Tuesday, June 10, 2014

Mongolia Brief June 10, 2014

TOP 20: European Standards in Mongolia

June 10 (Mongolian Economy) Financial Statement:

Name: TalkhChikher
Assets: MNT 18 billion
Operating cost: MNT 2.1 billion
Net profit: MNT 1.3 billion
Distribution of dividends: in 2012, dividend of MNT 100 per share was distributed.
Debt: Received credit from European Bank for Reconstruction and Development and repayment of the loan will be completed by November 2014.
Company name: established in 1984 with name called TalkhChikherCombinat and it was privatised and renamed TalkhChikhershareholding company in 1999.
Stock ticker symbol: TCK
Number of shareholders: 4,200, of which 30 percent are small shareholders. 
Number of members of board of directors: 10 including the secretary.
Number of independent members of board of directors: four
Number of board members trained: Half of the members took the training course and received the certificate.
Number of employees: 670, of which 450 are factory workers.
Mission: to manufacture food products that meet the food security by using modern technology according; to create a new market; and to satisfy demand.
Line of business: pastries including more than 60 types of bread, cookies, cake, biscuits and confectionaries.
Advantage that differs from competitors: it produces digestive biscuits that are good for health; some 40 percent of overall products are organic and digestive biscuits.
Food security: there are accredited microbiological and chemical laboratories that carry out tests and samples on every single process of the production
Technological innovation: programme was launched in 2003. As a part of the programme, automatic production line to manufacture round bread loaves commenced operation in 2004. 
In 2006, the company created a variety of shapes of loaves.
In 2008, German and Ukrainian trucks with the loading capacity of 20 tonnes were ordered and imported for the purpose of transporting Atar flour from the mill house. 
In 2011, the company introduced advanced technology to manufacture digestive biscuits and deliver this new product to the market.
In 2012, conveyer line was installed to manufacture four types of oval-shaped loaves made of carrot, multi seeds and corn.
In 2013, automatic loaf-packing equipment was installed – the first of its kind in Mongolia.
In March 2014, the company plans to completely renew the production lines for cakes and pastries.
In all of the above renewals and installations, the company invested more than MNT 20 billion.
Mongolian Economy interviewed M. Bazar-Uugan, chief executive at TalkhChikher regarding its approach to corporate governance.
Does the company have any large-scale corporate governance frameworks?
As a part of our corporate governance, our company prefers to work in a healthy and clean workplace condition. The company is a member of the Non-Alcoholic Food Producers Association of Mongolia and has created a no-smoking and no-vodka environment in and around the factory. By the beginning of this year, we are planning to open a fitness centre for our workers. The fitness centre’sequipments, worth MNT 200 million, has been imported from China and maintenance worth MNT 100 million is taking place. 
Our working environment is quite hot and humid so we installed a ventilation solution worth MNT 800 million. We are also installing ventilation equipment that cost MNT 200 million for the pastry cooking section in March to provide convenient working conditions.
TalkhChikher builds an ice town each new year. How much does this cost?
Our company is located in the most populated and the worst equipped district – Songinokhairkhan. The company created an ice town along the main road besides the factory in 2012. We were happy to see that there were a number of guests including children from the district. We decided to build a bigger and nicer ice town in 2013. It cost more than MNT 50 million and involved hiring more than 10 sculptors.   
When was the last increase for employee wages?
The company has increased its employees’ wages over four stages, from October 2013 to January 2014, by 20 to 25 percent because the prices of consumer goods have been increasing since June 2013, mainly due to the fluctuation in the FX rate. It is difficult to increase the wages of 670 workers. Now the wages of our employees average MNT 600,000.
What is your plan for raising your position in the pastry market of Mongolia?
We will try to advance our position in the market in 2014. The main contribution to this would be the renewal of the current production line with the automatic line. This will hopefully bring changes to flavour, quality and even the types of our products and will raise our competitiveness. TalkhChikher has the slogan “European Standard in Mongolia”, in terms of technological innovation.  

