arbitration," Edey said.
Meetings in Ulaanbaatar to resolve the dispute broke down in April. The Ministry of Justice said at the time that Khan had ended negotiations early and it would seek to nullify the award. Khan said it was unaware of any grounds to justify such a move.
Bayartsetseg Jigmiddash, state secretary at the ministry, was unavailable for comment on Monday and didn't respond to an e-mail.
BDSec, TDB Capital Most Active Stock, T-Bill Brokers of Last Week
June 15 (MSE) Mongolian Stock Exchange organized 5 securities trading sessions and made transaction of MNT15,577,433,479.00 between 08 June 2015 and 12 June 2015.
Share trading:
356,545.00 shares of 40 joint stock companies worth of MNT 577,433,479.00 were traded.
MOST ACTIVILY TRADED SECURITIES
№ | | Securities Name | Value /MNT/ |
1 | BDS | BDSEC | 415,295,700 |
2 | APU | APU | 70,846,195 |
3 | TTL | TAVAN TOLGOI | 24,640,485 |
4 | BNG | BAYANGOL ZOCHID BUUDAL | 22,040,000 |
5 | NEH | DARKHAN NEKHII | 6,012,800 |
MOST ACTIVE BROKERAGE COMPANIES IN SHARE TRADING
№ | | Company Name | Value /MNT/ |
1 | GNDX | BDSec | 941,264,020 |
2 | STIN | Standart investment | 50,183,708 |
3 | BDSC | Altan khoromsog | 36,755,734 |
4 | ZRGD | Zerged | 34,734,470 |
5 | TCHB | Gendecs | 15,906,995 |
Government retail bonds trading:
150,000 Government retail bonds worth of MNT15,000,000,000.00 were traded through one bonds trading session.
MOST ACTIVE BROKERAGE COMPANIES IN GOVERNMENT SECURITIES TRADING
№ | | Company name | Value /MNT/ |
1 | GLMT | TDB Capital | 14,763,200,000 |
2 | BZIN | Daewoo Securities Mongolia | 222,900,000 |
3 | SECP | BDSec | 11,900,000 |
4 | BDSC | Tenger capital | 1,000,000 |
5 | STIN | Standart investment | 1,000,000 |
As of June 2015, market capitalization was MNT1,364,530,411,727.00 which indicated increase of 5.07%, and MSE ALL index reached 989.97 units which indicated increase of 4.28% from the previous week.
MSE ALL Surpasses 1,000 for the First Time, Turnover ₮40.3 Million
Ulaanbaatar /MONTSAME/ At the Stock Exchange trades on Monday, a total of 24 thousand and 609 units of 36 JSCs were traded costing MNT 40 million 343 thousand and 723.00.
"Tushig Uul" /5,000 units/, "APU" /4,721 units/, "Remikon" /3,594 units/, "Moninjbar" /2,892 units/ and "State Department Store" /2,500 units/ were the most actively traded in terms of trading volume, in terms of trading value were "APU" (MNT 16 million 788 thousand and 740), "Bayangol hotel" (MNT three million and 650 thousand), "Mogoin gol" (MNT three million 642 thousand and 735), "Shivee ovoo" (MNT two million 976 thousand and 090), "Tavantolgoi" (MNT two million 462 thousand and 844).
The total market capitalization was set at MNT one trillion 396 billion 205 million 637 thousand and 233. The Index of Top-20 JSCs was 14,634.30, increasing 2.16% and the all index of MSE was 1005.84, increasing 1.60% against the previous day.
₮30 Billion 12-Week Bills on Offer at Discount, Interest 14.674%
June 15 (MSE) --
1. The issuer's name: Mongolian Ministry of Finance
2. The purpose of the issuance of bond: State treasury cash management
3. Offering scope of securities: Offering to the public
4. Type of securities: Government securities
5. Face value: MNT 100,000
6. Discounted price: MNT 96,733
7. Total amounts issued: 300,000 Units
8. Short-term securities performance:
Government Securities name | Amount /units/ | Value /billion MNT/ | Maturity /week/ | Form of Interest payment | Interest rate (percent) | Starting date of the order | Closing date of the trading |
ЗГХБ-Б-12-314 | 300,000 | 30.0 | 12 | Discounted | 14.674% | 2015.06.10 | 2015.06.16 |
9. Rate of interest: interest rate of the Government Securities, which will be issued weekly, will be based on auction results of Central Bank basis State Government Securities weighted average interest rate. If the Central Bank's weekly trading cancelled, the interest rate will be set based on the previous trading of Government Securities weighted average interest rate.
10. Order deadline: The Mongolian Stock Exchange will take orders 6 days and the trading will close on the 6th day at 14.00 PM and information on total orders will be delivered to the securities issuer.
11. Trading period: Total registered orders distribution of MSE trading system will be determined based on the Ministry of Finance votes.
Custodian Service Training Held at MSE
June 15 (MSE) In order to introduce custodian service into Mongolian capital market, Mongolian Stock Exchange, London Stock Exchange /LSE/ and LSE's sister company MIT group have been organizing custodian training.
On 12 June 2015, Mongolian Stock Exchange conducted custodian training and specialists from MSE, SCHCD, banks, FRC and specialist from MIT group in Sri Lanka participated in the training. The training was conducted as an online and covered about custodian service registration on MIT system, bank registration and guide of participate trading.
Mogi: 32-week high vs USD, 36 vs CNY
BoM MNT Rates: Monday, June 15 Close
| | 6/15 | 6/12 | 6/11 | 6/10 | 6/9 | 6/8 | 6/5 | 6/4 | 6/3 | 6/2 | 5/29 |
| USD | 1,872.13 | 1,862.17 | 1,863.61 | 1,863.41 | 1,866.47 | 1,869.69 | 1,877.91 | 1,890.81 | 1,896.38 | 1,901.92 | 1,907.32 |
| EUR | 2,102.21 | 2,089.26 | 2,103.18 | 2,104.63 | 2,108.64 | 2,086.20 | 2,113.87 | 2,125.18 | 2,118.16 | 2,083.93 | 2,084.61 |
| CNY | 301.51 | 300.01 | 300.28 | 300.28 | 300.80 | 301.34 | 302.50 | 304.91 | 306.04 | 306.89 | 307.58 |
| GBP | 2,909.66 | 2,887.95 | 2,878.63 | 2,871.98 | 2,864.10 | 2,860.63 | 2,879.68 | 2,896.06 | 2,911.89 | 2,895.10 | 2,916.77 |
| RUB | 33.78 | 33.98 | 34.30 | 33.70 | 33.50 | 33.54 | 33.21 | 34.48 | 35.90 | 35.57 | 36.13 |
Bank rates at time of sending: TDB (Buy ₮1,857 Sell ₮1,876), Khan (Buy ₮1,855 Sell ₮1,872), Golomt (Buy ₮1,855 Sell ₮1,874), XacBank (Buy ₮1,864 Sell ₮1,876), State Bank (Buy ₮1,860 Sell ₮1,876)
MNT vs USD (blue), CNY (red) in last 1 year:
BoM issues ₮187 billion 1-week bills at 13%, total outstanding +7.3% to ₮1.26 trillion
June 15 (Bank of Mongolia) BoM issues 1 week bills worth MNT 187 billion at a weighted interest rate of 13.0 percent per annum /For previous auctions click here/
Internet, Mobile Banking Report, First Quarter 2015
June 15 (Bank of Mongolia) --
Total internet banking users: 707,998
Total active internet banking users: 149,637
Total mobile banking users: 1,952,205
Total active mobile banking users: 283,139
…
Link to full report (in Mongolian)
Parliament Session Agenda for June 15: Caucus, Working Group Meetings
June 15 (GoGo Mongolia) Party Groups and Coalitions seated at State Great Khural have sessions today.
