Mongolia Economic Forum 2016 starts

R.Adiyasuren

2016-03-30 08:48 GMT+8

Mongolia Economic Forum 2016 starts with the opening remarks from the P.Tsagaan, Head of Presidential Office. This year's forum is being held under slogan "lessons, challenges, solutions". GoGo Mongolia will bring you live coverage from State Palace for the full duration of this event.

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13:48 2016-03-30

B.Bolor, the Minister of Finance attends the plenary sessions. He stated that the Government of Mongolia bought USD 500 million bond in order to repay the domestic bond. 

12:39 2016-03-30

Break out session on Vision for Mongolian Mining Industry starts at A Hall. 

Session is moderated by the S.Jamba, chair, Mongolian Mining National Association and will discuss following topics:

  • Solutions and challenges 
  • Competitiveness of Mongolian Mining Industry 
  • Development trends 

The session is opened with the speech of M.Dagva, researcher and director of QMC LLC. 

12:31 2016-03-30

Right now break out session on Development Partnership - Past, Present and Future starts. The session is moderated by E.Sodontogos, chef, national coordinator, national secretariat for the second compact agreement between the Government Mongolia and Millennium Challenge Corporation of the USA. 

The first speech was delivered by the Robert Shoellhammer, country director of the ADB. He cited that Mongolia must think carefully about how the nation is getting the values out of all these investments or aid. 

Following Beate Trankman, UNDP Resident Presresentative, United Nations Resident Coordinator noted that Mongolia needs better governance system, resources distribution and policy alignments with target objectives. UNDP will support the integrated financing assessments. The government should find ways to expand the partnerships with more organizations in more broad sectors.

11:50 2016-03-30

Q&A session of the plenary session on Economic Outlook starts. 

N.Zoljargal, the President of the Bank of Mongolia:

"95 percent of the foreign investment went to mining sector. Mongolian inflation reached its lowest rate in last two years from Asian countries. Low inflation can have various advantages to the economy.

Further we should develop economy based on knowledge rather than economy based on mining. In 2011 and 2013, we had issued social welfare to the public from the taxation of foreign investment. During that time, inflation rate was high. Unless we have not stopped it, we would have fallen from the sky. At that time we learned that providing welfare from the taxation of foreign investment is wrong. We understood that the average savings is important. 

Four years ago, we were aiming at inflation rate of 6%. Today inflation rate is Mongolia is 2%. 

New balance or the policy is challenging us. It is important to let it continue."

B.Bolor, the Minister of Finance answered on opportunity of approving budget has not budget deficit. 

"There is urgent need to approve budget has not budget deficit. As a result of budget deficit, we are facing economic crisis now. We see opportunity to erase budget deficit. We should move forward together to male healthy economy."

MP Ts.Bayarsaihan:

"Mortgage loan supports the savings and real estate market. In scope of policy on expanding economy, we should create different types of loans in addition to mortgage loan. Next year, we need to approve healthy budget."

Q&A session of the plenary session on Economic Outlook starts. 

N.Zoljargal, the President of the Bank of Mongolia:

"95 percent of the foreign investment went to mining sector. Mongolian inflation reached its lowest rate in last two years from Asian countries. Low inflation can have various advantages to the economy.

Further we should develop economy based on knowledge rather than economy based on mining. In 2011 and 2013, we had issued social welfare to the public from the taxation of foreign investment. During that time, inflation rate was high. Unless we have not stopped it, we would have fallen from the sky. At that time we learned that providing welfare from the taxation of foreign investment is wrong. We understood that the average savings is important. 

Four years ago, we were aiming at inflation rate of 6%. Today inflation rate is Mongolia is 2%. 

New balance or the policy is challenging us. It is important to let it continue."

B.Bolor, the Minister of Finance answered on opportunity of approving budget has not budget deficit. 

"There is urgent need to approve budget has not budget deficit. As a result of budget deficit, we are facing economic crisis now. We see opportunity to erase budget deficit. We should move forward together to male healthy economy."

MP Ts.Bayarsaihan:

"Mortgage loan supports the savings and real estate market. In scope of policy on expanding economy, we should create different types of loans in addition to mortgage loan. Next year, we need to approve healthy budget."

Mr. Neil Saker, resident IMF representative for Mongolia:

Future of Mongolia seems bright. It is right to support savings which will later help to solve the facing issues of economy before. If Mongolia follow the right policy, it can overcome the crises. 

WHAT ISSUE SHOULD SOLVE AT FIRST IN 2016?

N.Zoljargal, the President of the Bank of Mongolia: "We had bad news for the first two months of 2016. We started to hear good news after Lunar New Year. 

We are granting loans which is able to be issued. Businesses must plan their vision for 2016 within this March. Currency rate is expected to be stable this year. Money-supply is able to be grown due to stable inflation. 

I hope that loans will be increased in order to support economy based on knowledge."

10:39 2016-03-30

Plenary session on Economic Outlook which has two parts starts. Part 1 to discuss World at Large while Part 2 to discuss Mongolian in specific. 

Right now, Director East Asia & the Pacific International Finance Corporation. Mr Vivek Pathak is delivering speech. 

He noted that we are happy that loans provided to Mongolia from IFC has been higher than other organizations. We are focusing on mining, small and medium enterprisers.

Youths accounted for most of the Mongolian population. Mongolian youths can be skilled and competitive to the world. Also Mongolians can adapt to anything and it would be advantage to the current unstable situation.

Mineral prices have been going up and down. Even in 1990, mineral prices were low. Gradually, demand in mineral sector have grown. 

If Mongolia can create environmental policy and attract investments, the economy will be risen in further. 

Even it is hard to make decision before the election, there is no way left. Mongolia has enough opportunities in many sectors including tourism, food products, mining, finance as well as information and technology sector.  

Mongolia should create many sources of economies by spending the foreign investment earnings to other sectors. 

If Mongolia can solve the current challenges, the future seems good. 

I think it is important to create many sources of economies and partners as well as to develop low cost agriculture and tourism. 

10:32 2016-03-30
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10:11 2016-03-30

Next honorary guest is Mr.Ayum Konishi, Director General, East Asia Department, ADB. 

"This year, we marks the 25th anniversary of Mongolia's membership in the Asia Development Bank. Cooperation between ADB and the Government of Mongolia has been fruitful and we have collaborated in many sectors as we see solid improvements throughout Mongolia.

Mongolia is rich in natural mineral resources and it is one of the most important areas to focus in order to ensure sustainable develpment.

ADB will continue to be strong and supporting partner to Mongolia. I would like to congratulate PM Ch.Saikhanbileg and his economic teams for organizing this significant event."

09:48 2016-03-30

Right now, Prime Minister Ch.Saikhanbileg delivers speech. 

"This year's motto is 'lessons, challenges, solutions.

First, I would like to discuss about challenges - Mongolia faced few challenges in the past. Economic crisis in 1998, which covered most of Asia. Next was the world economic crisis that began 2008. We overcame these challenges with our little economy and assistance from other international organizations.

Second, I would like to discuss about lessons learned - Bad foreign investment policies scared away international investors and we took the blow hard, not just the government but the people too.

Third, I would like to discuss about solutions - In the past four years, we have witnessed that we can work together. For example, we built 100 thousand household apartments within one year, infrastructure development and social welfare improvements etc.

So let us work together and learn from our mistakes to overcome the challenges and find the right solutions."

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