Mongolia to Cooperate with ILOon Balanced Labor

Ulaanbaatar, June 10(MONTSAME)The Government of Mongolia and the International Labor Organization /ILO/ have established a memorandum of mutual understanding on a support for a balanced labor.
It took place during the international labor conference which is running in Geneva of Switzerland May 28-June 12. The document has been inked by the Minister of Labor Ya.Sanjmyatav and by MrYoshiteruUramoto, a director of regional office for Asia Pacific at the ILO.
Present at the action were also the Prime Minister N.Altankhuyag and the Director-General of the ILO Mr Guy Ryder.

Standing Committees Support Sh.Tuvdendorj

Ulaanbaatar, June 10(MONTSAME)A joint meeting of two Standing committees on Tuesday backed a proposal on appointing Sh.Tuvdendorj MP as a Minister for Industry and Agriculture.
Members of the committees on Economy and on Environment, Food and Agriculture discussed the appointment proposal and decided to submit it to parliament, which is expected to discuss this issue on Thursday.
The office has become vacant since the preceding Minister Kh.Battulga resigned from the post at his own request. The Prime Minister’s proposal to appoint Sh.Tuvdendorj to the office has not been supported by the President Ts.Elbegdorj, who has rejected the proposal, considering it is inappropriate for one to simultaneously hold offices of a MP and a Minister.

First Consultative Meeting between Foreign Ministries ofMongolia and Colombia Run in Bogota

The Foreign Ministries of Mongolia and the Republic of Colombia held its FirstConsultative Meeting in Bogota city on June 05-06, 2014.
The meeting was chaired by Deputy Minister of Foreign Affairs Damba GANKHUYAGrepresenting Mongolian part and the other side by Deputy Minister of Foreign Affairsof Colombia Patti Londoño Jaramillo, where parties reviewed the current state ofbilateral relations and cooperation, and exchanged views on further possibilities toboost the ties.
At the meeting, the Colombian side represented with its authorities from the Ministryof Mines and Energy, Ministry of Agriculture and Rural Development, NationalPlanning Department, and Ministry of Commerce, Industry and Tourism, who delivered statements and expressed theirwillingness to collaborate and exchange experiences with Mongolia in the relevant sectors.
The sides emphasized the official visit of Deputy Minister Patti Londoño Jaramillo to Mongolia conducted in 2012 stimulated thebilateral relations, particularly, created a business ties between the mining ministries of the two countries, besides sides alsonoted that there are wide opportunities for expanding bilateral collaboration in the areas of environmental protection, cultureand education.
In favor of promoting people-to-people ties, the Colombian side handed over a note on the endorsement of the visa waiveragreement for diplomatic and official passport holders. Issues were also touched upon the commencing talks between therelated Ministries and Agencies on free trade and investment matters.
Moreover, the Ministry of Foreign Affairs of Colombia expressed its readiness to invite Mongolian tour guides and journalists inSpanish language training program at the first phase, which is being implemented by the Forum for East Asia-Latin AmericaCooperation (FEALAC).
Parties also agreed on maintaining the frequency of bilateral political talks and supporting each other within internationalorganizations.
Besides the Deputy Minister D.Gankhuyag, Mongolian side was attended by Chairman of the Department of Americas andAfrica B.Chuluunkhuu and the other part by Director of the Department of Asia, Africa and Oceania Sandra Rosas, Director ofthe Department of Multilateral Cooperation Andrea Alban, and Director of the Department of Cultural Relations NataliaSuescan.
Mongolia and the Republic of Colombia have established the diplomatic relations on August 10, 1988.

Merit Athlete of Mongolia O.Gundegmaa Wins Gold Medal from 2014 ISSF World Cup

June 10 (infomongolia.com) On June 04-13, 2014, the ISSF World Cup Rifle/Pistol/Shotgun is being organized inMunich, Germany, where in the medal contest of 25 m Women Pistol held on June09, the Merit Athlete of Mongolia Otryad GUNDEGMAA won a Gold medal.
This is the first medal by O.Gundegmaa since the 2012 London Olympics and otherinternational events, who has been looking after her newborn child and being awayfor a while.
Moreover, this is the seventh Gold medal grabbed from World Cup and the secondbiggest achievement since 2008 Beijing Olympics, where O.Gundegmaa won Silvermedal in the Women’s 25 m pistol category.
In the Gold medal contest, O.Gundegmaa challenged with her countrywoman Dorjsuren MUNKHBAYAR, a citizen of Germany,defeating by overall points of 8:0, where a total of 95 shooters have competed in the 25 m Women Pistol.
In the Bronze medal contest, shooters from China, ZHANG Jingjing and CHEN Ying have competed and after all collectedpoints, ZHANG Jingjing stood in the third place of 25 m Women Pistol.
O.Gundegmaa is Back in Formnews.mn, June 10