ONE. PARTY GROUPS AND COALITIONS AT STATE GREAT KHURAL SESSIONS:
· DP Group Session at Hall A;
· MPP Group Session at Hall B;
· Justice Coalition Session at Hall C.
TWO. WORKING GROUP SESSIONS:
· Renewed Criminal Law and draft law on violation and affiliated other drafts discussion by Justice Standing Committee
· Draft law on city redevelopment discussion by Economic Standing Committee
· Draft law on development policy and planning discussion by Economic Standing Committee
· Tavan Tolgoi coal deposit development measures resolution draft discussion by Economic Standing Committee
· "Approval of the Draft Resolution of the Basic State Policy on Military" discussion by the Security and Foreign Policy Standing Committee
· Renew the state policy on science and technology discussion by Social Welfare, Education, Culture and Science Standing Committee
· Court of Law / Revised / Mongolian court, court of law on making amendments to the law on the draft law on annulment, the number of judges Mongolian State Great Hural (Parliament) for approval a draft resolution
· Renewed draft law on establishment of court, amendments to draft law on Mongolian court discussion and draft resolution on approval of judge`s job position by Justice Standing Committee
· Approval of State Policy on Industry draft resolution discussion by Economic Standing Committee Meeting
· Economic Standing Committee meeting on operation of Mongolian airline sector
· Draft law on general administrative and affiliated other drafts discussion by Justice Standing Committee
Independent MPs: Cabinet is not disclosing agreements made with TT consortium
June 15 (gogo.mn) Independent MPs at the State Great Khural have made an announcement today.
MP Ts.Davaasuren is supporting the submission of the document of State Policy on Agriculture and proceeded with the statements that in the scope of this document the white revolution is needed to be done and reminded the words of Indian PM that Mongolia is consuming food with the highest price tag and suggested to establish bio and food free zone at the Khalkh Gol Free Zone. The suggestion was well received and supported by the Minister R.Burmaa as this might increase the type and number of products and produce to be exported to China.
MP S.Ganbaatar is included in the WG to prepare the Tavantolgoi Agreement for the discussions at the parliament. He stated that working group is not disclosing seven requested documents and the three most important ones are:
1. Agreement with Energy Resource and Shenhua
2. Agreement with Sumitomo to establish trading company
3. Agreement between Energy Resource and Erdenes Tavantolgoi.
Further he stated that although some documents are missing in order to proceed with the issue they will soon submit the documents for the discussion. He continued that WG will work hard on protecting rights of the Mongolian citizens on Tavantolgoi deposit which is valued at USD 420 billion, for instance how the Mongolian side can benefit from using the deposit and how to solve the share issues of the 1.8 million citizens.
Gold deposit with 70 tonns of gold is to be traded by the price of 1 tonn
Independent members of Parliament are sharply criticizing the resolution on State ownership at th Gatsuurt gold deposit draft submitted by the cabinet as the Gatsuurt deposit is valued to have reserves of 70 tonnes of gold. MPs are emphasizing that it is to be traded at the price value worth 1 tonnes of gold or USD 200 million. MP S.Ganbaatar criticized this action as he suspects some under the table talks might have occurred.
Ts.Davaasuren: Cabinet members are on "sick leave" whenever the Dubai Agreement issue is raised
Independent MPs and MP G.Uyanga, B.Bat-Erdene and L.Tsog have inquired the PM on the Dubai Agreement.
They expected to have answers on last Friday during the plenary session of State Great Khural, but no answers were received as the PM was on a sick leave.
MPs are to submit the issue again to Speaker Z.Enkhbold in order to receive their answers within this week.
MP Ts.Davaasuren criticized the Dubai Agreement as the investments to be made worth USD 6 billion will bring no good to Mongolian economy that's why PM Ch.Saikhanbileg is on a road-show to collect more investment to USA and Europe.
Sh.Tuvdendorj: Ethics issues to be raised if MPP continues act like the opposition
June 15 (gogo.mn) DP Group at State Great Khural discussed the proposals to be discussed at the plenary session. Members of the group have discussed the projects on construction and development and reported during the group meeting.
Speaker Z.Enkhbold made trips to entities which received loans from the proceeds of Chinggis and Samurai bonds. MNT 948.9 billion loan from the Chinggis bond was approved to industrial sector, while MNT 550 billion loan was approved for the mining sector.
DP group members have agreed to support the development projects that will contribute to increase the jobs and according to MP S.Odontuya, Deputy Leader of DP group, members will support implementation of 29 projects further.
Majority of the DP group members agreed on necessary clarifications on the Draft law on the Amendments to the Constitution submitted by the President.
Draft law on Criminal Procedure initiated and submitted by MP N.Altankhuyag was supported in terms of its contents. But the group members agreed on necessary amendments to the laws currently being discussed by the State Great Khural such as Criminal Code, Law on Violation and Administrative Violation Law.
Deputy Leader of DP Group MP Sh.Tuvdendorj said that DP is cooperating with MPP and have established the new Government in order to improve the economic downturn the country is facing currently, while MPP is acting as an opposition and expressed his views on their actions as seeking political benefits rather than cooperation. In this regard DP might officially raise the ethics issues.
MPP's D.Khayankhyarvaa: Coalition partnership doesn't mean to be silent
June 15 (gogo.mn) MPP group at the State Great Khural reported on their meeting. MPP group members have discussed Property Collateral Law, Constitutional Amendments Draft and Statae Ownership of the Gatsuurt Deposit and have reported on their conclusions.
Law on Property Collateral cannot be supported as it violates the rights of citizens to own a land. According to the draft the collateral is to be shifted to the borrower in case defaults in the loans, which in turn violates the rights of the citizens provided by the Constitution. MPP group leader MP S.Byambatsogt mentioned the annulment of the law approved in 2006 as it was violating the Constitution following the Constitution Council conclusion.
