• Forbes Women’s Summit gathers up inspiring women leaders from all rectors to discuss growth management
• According to a World Bank study in 2019, the share of women in the Mongolian business sector is higher than the global average. Specifically, 32.7 percent of businesses in Mongolia are owned by women. In the world, this number sands around 14.3 percent
• Women in mongolia account for nearly half of all educated personnel, but they do not hold such a position in the economy. Mongolians focus on girls' education but require them to have families and children to care when they should be contributing to society and themselves.

At the Forbes Women’s Summit 2019 in Mongolia on December 5, participants from the community of inspiring women leaders from all industries came together to support women’s participation in decision making and growth management. Panel discussions focused on a more diverse future, through keynotes from internationalspeakers, breakout sessions and networking. Innovative visionaries’ ambitious actions are changing the world at an unprecedented scale. The summit held a panel discussion under topics, namely Growth Management and Women, Investment Environment and Women, Employment and Women, and Women’s Participation and Leadership.“Mongolia’s social, economic and political situation is not completely stable. Women in Mongolia account for nearly half of all educated personnel, but they do not hold such a position in the economy. Mongolians focus on girls’ education but require them to have families and children to care when they should be contributing to society and themselves. Women also need to support one another than men do,” said Dolgion Erdenebayar, publisher of Forbes Mongolia and CEO of Bloomberg TV Mongolia, at his opening speech. He also emphasized that Mongolia loses USD three billion annually by letting women stay home, being unpaid. “According to the World Economic Forum, GDP growth can be up 35 percent by encouraging women participation. If we assume Mongolia’s GDP at USD 10 billion, we lose USD three billion. In the absence of unemployed women, Mongolia loses USD three billion a year.” The Boston Consulting Group also released a study on the possibility of increasing global GDP by as much as USD 2.5-5 trillion by reducing gender inequality in the business sector.

The Budget Law increased 2020 budget deficit to MNT 2.07 trillion

On December 3, President of Mon golia Battulga Khaltmaa sent an official letter to Parliament Speaker Zandanshatar Gombojav to veto 2020 Budget Law, specifically ban Law on Advocacy and several other laws submitted with it. The official letter said, “The Budget Law increased 2020 budget deficit to MNT 2.07 trillion, and has many other disadvantages and risks to the country’s economic and social life.”“Social insurance fees will have increased by 2 percent in 2020, posing a risk to increase pressure on the lives of people,” it included The President has banned investment of the budget partially, the funding of 174.2 billion MNT from increased social insurance, and the regulations of amendments to the Law on Future Funds wholly. 

• Telecommunication is the third-largest sector in Mongolia after finance and mining

In the first nine months of 2019, the number of mobile users increased to 4.5 million, up 10.1 percent compared to the same period of the previous year. Industry companies highlight that the digital use of Mongolia is comparable to developed countries.The number of data users exceeded three million in the first half of the year, according to the Communications Regulatory Commission. In terms of other economic data, the total revenue from the postal and telecommunications sector reached MNT 878.2 billion in the first nine months of the year, up 18.5 percent, according to the National Statistical Office (NSO)’s report. Mobile communication companies made up 55.4 percent of the total revenue. In addition to the mining and financial sectors, the third-largest sector in the Mongolia’s economy is the telecommunication sector, said Tatsuyama Hamada, the Chief Executive Officer of Mobicom Corporation.The Bank of Mongolia (BoM) also signed to deal with Mastercard International to transform the “₮” card into EMC chip technology, as we reported recently. Allowing the EMV chip enables customers to transact remotely and faster. The BoM plans to implement the project in 2020.In spite of improvements in the e-transition process, the security of information is becoming serious, sector representatives emphasized.