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http://zgm.mn/post/3328/

Private entities raise concern over business environment

Private entities raise concern over business environment
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http://zgm.mn/post/3328/
  • Mongolian Economic Fo­rum aimed to define sustainable economic develop­ment policy

Mongolian economic forum 2019 under the theme National In­terest kicked off on october 30, at the Mongolian National Chamber of Commerce and Industry (MNCCI). The annual forum aimed to build consensus for defining sustainable economic development policies and addressing challenges key sectors of Mongolia are facing, among poli­cymakers, the business community, academia, and civil society. This is the first economic forum held during the time that the 2020 State Budget is being discussed. President of MNCCI, Amartu­vshin otgondavaa said in his open­ing speech “This year, the Mon­golian economic forum is being organized by private sectors under the theme of National Interest. Al­though the economy is growing, poverty remains high and many social issues have not been resolved.”The forum was co­organized by non­governmental organizations working to protects businesses and their interests, namely, MNC­CI, Mongolian economic forum (Mef) Ngo, Mongolian Business Council, Ceo Club, without any government involvement. “Business owners gathered here to discuss what they are facing and to make recommendations to government and policymakers. There­fore, panelists of today’s forum do not have high positions, but just business owners who express their concerns on behalf of civil society,” highlighted one of the panelists According to the National Sta­tistical office, only about 50 per­cent of the total registered 180,000 enterprises are currently operating.


Accountability mechanism plays a key role in improving the business environment

The World Bank’s survey on Doing Business has also shown that there is no improvement in Mongolia’s business environment. The country was ranked at 81st place out of 190 countries.Panelist of the discussion noted that since all the negative indica­tors of the business environment of Mongolia are related to irrespon­sibility, accountability mechanism at all levels plays a key role in improving the business environment of Mongolia. Also during the event, MNCCI, economic Policy and Competitive­ness Research Center, Mongolian Business Council and Ceo Club established a memorandum of understanding to maintain active economic and business coopera­tion.










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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.

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Coal export of SouthGobi Resources rises by 70% in May

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  • HSX listed SouthGobi Resources’ share price rose by 3.57 percent to HKD 0.58 as of Tuesday. Additionally, the company holds mining special licenses of Ovoot Tolgoi underground deposit

During May 1-28, coal export of SouthGobi Resources Ltd. amounted to approximately 0.17 million tons, an increase of 70 percent from the same period in April 2020. To preserve its working capital, SouthGobi had suspended the coal mining operations from February 11, 2020, but in the meantime, the company is continuing its coal blending operations. The company speculated that its existing coal inventories are sufficient to satisfy expected sales demand for at least two months as of the date hereof. SouthGobi had finalized a repayment agreement with one of its biggest suppliers in Mongolia and is discussing repayment agreements with other suppliers. The company is also in the process of finalizing a one-year extension of an existing bank loan in Mongolia to May 2021. HSX listed SouthGobi Resources’ share price rose by 3.57 percent to HKD 0.58 as of Tuesday. Additionally, the company holds mining special licenses of Ovoot Tolgoi underground deposit and Zag Suuj deposit which located in Umnugovi province and exports coal to China through Shiveekhuren border checkpoint. 

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Parliamentary election campaign officially begins

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  • Polling day of the election is scheduled to take place on June 24
  • The regulation specifies that parties, coalitions, and candidates shall organize any events, meetings with voters in online form during the election campaign

The chairperson of a party, coalition, and a candidate, shall be prohibited from participating in independent non-election programs and interviews from the beginning of the election campaign until the end of the voting process.

The parliamentary election campaign officially commenced on Tuesday amid the pandemic. According to the Law on Elections, the election campaign shall start from the day the candidate received an ID card and end 24 hours before the polling day or before 00.00 on the day before the polling day. The election polling is scheduled to take place on June 24. The chairperson of a party, coalition, and a candidate, shall be prohibited from participating in independent non-election programs and interviews from the beginning of the election campaign until the end of the voting process. The fine for violating certain rules is between MNT 20-200 million. During the 2020 Parliamentary Elections, polling stations will be decontaminated to prevent the spread of COVID-19 infection. About MNT 2.5 billion will be spent on providing protective equipment to employees. The government had also passed regulations on preventing infection during the election campaign. The regulation specifies that parties, coalitions, and candidates shall organize any events, meetings with voters in online form during the election campaign. If it is not possible to organize the event online, the meeting places shall be pre-cleaned, disinfected. Also, the distance between participants should be at least 1.5 meters, wearing masks. One-time meetings and gatherings will be held in the hall for a short time. In other words, it should not exceed two hours, according to the law. 

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Six people retested positive for COVD-19, total cases rise to 185

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Director of National Center for Communicable Diseases, Nyamkhuu Dulmaa announced the results of COVID-19 tests and the treatments during the daily briefing of the Ministry of Health (MoH). In accordance with his statement, a total of 365 out of 371 was tested negative for COVID-19 on May 31 also the randomly collected eight samples have been tested negative. However, six citizens who placed under quarantine retested positive for COVID-19. Confirmed cases were all imported from Russia came by the military flight on May 15, bringing the total of confirmed COVID-19 cases to 185.” Of them, approximately 44 citizens have been discharged from hospital and 141 patients have been receiving coronavirus treatment. In terms of the physical condition, 118 is light and the other 23 is a bit severe. Additionally, Director Nyamkhuu Dulmaa emphasized that the coronavirus was detected 18 days after the students were isolated which is the good result of extending the isolation period to 21 days. Currently, NCCD has started to collect samples of 179 citizens who repatriated from Istanbul Turkey in order to retest for infection.