Constitutional Amendments proposed by the President focuses on the social benefits of the Constitutional Council members and therefore there is a need to increase the responsibilities of the Council as well according to the comments made by the MPP group.
In regards with the State Ownership of the Gatsuurt Deposit MPP group was supportive of the 100 percent private ownership, while the cabinet submitted the 34 percent state ownership. MPP is supportive of the development of the strategic deposits therefore it was pro free ownership of the 34 percent of the Gatsuurt deposit and if it is not acceptable MPP proposes 6 percent on the special program to replace the 34 percent ownership, a 3 percent increase from the proposal submitted by the cabinet. MPP group deputy leader D.Khayankhyarvaa stated that state is required to do beneficial agreements in regards with deposit developments.
During the plenary session last Friday discussion on Economic Transparency Law was held, but failed the approval with 30 votes against out of total 54 MPs present. MP N.Battsereg insisted on re-voting of the law.
MP N.Nomtoibayar criticized the forceful approval of the law:
-What was the reason behind of such forceful approval of the law?
-The law draft doesn't include 11 thousand entities with tax violations and companies that have done nothing with the loans received from Chinggis and Samurai bonds. Therefore MPP is to submit statement to the Speaker of the Parliament in regards with the forceful approval of the law and will submit complaints related to Vice Speaker of the Parliament R.Gonchigdorj.
-There are critics as although MPP is cooperating with DP, but is acting as an opposition?
-DP was forced to cooperate with MPP in order to improve the current economic situation and formed the current Government. Cooperation agreement focuses on five main provisions. As the agreement implementation is not at the satisfactory level working group has been appointed to conclude on the implementation, which is led by me.
MP D.Khayankhyarvaa stated that the working group is to start its duties net week and the cooperation doesn't mean to be silent and urged the other side to precisely name the projects that MPP is holding back from implementation. Moreover he accused DP of holfing back major projects.
Runoff Election for Nalaikh Governor's Seat as 8 Candidates Fail to Win Majority
June 15 (gogo.mn) Yesterday Nalaikh residents voted for their Governor and the election was held until 10PM.
Electoral district of Nalaikh counts total of 23,215 voters of which 10,540 voter or 51 percent have participated in the voting to elect their Governor.
8 candidates have run for the Governor elections and ranked as below:
· Sh.Khaan, Nalaikh District Representative - 30.9 percent
· Ts.Minjkhuu - 20.3 percent
· D.Batbaatar - 16,7 percent
· D.Tsogoo - 9,9 percent
· N.Manduul - 5,2 percent
· B.Ganbold - 4,4 percent
· G.Boldbaatar - 2,9 percent
· B.Bayandelger, 7th Khoroo Representative - 9,3 percent.
According to the official announcement made by the Public Relations Department of the Governor's Office re-elections to be run again between the top two runner-ups due to the insufficient percentage of the total votes, which did not reach 50 percent.
Business Environment Must Become Independent of Politics
June 15 (Mongolian Economy) Representatives of entrepreneurs and taxpayers say that the Mongolian business and legal environment is not making doing business in the country any easier. According to them, the instability of our country's political and legal environment is having negative impacts on the entrepreneurs and thus the economy. In order to get right this and improve the economy, the business environment must become independent of politics. NGOs established to bring wealth creators together agree with this assessment.
G.Tumenjargal, (CEO of the Mongolian National Construction Association)
- Eighty thousand people are working in the construction industry. One hundred and thirty thousand jobs are created in related fields. However, the recent economic difficulties affected the sector negatively and caused a more than 40 percent downsizing in the number of employees. If we consider the related fields, 200-300,000 people's incomes are expected to sharply decline. Total investment in this sector is around MNT 3.5 trillion. If the economy continues down this road, the construction industry will face dramatic challenges, such as a decrease in the payment of taxes. Also, debt networks between related industries, including construction materials and trade, may arise.
D.Erdenebaatar (Deputy Director of the Mongolian Employers' Federation)
-There are jobs behind the economic development. Today, the number of jobs being created in our country's private sector has decreased by 50 percent. Last year, around 40,000 jobs were registered to the labour exchanges while this figure has decreased to 20,000 this year. Private sector institutions are downsizing because there is no investment. There is no possibility to employ additional staff. Thus, the possibility to earn income is not there. The amount of people registered for unemployment benefits has increase, and accordingly, the amount of unemployment benefits to be taken from the social insurance fund has increased.
B.Lkhagvajav (President of the Mongolian National Chamber of Commerce and Industry)
-Reforms need to be made to the financial system as well as the tax system. Economic transparency laws need to be approved without delay. We must have a consistent policy supporting investors without discriminating foreign or domestic. Give freedom to entrepreneurs. Politics is constantly running interference with economic progress. In the last three years, citizens who pay taxes and create wealth are bearing the entire burden. Now the wealth creators are entering a dire situation to endure. They have been battling not to lay off their remaining employees in the midst ofhigh inflation and MNT depreciation. Today, politicians are making all the economic decisions. All the issues need to be resolved from legal and economic standpoint with rational and scientific justifications. In the end, wealth creators will shoulder these responsibilities. Financial freedom needs to be provided. We need to make decisions based on solid theoretical and professional foundations.
Ch.Gankhyag (Rural Microfinance Development Support Association board member and CEO of Ard Financial Union)
-Foreigners are giving the signal that Mongolian business environment has reunited. Politicians do not give a single cent to the country and do not employ a single person. The government need not meddle in any affairs other than collecting the taxes that the people pay so it can function, and it needs to stop politicising economic and business issues. If they can manage just that, we the entrepreneurs will most certainly contribute to the country's development.
D.Jargalsaikhan (President of MIH Group and Business Council of Mongolia board member)
-The political freedom we enjoy is nice, but there's no economic freedom. International and domestic research institutions have confirmed this. Economic freedom, or lack thereof, has been well documented.
Ts.Tumentsogt (President of CEO Club and CEO of General Electric LLC)
-Please approach the issue of advancing the megaprojects pragmatically. Politicising everything is only slowing the megaprojects. Let's get these megaprojects moving sooner rather than later and support the other sectors of the economy.
International Reaction to OT
By Tuvi O.
June 15 (Mongolian Economy) When you google Mongolia, there are some typical things you will find: picturesque views of the countryside, the Mongol empire, perhaps something about the shameful ultranationalists and of course news about mining. The past few weeks have been all about Oyu Tolgoi and the agreement to proceed with the development of the underground mine, which will unlock roughly 80 percent of the copper wealth. So what do international media and the international community thinks about this step forward?