PM N.Altankhuyag at Session of ILC

Ulaanbaatar, June 10(MONTSAME)The Prime Minister of Mongolia N.Altankhuyag Monday arrived in Switzerland to participate in the 103rd session of the International Labour Conference (ILC) which kicked off May 28 in Geneva.
MrAltankhuyag has been invited as a honored guest by Mr Guy Ryder, the Director-General of the International Labour Organization (ILO) to the ILC session. The latter is running under "Progress with jobs-Employment-2014" topic.
Within the session, the Premier has delivered a report on measures and experiences of his cabinet in running reforms in the labour and social spheres, and plans to meet with Mr Ryder, the ILO Director-General, and Mr Michael Moller, the Director-General of the UN Office at Geneva.
Mongolia became a member of the ILO May 10 of 1968, and has joined 16 Conventions adopted by the ILO.  

S.Ganbaatar MP Meets Pharmacy Investors

Ulaanbaatar, June 10(MONTSAME) Independent MP S.Ganbaatar met Tuesday with investors David Allen and Ian Noakes, together with the First Vice Prime Minister of Kyrgyzstan TayirbekSarpashev in the State House.
Mr Ganbaatar thanked the investors for the investments in the pharmacy development of Mongolia and production of 30 types of hyper-alimentation solutions here, and expressed a readiness to cooperate with them in the pharmacy sector.
He also noted the advantages of the domestic pharmaceutical production for better safety regulations and cheaper costs.
Interested in launching a hyper-alimentation solution plant in his country, MrSarpashev expressed a willingness to cooperate with the investors.
Mr Allan and MrNoakes said they are pleased with successful operation of the factory in Mongolia and thanked Mr Ganbaatar for receiving them.

Tax Exemption for SME Facilities and Equipment to Continue

Ulaanbaatar, June 10(MONTSAME) The law on exempting facilities, equipment and tools of small- and middle-sized enterprises from the customs excise tax and customs VAT has been prolonged until December 31 of 2016.
It was passed by the parliamentary session last week in order to support the SME, said the "Economic Intensifying" council at the PM on Monday.
Some 66 thousand enterprises run business in Mongolia, 92% of them are considered the SME with up to 20 employees. Some 80% of these entities urgently need their facilities update,"that's why the law has been prolonged", said the council’s secretary B.Byambasaikhan.
By the law’s amendment, the kinds of imported equipment and facilities to enjoy the tax exemption are added, in addition, the cabinet is authorized to fix a term for the SMEs for paying the taxes by installments, Byambasaikhan said. Now the enterprises will have no pressure when taking part in the great construction, he added. 

P.Tsagaan Meets with IDLO Delegates

Ulaanbaatar, June 10(MOINTSAME) Chief of Staff of the President of Mongolia P.Tsagaan met Monday with MrB.Paton, a special envoy of the International Development Law Organization /IDLO/, and MrK.R.Eskudero, a permanent representative of the IDLO in Mongolia.
The sides focused on matters such as Mongolian President's initiative on a court reform and advanced training for judges and lawyers.
Mr Paton said the IDLO is open for Mongolia to join as a member-country.
The IDLO has been running projects such as judges training program together with the European Bank for Reconstruction and Development and the Development Bank from 2012 and a reconciliation project from 2013 in our country.

Deputy Foreign Minister Visits Brazil

Ulaanbaatar, June 10(MONTSAME)During his visit to Brazil, the Deputy Foreign Minister D.Gankhuyag met Monday with Brazilian Foreign Minister Luiz Alberto Figueiredo Machado.
MrGankhuyag conveyed greetings of the Mongolian Foreign Minister L.Bold to MrFigueiredo and shared opinions with him on opportunities to further develop the Mongolia-Brazil cooperation.
Highlighting great opportunities for the relationship development, MrFigueiredo said the new Embassy of Mongolia in Brazil has opened a new era in our ties.
The sides agreed that a series of consultative meetings of the FMs, held since 2007, has become an efficient mechanism of opinion-sharing. They also decided to make efforts to run high-level political talks.

