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http://zgm.mn/post/2460/

New economic forum to seek effective ways to solve economic problems

The world transition from the Western countries to the new economy is growing

New economic forum to seek effective ways to solve economic problems
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http://zgm.mn/post/2460/


The main objects of the New Economic Forum are to identify the challenges of economic development and to seek realistic opportunities in a scale of the national producers of excellence, international organizations, and the private sector developers.

Bloomberg TV Mongolia organized the New Economic Forum with the Business Council of Mongolia, Mongolian Chamber of Commerce and Industry (MNCCI), American Chamber of Commerce (AmCham) in Mongolia, Australian Chamber of Commerce in Mongolia (AustCham), German Business Association of Mongolia (DMUV), and France-Mongolia Chamber of Commerce on May 13.

The world transition from the Western countries to the new economy is growing, the tendency of leaders to seek new economic reforms has been expanding to new markets and new leaders. Implementing policies based on the collective economy and innovative policies is a key policy for new economies.

The CEO of Bloomberg TV Mongolia Dolgion Erdenebaatar delivered a speech at the opening of the forum. He emphasized, “We need to speak openly about issues that the Mongolian economy is facing. According to the World Bank study, Mongolia’s natural resources are estimated to be around USD 60 trillion, or nearly equal to the world’s total wealth. There are more than 170,000 registered companies in Mongolia. The top 30 companies of them provide more than half of the tax bills. However, people tend to underestimate their contribution to Mongolia. Our domestic companies are beginning to enter the world market. We have enough possibilities to improve business opportunities and develop the economy.”

Within the framework of the New Economic Forum, a broad panel discussion held under the topics namely, “Is Mongolia ready for the next crisis”; “Will the Industrial Age Start in Mongolia”; “Private Sector Engagement - Small to Large”; and "Do Mongolians Ready for Development”.

Mongolian President Khaltmaa Battulga attended the New Economic Forum and discussed the topic “Mongolian Economy in 2020”
More than 300 people were invited to the forum including national investors, top economists, CEOs of the top taxpayer companies, and recognized leaders.

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Iron ore price rises to USD 68.4 per ton

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In the first three months, Mongolia’s industrial sector produced 895,700 tons of iron ore, 668,400 tons of iron ore concentrate, and 19,900 tons of zinc concentrate respectively. According to the current statistics, iron ore decreased by 348.300 tons or 28 percent, iron ore concentrate by 86.300 tons or 11.4 percent, fluorspar ore by 500,000 tons or 2.0 percent, and zinc concentrate by 4.0 thousand tons or 16.8 percent.In the first three months of 2020, iron ore exports reached 2.1 million tons or USD 141.1 million. Compared to the same period of the previous year, it decreased by 9,900 tons or 0.5 percent in volume and increased by USD 34.5 million or 32.4 percent in the monetary terms. The average price of iron ore was USD 51.4 per ton in the first three months of 2019, reached USD 68.4 in the same period of 2020, increasing by USD 17.0 or 33.1 percent compared to the earlier year. Iron ore prices on the world market are also rising amid reports that the Chinese economy is recovering. Currently, the Dalian Commodity Exchange (DCE) has risen iron ore price by 0.6 percent to 710 yuan per ton, while the Singapore Stock Exchange has risen 0.8 percent to USD 92.5. Since the beginning of the year, Mongolia had exported coal worth USD 513 million or 6.3 million tons, which decreased by 2.4 times compared to the same period of the previous year. The country has exported 671,000 barrels of oil, showing a fourfold decrease. Fluorspar export increased slightly by 15,000 tons, to 237,000 tons.

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Trade deficit of petroleum totals USD 248 million as of May

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Mongolia exported crude oil worth USD 24.8 million and imported USD 273 million of petroleum products in the first five months of 2020, which means the oil industry deficit reached USD 248 million. Fuel import contracted by 7 percent to 206,000 tons compared to the same period of the previous year. It plummetted by 20 percent to USD 101.8 million in price. Diesel fuel import decreased by 20 percent to 335,300 tons from a year ago, financially dwindled by 34 percent to USD 171 million. Domestic crude oil consumptions have been lowered predom-inantly due to the pandemic. Specifically, oil consumption has been deteriorated as a result of the suspension of export and obstacles in the mining industry, according to the fuel importers. Rosneft Oil Company decreased its border price of oil products supplied to Mongolia. On this subject, the retail price of AI-92 gasoline has been reduced by MNT 475 per liter, AI-80 by MNT 380, AI-95 by MNT 440, and diesel fuel by MNT 590 since March. PetroChina Daqing Tamsag LLC exports oil through the Bayankhoshuu border checkpoint, while Donshin Oil LLC exports by railway. Railway export has not been disrupted in the last few months. However, exports from the Bayankhoshuu border resumed after a period of disruption. Currently, there is no hindrance to exports, said the Mineral Resources and Petroleum Authority of Mongolia (MRPAM).

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Mongolia's SMI shows upward tend in may

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  • This was mainly due to the rapid recovery in the Business Confidence Index last month

Mongolia’s Sales Managers’ Index (SMI) is moving upward to a positive trend in May, according to the World Economics. This was due to the rapid recovery in the Business Confidence Index last month. However, the index remains below 50 points. Other key indicators show a slight improvement in the Sales Growth Index, while the Jobs Index shows weak demand. Mongolia’s economy has been hit hard by the pandemic, which was triggered by a temporary stagnation in China’s economy. As China opens up its economy, and many factories become more able to produce at nearly full capacity, the economy of Mongolia is following suit and responding positively. There is some way to go before the trend lines indicate renewed growth, but all indexes suggest the economy is moving in a positive direction, highlighted the World Economics. Mongolia is ranked 81 among 190 economies in the ease of doing business, according to the latest World Bank annual ratings. The rank of Mongolia deteriorated to 81 in 2019 from 74 in 2018.

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BoP deficit reaches USD 665.4 million

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The foreign direct investment totaled USD 491.4 million, decreased by more than 20 percent year on year. The Bank of Mongolia (BoM) emphasized that the Oyu Tolgoi project made up more than 90 percent of the foreign direct investment as of the first quarter of the year.

In the first four months of 2020, the balance of payments (BoP) showed a deficit of USD 665.4 million. The BoP deteriorated by USD 988 million compared to a surplus of USD 322.9 million in the same period last year. As the balance of payments deteriorates, the current account balance deficits USD 389.6 million. At the end of April last year, the current account surplus was USD 689.3 million. Major exports fell sharply due to border restrictions imposed to prevent COVID-19 during the period. Specifically, coal exports at the end of May shrunk 2.6 times than the previous year. In terms of inflows, foreign direct investment totaled USD 491.4 million, which decreased by more than 20 percent year on year. The Bank of Mongolia (BoM) emphasized that the Oyu Tolgoi project made up more than 90 percent of the foreign direct investment as of the first quarter of the year.