It was as though all the interested parties and stakeholders breathed a collective sigh of relief. Before the actual press release by Rio Tinto, news had been leaking that the government of Mongolia and Turquoise Hill Resources were close to an agreement. It was not exactly a sudden surprise for the people keeping an eye on the negotiations, as can be seen from the stock price of Turquoise Hill Resources, which has been steadily climbing since the beginning of April. However, it is always nice to make things official. Shares rose about 3.5 percent on the actual day of the announcement, but from March 31 to June 4, they rose by roughly 38.7%.
Beyond the agreement, there is still much to be done. A feasibility study is to be conducted; permits and licences have to be given. Over USD four billion in funding needs to be gathered, although that does not seem to be a huge issue, only a matter of time. Jeff Tygesen, President and CEO of Turquoise Hill, said it could come by the end of 2015. Roughly 200 kilometres of underground tunnels have to be excavated for the mine to operate at full capacity, and this task is expected to take until the end of the decade to complete. Global news media have generally been objective about the recent development, stating the facts and figures.
Despite all the exuberance, it is not all sunshine, lollipops and rainbows. There are some worries. The international community remembers well the case of the three foreign South Gobi Sands employees who had exit bans imposed on them – the "SGS-3." In the words of US Ambassador Piper Campbell: these exit bans have "significant, detrimental impacts on foreign direction investment." The fiasco of the SGS-3 paints an awful picture of Mongolia's legal environment. They were tried and convicted in a criminal court for tax evasion with enough jail time for OT to be at full operational capacity by the time they get out. However, not long after the conviction, President Elbegdorj pardoned all three of them. The international community and the Mongolian business community hailed him for this move. But here is the problem. Did a court convict three innocent men, or did the President pardon three criminals? Whichever is the case, it does not sit well with a foreign businessman thinking about coming to Mongolia.
Another upcoming fork in the road is the parliamentary election of 2016. The outspoken S.Ganbaatar MP wrote a letter to Sam Walsh, CEO of Rio Tinto, and in it he threatened to give the letter to media and announce his intention to seek UNCITRAL arbitration if Walsh did not respond within 48 hours. The move was brushed off as a PR stunt by most people. However, the economics of bluffing is a complex topic.
Something similar happened in the U.S. not too long ago. The Obama administration along with the other nuclear nations were on the verge of reaching a deal with Iran on its nuclear programme, when a large chunk of the Republicans in the US Senate wrote a letter directly to Iranian leadership, essentially threatening that they would repeal the deal once a Republican is in the White House.
Both Sam Walsh and the Iranian leaders dismissed the threatening and dissenting letters they received. The Oyu Tolgoi agreement was signed, and the Iran nuclear deal is nearing completion. Probably neither OT executives nor the Iranian leaders lost any sleep over the letters, but the spectre of usurpation is there, and though it may be small, it is loud.
Businessmen and those involved in the mining industry are all too familiar with political interference. "As a 7-year supervisor and drilling trainer, the saddest thing I have ever in my 30+ year career in the exploration and drilling industry was having trained up very smart Mongolians to the stage that they were world class drillers and drilling supervisors and seeing it all thrown out the window, with many losing their cars and apartments after their jobs and careers were cut short by a newly elected government tearing up a signed mining agreement in their grasp for more money. This resulted in many thousands of job losses, nearly total loss of FDI and Mongolia slipping way down the list of developing countries which could be trusted with any foreign cash input. Sadly for most major potential foreign investors, they will want to watch the outcome of the OT re-establishment, and probably well into the first term of the new government, to be elected. This will tell them whether the new government can be trusted with their money and long-term commitment to Mongolia," said an expert who wished to remain anonymous. He worked at OT prior to the stall, but is likely to come back given recent developments.
However, many believe the most beneficial aspect of a project such as OT is not the money it will bring in, although it is a crucial, but rather the non-monetary aspects. "From my viewpoint, for what is it worth, the main contribution of OT to Mongolia is not the economic upside. With over 10,000 people on site, and many contractors in UB, the project has exposed countless Mongolians to the 'Western way' of safely and efficiently running a project on budget and on schedule. Those skills and culture have clearly filtered through to Mongolian-owned businesses, hopefully along with an understanding that Mongolia needed foreign investment to develop. The difference in business standards and professionalism today, compared to 10 years ago, is startling. I wish I could say the same for the politicians," said Rohan, who wished that we use only his first name. Rohan is an exploration manager who involved in the early stage (2003-2007) of the Mongolian exploration boom.
The international community's thoughts and reactions can be described in two words: cautiously optimistic. Perhaps it is leaning slightly to the optimistic side, but Mongolia's legal environment and politicians provide enough room for doubt.
Montsame and Thomson Reuters Launch Int'l Training for Business Journalists
Ulaanbaatar, June 15 (MONTSAME) The five-day intensive international training themed "Writing economic news in Digital Age" kicked off Monday at the agency's conference hall at initiative of the national news agency MONTSAME and the Thomson Reuters Foundation (TRF).
The training has been conducted by Mr Richard Meares and Mr Alan Wheatley, instructors at the TRF, and has been attended by some ten journalists fr9om the MONTSAME, Mongolian daily newspapers, TV channels and from Kazakhstan and Tajikistan.
Mr Meares has been working at the TRF as an instructor for the last five years after his 25-year work as a correspondent for the BBC and Reuters in Germany, South Africa, Ireland and former Yugoslavia. Mr Wheatley is an economics and finance correspondent who has worked for Reuters 33 years. After his less than two years' retirement he has been working as an instructor at the TRF.
The editor and copy-editor of the News Abroad Desk at the MONTSAME Ms D.Enkhbileg said,"Four years ago, I applied for the TRF training and got involved in a five-day training in London. Being always willing to make my own contribution to the improvement of the way Mongolia spreads news about every aspect of its life all over the world, I asked the Foundation about a possibility of running such trainings in my country. The first course was organized at the MONTSAME in November of 2012. Now we are running the second one, and I really glad with it. If the participants listen to our teachers, work hard and do what they are told to do, a significant success can be reached." "I do hope that many other trainings await us," she added.
Upon the completion of the training the participants will be granted the TRF's certificates.
By the way, a cooperation memorandum was established between the MONTSAME agency and the Reuters on July 3 of 1989.
2015 Investment Climate Statement - Mongolia
Prepared by the U.S. Embassy, Ulaanbaatar, Mongolia
June 2015 (U.S. Department of State) --
Executive Summary
Mongolia is a landlocked country located in North-East Asia. Foreign Direct Investment (FDI) into Mongolia has trended downward since its 2011 peak of USD 4.7 billion. Overall, FDI into Mongolia fell by 85 percent from 2011 through the first quarter of 2015, with USD 644 million of FDI in 2014. Some 80 percent of FDI into Mongolia annually targets the mining sector and falling global coal and copper prices have dampened investor interest. Mongolia's elected leaders readily accept, however, that government missteps (confiscating selected mining licenses, levying a mining-specific windfall profits tax, assuming veto rights over mining company business decisions, etc.) collectively amounted to a far greater disincentive to investment; these leaders say they recognize the need to correct course.