Mongolia-Brazil Consultative Meeting Held

Ulaanbaatar, June 10(MONTSAME) A Foreign Ministries consultative meeting of Mongolia and Brazil ran Monday in Brasilia, during a visit of Deputy FM D.Gankhuyag to this country.
Organized by D.Gankhuyag and his Brazilian counterpart Mr Jose Alfredo Grasa Lima, the meeting was attended by UN permanent representative of Mongolia O.Och, the Foreign Ministry's America-Africa Department chief B.Chuluunkhuu, together with officials of the Brazilian Ministries.
The sides shared opinions on the importance of suggested intergovernmental treaties on cooperation in sports and education, and on mutual visa waiver for passport holders of all kinds, and agreed to sign these documents in near time, once issues regarding law and regulations of Brazil are solved.
They also emphasized a mutual readiness to support the ties between the ministries for mining, agriculture and defense of the two countries, to hold reciprocal visits and to exchange related to all this experiences, and decided to further cooperate for strengthening their traditional support to each other on the fields of international organizations.
The visit of the Deputy FM will continue on Tuesday with meetings with members of the Brazil-Mongolia group in the National Congress of Brazil, and a visit to the Brazilian Agricultural Research Corporation affiliated to the Agriculture Ministry.

PM Delivers Speech at ILC Session

Ulaanbaatar, June 10(MONTSAME) Mongolia has been actively taking part in the "Post 2015: The future we want" consultations, attaching a great importance to supporting a proper and fruitful employment.
The Prime Minister N.Altankhuyag said it at the 103rd session of the International Labour Conference (ILC) which is running in Geneva, Switzerland. The session has gathered 5,000 delegates from 180 countries.
In his speech, the Premier highlighted his government's many measures for providing businessmen and investors with sustainable, transparent and bureaucracy-free state services, "one example of which is the 'Employed and paid Mongolian' national programme".
The Ministry of Labour was set up at the cabinet for reforms with duties also concerning the small- and middle-sized productions, cooperatives, vocational education and training and employment matters, he said. It was vital for us to solve issues of demand and supply at the labour market and of SME human resources, the Premier added.
The Mongolian government launched projects and programmes on supporting the employment for people above 40 years, for employment of uncompetitive people, moreover, many problems have been solved in social and labour matters through a trilateral agreement, promoting a development of social partnership, MrAltankhuyag said.    

Cows to Come from Slovakia

Ulaanbaatar, June 10(MONTSAME) The first shift of 165 Simmental cows out of a total  600 heads is to come to Mongolia this July.
The contract of the export of these gestating three-year old cows is signed by Ambassador of Mongolia to the Slovak Republic D.Zumberellkham on June 5 in Bratislava, upon an invitation of Ms Magdalena Lacko-Bartosova, the State Secretary with the Ministry of Agriculture and Rural Development of the Slovak Republic.
Under the contract, Isokman Trading of Slovakia will supply the cows to GoviKhurakh LLC of Mongolia.
MrZumberellkham thanked MsLacko-Bartosova for the attention to implementation of mutually beneficial projects and programs between the two countries, and underlined some cooperation offers to boost agriculture and intensive farming in Mongolia. He noted that traditional relationship of the two countries has been developing with political and economic cooperation in recent years.
After sharing opinions on opportunities to develop the agricultural cooperation with new contents, the parties agreed to actively collaborate further.

Mongolian at Workshop Eurasia Int'l Business Forum

Ulaanbaatar, June 10(MONTSAME) Director of Division for Investment Promotion and Consultancy Services at Invest Mongolia Agency D.Irmuun made a presentation at the Workshop Eurasia international business forum in Rome, Italy, on Monday.
Organized by the Italian Chamber of Commerce, the event aims to inform European countries of the business opportunities offered by the dynamic development of Asian economies. The initiative allows institutions and companies to shape their strategies in order to establish new relations between European and Asian countries or to consolidate existing business relationships.
The two-day event includes four sessions themed as "East Asia: Geo-economic framework and development models", "Investing in Asian markets, attracting capital in Europe", "Europe and Asia, allies to growth–Media and communication to evolve: Unlocking value in global market" and "Southeast Asia: Challenges, opportunities and emerging economies".
The speakers include investment officials from Mongolia, China, Japan, S.Korea, Bangladesh and Azerbaijan.

