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Wednesday, July 6, 2011

Mongolia Briefing is a magazine and daily news service about doing business in Mongolia. We cover topics relating to the Mongolian economy, the market in Mongolia, foreign direct investment and Mongolian law and tax. It is written in-house by the foreign investment professionals at Dezan Shira & Associates

Monthly Archives: February 2012

Mongolia to Speed Up Power Plant Preparation Work

Feb. 28 – Mongolia’s Cabinet has asked to accelerate the completion of the project proposal for the construction of the Fifth Thermal Power Plant in Ulaanbaatar, which is scheduled to start in 2013, according to local media. The government would like to announce the tender winner no later than June, 2012.

At the start of the bidding procedures, 11 companies submitted formal applications to participate in the process. Now, only four of them remain, according to the Ministry of Mineral Resources and Energy. Continue reading

Posted in Business, Energy, Mining | Tagged , , , | Leave a comment

Mongolia’s Cashmere Industry

By Marina Romanova

Feb. 24 – Cashmere is the second largest hard currency-earning export of Mongolia, which makes the emerging Asian nation the world’s second largest producer of the coveted goat’s wool, after China.

According to the latest available statistics, Mongolia produces 6,700 tons of raw cashmere annually, accounting for about 28 percent of the total world supply. The number of cashmere goats in the country increased almost 300 percent between 1990 and 2009. During the same period, the amount of raw cashmere produced increased by 450 percent. Continue reading

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Mongolia’s Cross-Country Railway Project Faces Delays

Feb. 13 – The extensive cross-country railway capable of delivering Mongolia’s swelling coal output to South Korean and Japanese markets through Russian territory originally scheduled to start last year is not likely to begin before 2017, the country’s railway authority told reporters.

The funds required to finance a series of feasibility studies and project designs (around US$50 million), drawn up last year when the decision to quadruple the country’s rail network was made, remain on paper. Continue reading

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Goldman Sachs to Buy Stake in Mongolia’s Trade and Development Bank

Feb. 10 – Banking giant Goldman Sachs has agreed to buy a 4.8 percent stake in the Trade and Development Bank of Mongolia (TDB), according to a statement released by the Mongolian bank on Thursday. The value of the deal was not disclosed.

The investment was kept below 4.99 percent because buying a higher stake would have triggered greater requirements under U.S. legislation, according to Reuters. Continue reading

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Mongolia’s 2012 State Budget Largest in History

Feb. 8 – Mongolia has set a record for the largest budget in the history of the country at MNT4.63 trillion, amounting to more than half of GDP, which experts’ identify not only as a sign of economic development, but also as a symptom of election syndrome.

“We have to mobilize all of our resources to fully fulfill the election promises,” Prime Minister S. Batbold said when presenting a draft budget to Parliament last fall.

Mongolia’s legislative elections will be held in June 2012. Continue reading

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Dezan Shira & Associates provide a range of services for companies looking to undertake foreign direct investment into Asia, These include corporate establishment, accounting, tax, payroll, audit and due diligence. To learn more about the firm, please contact one of our specialists at mongolia@dezshira.com, download our corporate brochure or visit at us www.dezshira.com

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