Parliament's ousting of the Democratic Party-led coalition Government in November 2014 clearly reflected a lack of confidence in the government's economic policies. In December 2014, new Prime Minister Saikhanbileg led an all-party unity government into office vowing to focus its efforts virtually exclusively on Mongolia's battered economy, to make restoration of FDI the center of those efforts, and to put the launching at long last of two FDI-fueled mining mega-projects – OyuTolgoi (copper/gold) and TavanTolgoi (coal) – at the epicenter of efforts.
The new PM initially received high grades from the Mongolian public for sincerity and determination but lower grades for results. A sign that the PM and his government mean to turn that situation around was the May 18, 2015, signing of the Oyu Tolgoi Underground Mine Development and Financing Plan (Plan) by representatives of the GOM and Rio Tinto. At the signing, Prime Minister Saikhanbileg said "Mongolia is back to business" and that Oyu Tolgoi is a world-class copper-gold asset and its further development is of great economic significance for Mongolia. He boldly asserted that Mongolia had finalized a way forward with its partners that established a new and constructive relationship based on mutual trust and joint long-term commitment to Mongolia's growth. The PM's robust, public defense of the Plan before Parliament on May 22 encouraged investors' belief that GOM is fundamentally changing its attitude toward FDI. However, investors also will judge the GOM's resolve by how it treats investments beyond OT.
As most Mongolian eyes focus on Parliament, international investors have an additional and serious concern – the evident willingness of Mongolian state prosecutors and other authorities to unilaterally impose exit bans on foreign business executives whose companies become involved in business-related disputes with the government or individual Mongolian citizens. The 2015 conviction and imprisonment of three mining executives (among them a U.S. citizen) suggested to investors that Mongolian courts do not fully observe principles of due process, and that foreign investors risk being coerced into settling legal disputes on disadvantageous terms.
In 2014, investors told us that those willing to realistically accept the challenges of Mongolia's commodity-driven economy and rough and tumble political and judicial processes might find profitable medium- to long-term investment opportunities. Mongolia, after all, has some of the world's largest untapped mineral reserves. For U.S. investors, mining and mining-related services represent the most important and potentially remunerative sectors for long-term investment in Mongolia. Other promising sectors include infrastructure, transportation, energy, construction, healthcare, agriculture, tourism, and environmental products and services. But investor concerns about weak rule of law in Mongolia require us to heavily caveat even last year's qualified endorsement.
1. Openness To, and Restrictions Upon, Foreign Investment
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2. Conversion and Transfer Policies
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3. Expropriation and Compensation
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4. Dispute Settlement
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5. Performance Requirements and Investment Incentives
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6. Right to Private Ownership and Establishment
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7. Protection of Property Rights
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8. Transparency of the Regulatory System
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9. Efficient Capital Markets and Portfolio Investment
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10. Competition from State-Owned Enterprises
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11. Corporate Social Responsibility
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12. Political Violence
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13. Corruption
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14. Bilateral Investment Agreements
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15. OPIC and Other Investment Insurance Programs
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16. Labor
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17. Foreign Trade Zones/Free Ports/Trade Facilitation
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18. Foreign Direct Investment and Foreign Portfolio Investment Statistics
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DeFacto: Uguudei Bonds
By Jargal DeFacto
June 14 (UB Post)
It is said that the purpose of the new bonds is to finance the budget deficit with a low cost, long-term source, help resolve the balance of payment difficulties, extend repayment periods of foreign securities from the government and those that have been guaranteed by the government, and to take regulatory measures to relieve pressure on the budget.
Extending repayment periods of foreign debts means that the government is going to use the money from the new bonds to start reducing the debt from the old bonds. The repayment of the debt that came from the Chinggis bonds is due in 2017. However, the government is not in a position to make the repayment whilst projects that were financed by the bonds are not repaying their loans.
It means that Mongolia is choosing a path to repay a debt with another debt by issuing new 10-year bonds to repay the old five-year bonds. The new bonds can be called "Uguudei" in alignment with ex-minister Batbayar's logic that gave the name "Chinggis" to the previous one. It means that Chinggis's debt is going to be repaid by a loan acquired using his son's name.
YOU CANNOT JUST REPAY A DEBT WITH ANOTHER DEBT
N.Altankhuyag, the previous Prime Minister, said, "Our future generations will repay the debt from the Chinggis bonds." It is turning out just like he said. The people are still waiting for the government to produce a report on where this huge sum of money went, what the selection criteria was, and how the repayment is going. New bonds should only be issued after justification of money spent from the previous bonds is properly reviewed.
Is the current government actually allowed by law to raise new debts? After debating for days, Parliament raised the debt ceiling from 40 percent of GDP to 58.3 percent last year. Mongolia's external debts have already reached that ceiling. If a part of this debt had been repaid, we would have had room to acquire another loan. However, the current government has decided that the debts in the railroad and energy industries do not belong to them.
If the debts in these two industries, which gives space to acquire a loan worth one billion USD, does not belong to the government, who is going to take responsibility? There is only one animal that buries its head in the sand and believes it is hidden from others. Does our government resemble an ostrich?
Going back to the purpose of the new bonds, relieving pressure on the budget means that the government is going to acquire any foreign loans that they can get and use them to make up for the budget deficit, which has been increasing. Internationally, there are many examples of what consequences could be faced if a huge, long-term loan is acquired only to make up for operational costs.
FOLLOWING GREECE'S PATH
The situation in Greece is an example of what ultimately happens if debts are repaid by acquiring another loan. Greece's external debt is currently 1.8 times bigger than its economy. The amount of debt is not the major factor here. Japan once had a debt twice as high as its economy, but it carried on successfully. Having debts that equaled 50 percent of their GDP in the mid-1980s, Brazil and Mexico announced bankruptcy. The major factor is whether an economy is capable enough to repay its debts on time or not. If a country raises its debts every year, investors will become more doubtful. This increases the interest rates. The new bonds that are about to be issued will have higher interest rates than before.
It begs the question as to whether Mongolia will be able to repay these debts with business income rather than a new loan. If not, new bonds will keep coming. Uguudei bonds will be followed by Khubilai bonds and so on. If Mongolia is to become capable of paying off the debts with business income, the government needs to make it clear how we are going to do it. If they do not make it clear and keep raising external debts, we will need to stop them. The government must have discipline.
The lenders require countries that are repaying debts with other loans to take austerity measures. It means that taxes will have to be raised and the budget will be cut at the same time. Greece had to reduce its budget deficit from 16 percent of GDP to nine percent. Spain decreased it from 31 percent to 10 percent. These measures led to public unrest and social instability. In the five years of crisis, 3,000 people committed suicide because of causes related to financial decline while thousands were left homeless. Furthermore, hundreds and thousands of qualified workforces went abroad looking for jobs. This is just one story of how ordinary people are burdened with the task to repay a loan that was acquired and irresponsibly spent by few people.