Minister of Justice Submits Draft New Wordings of Laws

Ulaanbaatar, June 10(MONTSAME) The Minister of Justice Kh.Temuujin MP Monday submitted to the Speaker Z.Enkhbold draft new wordings of the laws on pledge of movable properties and non-material capitals and on state registration of legal subjects.
The first bill aims to create a legal environment for putting movable and non-material properties into the economic circulation by pledging them, "which would accelerate the national economic growth and augment investment and credit financing". All kinds of stocks, shares, designs of products, trademarks, all creative works of sciences, arts and movable properties can be items to pledge, MrTemuujin said.
The second new wording makes clear a legal basis for introducing an online system of E-registration network, and let people obtain information and make registration through online, "which eliminates many obstacles in sharing information about the registration", says the Minister. 

Bill on "Glass Account" Submitted to Parliament

Ulaanbaatar, June 10(MONTSAME) Head of the Presidential Office P.Tsagaan Monday submitted to parliament a draft law on “glass account" to the Speaker Z.Enkhbold.
This bill has been formulated in accordance with a recommendation of the National Security Council (NSC) on realizing the President's "From Big to Smart Government" initiative, Tsagaan said.
Some of the goals of the bill are to introduce the "glass account" system in Mongolia, which has been reflected in both middle- and long-term national policy document on decentralization through the direct democracy and civil participation.
Current budgetary management system is wholly dependent on the government and is fully centralized. Rural governors are relatively higher than the Citizens’ Councils in terms of authority, which impairs the monitoring process over the local administrations from people. Thus, the bill has been worked out to create the legal system for putting control over the budgetary actions with tax payers’ money by promoting the system of civil monitoring.
If the law is passed,all incomes and expenditures of the state and local budgets, and information and decisions regarding debts, credit, guarantee, spending of capitals will become transparent to the public, therefore, people can control the spending of the tax payers’ money.

Mongolia-Inner Mongolia Investment Forum 2014 to TakePlace in Ulaanbaatar

The Invest Mongolia Agency, Mongolian National Chamber of Commerce andIndustry (MNCCI), and Sub-Council of Inner Mongolia Autonomous Region, affiliatedthe China Council for the Promotion of International Trade (CCPIT), are jointlyorganizing the Mongolia-Inner Mongolia Investment Forum 2014 at the MNCCIfacility in Ulaanbaatar on July 02-04, 2014.
The Forum anticipates over 200 investors and businesses from China, whereprojects and programs require investments will be introduced and seek opportunitiesto collaborate in the following areas:
- Energy
- Road Transportation
- Construction
- Mining
- Food and Agriculture
- Communication
- Commerce
- Bank and Finance
- Natural Environment

1 comment:

  1. Greetings to You Loan Seekers,

    Getting a legitimate loan have always been a huge problem to clients who have financial needs. The issue of credit and collateral are something that clients are always worried about when seeking a loan from a legitimate lender. But ROBERT SMITH LOAN COMPANY. has made that difference in the lending industry.ROBERT SMITH LOAN COMPANY.. has been accredited by the lender’s council to give out loans to local and international clients at 2.5% rate . We have been given the privilege to meet your financial needs. The issue of credit shouldn’t stop you from getting the loan that you need.

    Our Services Include the Following:-
    *Investors Loans
    *Debt Consolidation
    *Second Mortgage
    *Business Loans
    *Personal Loans
    *International Loans
    No social security and no credit check, 100% Guarantee. All you have to do is let us know exactly what you want and we will surely make your dream come true. ROBERT SMITH LOAN COMPANY, says yes when your banks say NO. Lastly, we fund small scale loan firm, intermediaries, small scale financial institutions for we have unlimited capital. For further details to go about procuring a loan from us: Kindly respond immediately to this


    Loan Application Details

    Loan Amount:
    Loan duration:
    Marital Status:
    Mobile phone:

    NOTE:You shall receive the loan conditions and terms once we received your
    filled loan form so i look forward to hearing from you.

    Best Regards

    Mr Robert Smith