Trans. by B.AMAR
MAK's new aerated concrete plant brings new standard to buildings
June 14 (UB Post) MAK Company launched a new aerated concrete plant last Friday in Sergelen soum, Tuv Province, allowing Mongolia to begin constructing buildings with light, non-combustible blocks that have high heat conservation capacity and high pesticide resistance.
"50 percent of heat lost is through doors and windows. Most Mongolian buildings lose considerable amount of heat. If we were to compare them to a car, it loses half of its fuel immediately. A new door that'll reduce the spending of each household has been opened thanks to the commissioning of a new power-saving building materials factory," said P.Tsagaan, the President's Chief of Staff.
MAK Company established the new concrete plant with a total funding of 58 million USD from its capital and by taking out a loan. The factory operates with HESS AAC systems of a German international concrete products machine manufacturer, TOP-WERK Group. The aerated concrete plant had actually begun manufacturing and supplying Euroblocks, which are consistent to European standards, to the market in May.
The aerated concrete plant has a capacity of producing 900 cubic meters of aerated concrete per day and 270,000 cubic meters of concrete a year. Presently, the factory isn't working at its full capacity and is producing 100 to 200 cubic meters of concrete on a daily basis. The price of per cubic meter of aerated concrete block is 145,000 MNT.
According to manufacturers, Euroblocks are said to be "super concrete blocks" that are friendly to human health and the environment, lightweight but strong, and is able to provide opportunities for reducing the price per cubic meter of buildings as it will save costs. Cooling and heating costs will also decrease as it's been estimated that the blocks have three to five times better heat conservation capacity than current blocks supplied in the market.
The Minister of Construction and Urban Development D.Tsogtbaatar highlighted that the launch of the new plant opened a new page for the construction sector.
"This [aerated concrete plant] is a genuine national factory that's been established by us and operated by Mongolian workforces. Secondly, it'll become a big strength for reducing the price of buildings since it's cost-effective. Its third feature is that it introduced a new technology, which will bring advancement to the construction sector."
He also noted that Mongolia imports 650,000 cubic meters of concrete annually and that thanks to the new plant, Mongolia will need to import only 270,000 cubic meters of concrete from abroad. This will decrease demand for foreign currency and impact positively on MNT exchange rate, according to the Minister.
"The European standard has been introduced, too. The quality of final products to the public has become guaranteed. [The plant] will become a factor that'll accelerate the development of the sector," he added.
Tuul still polluted as the emergency repair ends
By S. Odgarav
June 15 (gogo.mn) Tuul is full with mud... It would have been better news if it was true. There would have been no need to inquire about this whole issue.
Although it might sound harsh, but it is true that once the pure and pristine Tuul river is now flowing with the UB city waste.
The photo below depicts how the Tuul river looks like just West of the Songino bridge and the smell is not the best in here as well.
This current situation at the Tuul river might have been the result of the recent developments at the Waste Water Treatment Facility and with that thought we continued on with our inquiry.
We must note here that closer we got to the Facility the pollution and the smell was getting even worse.
TUUL POLLUTION GOT WORSE IN LAST 4 YEARS
This photo shows the Tuul River condition in the distance of 8-9 km from the Waste Water Treatment Facility up to the Songino Bridge. One easily could notice feces rather than the stones. Not much observation needed to spot slime along the river bank.
The slime visibly can reach half meters in depth.
Also this photo clearly depicts how the waste water merges into river water, so that it seems unnecessary to say more.
According to the nearby residents 8 years ago Tuul river at this location was pristine and one could even see the fish.
More precisely saying, the waste water coming from the facility was more clean back then.
But the situation has changes in last 8 years and four years ago the matter worsened.
According to resident N. who leaves nearby the old ministerial sanatorium 10 years ago there were quite few species of the fish in the Tuul river and they would consume them for their food, as of today the resident hesitated if there is any living thing could survive in those waters.
Recently specialists from the professional laboratory came to test the waters of Tuul river and it was obvious that the depth of the slime could easily reach the knees.
Due to personal concerns the resident N wanted to stay undisclosed and refused to get photographed.
WHAT IS THE CAUSE OF THE DEEP POLLUTION OF TUUL FROM THE WASTE WATER FACILITY TO SONGINO RIVER?
Last Saturday the emergency repair works at the City Waste Water Treatment Facility has started and lasted for two days. Emergency occurred at the concrete walls of the half-century old waste water treatment facility, which lacks capacity to process increased load of waste water.
Many suspect the Tuul river pollution with the old waste water treatment facility. Our photos also reveal the connection of the waste flow into the Tuul river, causing excessive water and soil pollution.
We met with Senior Engineer Ts.Bold at the Waste Water Treatment Facility.
WASTE WATER FROM FACTORIES IS PURIFIED UP TO 72-74 PERCENT
-Repair works took place during the weekend. Is there a guarantee that this repair will solve the problems?
-There is no guarantee at all. This repair is just an emergency action to stop the big catastrophe. We are to do only small repairs to fill the holes and damages.
-How much of the waste water is treated?
-This facility was commenced to treat only the waste water coming from the residential area of the Ulaanbaatar city. Until 1990 the facility was working using the technology to treat residential waste. During the socialist era the Leather Processing Manufacture was operating and at that facility industrial waste water was processed and then supplied to our facility for further treatment. With the start of the 90s and bankruptcy of the entity, leather processing manufactures spread all over the city during 1994-1996. Due to this our facility had to treat the industrial waste water as well beyond its capacities. If previously the facility would treat the residential waste up to 90-95 percent, currently the industrial waste is only treated 72-74 percent.
-How many years the facility is operating?
-The facility was built in 1964 and underwent the enhancements in 1976 and 1986. City planning at that time provisioned the expansion of the population to be only at 400-500 thousand and the facility was built according to those estimates. But with the current development and expansion of the city waste water amount increased drastically and there is real need to expand the facility capacity as well. But due to lack of the budget no works on expanding the facility has been done yet. Therefore currently we have to do emergency repairs.
THERE IS NO OTHER COUNTRY THAT ALLOWS THIS HAPPEN
-Does it mean there is need to build another facility?
-According to conclusion of the authorities it is efficient to build new facility rather than to do major repairs at the old one, which has been serving non-stop since 1964 and having major damaged to all its parts.
-Smell of the facility can be felt just few meters from the city boundaries. Can this issue be solved with the new facility?
-Our current facility is not advanced at all. The smell is directly linked with this situation. In the western countries they use advanced technologies to treat the slime. There is no other country that allows this happen other than Mongolia. Therefore, there is need to build facility that purifies the waste water and also uses the slime to produce gas and electricity. Until that becomes a reality we have to do emergency repairs.
-When the city is to have new facility?
-As I understand the authorities are doing bids on feasibility study and the project papers. Probably by this time the bids are being concluded. After the feasibility studies done the execution bids will start. To my understanding the execution bid will be conducted by the end of this year.
-How much estimates are being done on costs of the new facility?
-MNT 900 biliion is required to build new facility with advanced technologies.
70-80 PERCENT OF THE CURRENT POLLUTION IS ACCOUNTABLE FOR UNTREATED WASTE WATER DUMPING DURING 90s AND 20-30 PERCENT IS ACCOUNTABLE FOR OUR FACILITY
-In the 8-9 km distance from the facility to Songino bridge the pollution and slime along the banks of Tuul river is at alarming rate. If the facility dumps 72-74 percent treated water what might be the cause?
-According to the older generation of our specialists during 1990-1991 power outages were very frequent and during those outages facility is incapable to operate and treat the waste water and if the water is not restricted facility just shut down and dumped the untreated waste water into the river. It has happened so many times that now it has resulted in the deep slime along the banks around Songino area.
-How much of the current pollution is related with the dumping of untreated waste water?
-70-80 percent is related with untreated waste water dumping during 90s and 20-30 percent is related with our facility operations. It is due to the treatment capacities, if the waste water received is highly polluted the treatment capacity decreases, if the waste water is somehow low in pollution our facility can perform 80 percent treatment.
-As the pollution level at Tuul river is visible to everyone, public might have doubts whether Waste Water Treatment Facility is operating at all?
-I can assure that our facility treats waste water as we have constant monitoring from the Special Inspection Authority and Environment Department.
-How much percent does industrial waste take?
-Compared with residential waste it accounts for only 30 thousand cubic meters out of total 150 thousand cubic meters received daily. Although the size is not huge, the pollutant contamination is very high. Therefore it is crucial to start the construction of the new facilities.
New facility cost is at MNT 900 billion and it requires 4-5 years for the construction.
Last weekend repair was done with MNT 40 million just as an emergency repair, during which the facility only did 50 percent treatment.
It is still unknown what damages may occur at the facility and how much more money will be needed for the repairs.
Property worth ₮1.31 billion taken into Capital City Property List
June 15 (gogo.mn) Plenary session of the City Council held today and discussed on including the buildings located in the city periphery into the Capital City property list:
· Deep well located at Hui Doloon Hudag in Songinokhairkhan District
· Temporary book store located at 8th khoroo of Sukhbaatar District
· Rehabilitation Clinic Center building located at 17th khoroo of Sukhbaatar District
· Old building of the 10th Khoroo at Bayangol DIstrict
· Old Police Department building of 20th Khoroo at Bayangol District
· Old Family Clinic building of 23rd Khoroo at Bayangol District
· Family Clinic and Police Department building of 18th Khoroo at Sukhbaatar District
· Family Clinic building of 3rd Khoroo at Khan-Uul District with total estimate of MNT 1.32 billion.
City Council also written off the Family Clinic building of 9th khoroo at Sukhbaatar District in order to start the new building construction.
Speaker Receives Delegation from British Columbia
Ulaanbaatar, June 15 (MONTSAME) The Chairman of the State Great Khural (parliament) Z.Enkhbold Monday received a delegation headed by Mr Edward John from Canada's British Columbia Province.
Beginning the meeting, the Speaker emphasized that the Mongolia-Canada relations and cooperation have been expanding, and said Mongolia considers Canada as its one of the Third Neighbors.
Noting that Mongolia and Canada have many similarities such as climate condition, big territory and sparse population, Mr Enkhbold said the two countries have opportunities to exchange experiences and to collaborate in many spheres. Besides the mining sector, the countries are possible to widen the cooperation in the construction, agriculture, education, infrastructure, health and sport sectors.
"Mongolia is attaching a great importance to introducing a Canadian technology of wood constructions. As of today, we have made two soums in Bayankhongor aimag model soums, and put forward a proposal to the Canadian side to make centers of 330 soums modern," the Speaker said, and hoped that the Canadian delegation will collaborate with Mongolia in implementation of the "New Soum" project.
In response, Mr Edward John thanked the Speaker for an audience, and pointed out they plant to get au fait with the "New Soum" on the spot in Bayankhongor aimag. He also said Canada is ready to cooperate with Mongolia in the sector of wood construction.
Present at the meeting were G.Baigalmaa, the Vice Minister of Construction and Urban Development; and other officials.
Mongolian Cultural Days Take Place in Paris on 50th Anniversary of Ties
Ulaanbaatar, June 15 (MONTSAME) On occasion of the 50th anniversary of the Mongolia-France diplomatic relations, Mongolian cultural days took place on June 11-14 in Paris.
Co-organized by the Ministries of Foreign Affairs of Mongolia and France, the Embassy of Mongolia in France and the Flag-France Renaissance Association, the event's opening attracted Mr L.Purevsuren, the Mongolia's Ministry of Foreign Affairs; and his counterpart of France Mr Laurent Fabius. They made the opening remarks, underlining that the cultural days of Mongolia within the 50th anniversary of the diplomatic relations means that the cultural sector plays a crucial role in the bilateral relations and cooperation.
By the cultural days' program, the Mongolian yurt and traditional game of ankle-bone shooting have been presented to French people. The Morin Khuur musical instrument and the Mongolian script calligraphy have been exhibited as well.
Directed by D.Sosorbaram, a State Prize Holder and State Honored Artist, a concert has been given with the "Khosogton" folk group; B.Nandingua, a student of the Lyon City Conservatory; G.Nyamgerel, a contortionist; and D.Bayarbaatar, a chief choreographer at the Academic Ensemble of National Songs and Dance. An exhibition has been mounted with paintings, sculptures, cashmere products and paintings on silk.
Besides of the dignitaries, the cultural days' opening ceremony brought together some 400 guests such as Ambassadors of foreign countries to France; authorities of French organizations of politics, business, culture, arts, NGOs; and Mongolians living in France.
Mongolian Foreign Minister on Official Visit to France
June 12 (infomongolia.com) Minister of Foreign Affairs of Mongolia has paid an official visit to France on June 11- 12.
During his visit, Minister L.Purevsuren met Mr. Laurent Fabius, Minister of Foreign Affairs and International Development of France, and exchanged views on cooperation of two countries and other matters of mutual interest. At the beginning of the meeting, both ministers have noted that 2015 is the 50th anniversary of establishment of diplomatic relations of France and Mongolia.
Mr. Laurent Fabius, Minister of Foreign Affairs and International Development of France, said: "In past years, France and Mongolia have been actively cooperating in cultural and tourism sectors. We can expand our relations further into economics. Our country is interested in cooperating on agricultural sector and space technology development. "
During the meeting, Ministers of Mongolia and France had discussion on application of gene pool of best cattle breed of France on the selection of Mongolian cattle and investment of required laboratory, equipment and training and both sides reached agreement. Also, two Ministers noted that the cultural exchange plays the important role in relations of two countries and agreed to work on law regarding the movie rights. Furthermore, Ministers talked about international issues of mutual interest and Mr. Laurent Fabius, during the meeting, said that France will support Mongolia in UN Human Rights Council Election.
On occasion of 50th anniversary of establishment of diplomatic relations of Mongolia and France, Mongolia-France Cultural Day was held at Domaine de La Celle Saint-Cloud in France. Laurent Fabius and L.Purevsuren have opened the event.
Related:
L.Purevsuren FM Visits France – Montsame, June 15
NATO supports first regional summer school for junior diplomats from Central Asia and Afghanistan
June 15 (NATO) The first regional summer school for junior diplomats from Central Asian countries, Afghanistan and Mongolia was launched on 7 June on the shores of Lake Issyk-Kul in Kyrgyzstan. The theme of the 10-day course was "Diplomacy of the 21st Century: Central Asia in the Context of Globalization".
The event brought together 22 participants from Afghanistan, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan and Uzbekistan. All were competitively selected from among applicants below First Secretary rank with a background in diplomacy, international relations, economics, security, law and political science.
The Rector of the Kyrgyz Diplomatic Academy, Nurlan Aitmurzaev, moderated the opening session while the NATO Liaison Officer in Central Asia, Alexander Vinnikov, gave a presentation on NATO's engagement with Central Asian partners and Afghanistan. Other speakers at the opening included the United Nations (UN) Resident Coordinator in Kyrgzystan, Alexander Avanessov; the Head of the Organization for Security and Co-operation in Europe (OSCE) Centre in Bishkek, Sergei Kapinos; the ambassadors of Turkmenistan and Uzbekistan, and the Consul General of Mongolia.
During the course, students will attend lectures and training from senior officials, ambassadors, heads of international organisations and academic experts. In addition to learning about the Alliance and its partnerships from NATO representatives, the students will have the opportunity to hear directly about international development from World Bank officials; conflict prevention and crisis management from UN Development Programme (UNDP) officials; regional security challenges and the Ferghana Valley from OSCE representatives; United States (US) foreign policy in Central Asia and the New Silk Road initiative from US Embassy and US Agency for International Development (USAID) officials; regional projects and integration processes in Central Asia from Moscow State Institute for International Relations and Russian Embassy representatives; and EU-Central Asia cooperation, as well as negotiation and dialogue from French and Estonian academic experts.
Based on the experience of similar diplomatic summer schools in other regions including the Balkans, this course has the potential to become an annual event, enhancing skills and providing a much-needed platform for regional cooperation and networking among foreign policy professionals.
The event was organised by the Diplomatic Academy under the Kyrgyz Ministry of Foreign Affairs with the joint support of NATO's Public Diplomacy Division, the office of the NATO Liaison Officer in Central Asia, the UNDP in Kyrgyzstan, and the OSCE Centre in Bishkek.
Continued dialogue with Kyrgyz authorities
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DeFacto: Tom Malinowski, Assistant Secretary, Bureau of Democracy, Human Rights, and Labor, State Department
June 14 (Jargal DeFacto) --
DeFacto: Amory Lovins, Physicist, Chairman of the Rocky Mountain Institute
June 14 (Jargal DeFacto) --
Oyu Tolgoi marks three years of TVET programme at graduation ceremony
Ulaanbaatar, Mongolia, June 12 (Oyu Tolgoi) Oyu Tolgoi today hosted the third annual graduation ceremony for Mongolian teachers and trainers enrolled in the Technical and Vocational Education and Training (TVET) programme, taking the total count of teachers enrolled in the programme to approximately 1,100.
The programme forms part of Oyu Tolgoi's focus on real-world skills and education, and trains the teachers of Mongolia's vocational training centres. The ceremony, attended by Vice Minister for Labour Batkhuyag and Oyu Tolgoi President and CEO Andrew Woodley, felicitated newly graduated TVET teachers.
Addressing the new graduates, Vice Minister Batkhuyag said: "I would like to stress the significant contribution that Oyu Tolgoi is making in order to advance technical and vocational training sector in Mongolia."
Speaking at the ceremony, Oyu Tolgoi President and CEO Andrew Woodley, said: "We firmly believe that for development to be truly sustainable, people and communities must grow with it – acquiring the skills and knowledge needed to flourish in the new economy. This is enshrined in our vision – 'natural wealth to enduring value, knowledge and skill', and the TVET programme is a great live example of this effort.
"We are proud to support the teachers who are shaping Mongolia's youth, and helping the nation fulfil its true potential."
The programme aims to help the teachers to acquire Australian Certificate IV professional qualifications and build capacity through competence-based training. Over the last four years, 92 managers of vocational training centres enrolled in the Diploma of Training Design and Development programme, and a further 306 teachers received Australian Certificate IV qualifications. These trainer-teachers returned to pass on their training to other teachers during the 2013-2014 academic year. As a result, about 1,100 teachers from all over the country have become eligible for the certificate. In addition to this, 90 vocational teachers and 30 senior managers and Ministry officials have also participated in study tours, visiting Australian vocational schools and studying best practices.
Education and training are major areas of focus for Oyu Tolgoi, supporting the creation of a national workforce that is skilled to global standards. Over the past five years, Oyu Tolgoi has spent US$87 million in education and training programmes in Mongolia.
Experience Mongolia - Photography Tour 2015
December 14 (Asher Svidensky) Photography enthusiasts? Come and rediscover your passion in the wild steppes of Mongolia, the hidden jewel of Asia. Get to know the nomadic Mongols of the the Wild norte, continue to the "Golden Eagle Festival", climb to the peaks of the Altai Mountains in far west Mongolia and ride alongside the Kazakh eagle hunters.
For more information please email: info@svidensky.com or trips@mongolian-ways.com
300 Judokas to Participate in Chinggis Khaan International Grand Prix
June 15 (news.mn) The "Chinggis Khaan" Judo Grand Prix acting under the auspices of the International Olympic Committee, will take a place on 3rd-5th July 2015 in Ulaanbaatar. Approximately 300 judo practitioners (judokas) from Japan, Russia, and Georgia etc have applied to participate in this competition.
In addition this competition which is linked to the International Judo Federation (IJF) changed its name from the "Chinggis Khaan" World Cup to the "Chinggis Khaan" Grand Prix last year. In total, 282 judokas from 27 countries participated in 2014.
Under IJF rules of, the gold medal winner of competition receives 300 scores, silver medal 180 scores and the bronze medal 120 scores.
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6th Floor, NTN Tower
Baga Toiruu, Chingeltei District 1
Ulaanbaatar 15170, Mongolia
Email: info@covermongolia.com
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