Thursday, July 31, 2014

Mongolia Brief July 30, 2014 Part II



Soums’ development to be analyzed every two years
Ulaanbaatar, July 30 (MONTSAME) At its meeting on Monday, the cabinet gave obligations to some officials to approve a method for appraising the developmental index of soums and to provide an information necessary for issuing the index.

In accordance with the Developmental Model of Soums, reflected in a governmental resolution, soums will be classified in four based on their populations, and their developmental indexes will be announced every two years. This will greatly help in accelerating the local development and in effectively appraising outcomes of projects implemented in the localities.

Labour Minister receives president of WorldSkills Int'l
Ulaanbaatar, July 30 (MONTSAME) The Minister of Labour Ya.Sanjmyatav received Tuesday visiting Mr Simon Bartley, the president of the WorldSkills International.
Mr Bartley highlighted an importance of Mongolia’s joining the Worldskills International as the 69th member, and said that a preparation of skilful workers, who match all the needs of labour market, will bring many advantages to the economy. He advised Mongolia to exercise their teachers in order to successfully compete in the WorldSkills in 2015 in Sro Paulo of Brazil.
In response, the Minister supported an importance this preparation and asked whether it is possible to receive related consultations from the WSI. He also said Mongolia is preparing its workers through short- and long-term trainings, a majority of them become welders, bricklayers, tailors, turners and assemblers by orders of employers. To this, Mr Bartley stressed an importance of preparing skilled workers for the industrial sector.
Mongolia produced about 6,000 skilled workers at vocational training centers, this number increased to 6,500 this year. To improve more skills of workers, the country has started national skills competitions among students of vocational training centers.
WorldSkills International is a not for profit membership association open to agencies or bodies which have a responsibility for promoting vocational education and training in their respective countries/regions. WorldSkills International operates worldwide, it provides a unique means of exchange and comparison of world-class competency standards in the industrial trades and service sectors of the global economy. The continued growth of WorldSkills International attests to the fact that traditional trade and craft skills along with the newer technology multi-skilled vocations make an essential contribution to the economic and social well being of peoples everywhere.

Ministry and Corporation to continue cooperating
Ulaanbaatar, July 30 (MONTSAME) Mongolia’s Ministry of Health will cooperate with Japan’s Sysmex Corporation.
A cooperation contract was inked Wednesday by Ms N.Udval, the Minister of Health, and by Mr Masayoshi Hayashi, the vice president of the Sysmex Corporation. This is a continuation of the previous document signed in 2008 on collaborating in forming an external monitoring system over the laboratory and hematology’s quality. The prolonged cooperation contract will continue until 2017.
President at the signing ceremony were also Takenori Shimizu, the Ambassador Extraordinary and Plenipotentiary of Japan to Mongolia; Keiji Fujimoto, an executive director of the corporation; Kunihiro Funakoshi, an executive director; and Ya.Amarjargal, a head of the Medical Assistance Section of the Ministry. 

Health Minister meets Towa pharmaceutical company leaders
Ulaanbaatar, July 30 (MONTSAME) The Minister of Health Ms N.Udval met Tuesday a delegation led by Mr Itsuo Yoshida, a director of the Towa Pharmaceutical company of Japan.
The Japanese delegation visited Mongolia July 26-29 with an aim to conduct an initial research over producing a medicine by analyzing a chemical ingredient of malt, planting it and erecting a medicine factory. The company supplies to Mongolia some rare kinds of medicines.
The Health Minister promised to support the company’s activities through a policy.

Stock exchange news for July 30
Ulaanbaatar, July 30 (MONTSAME) At the Stock Exchange trades held Wednesday, a total of 2,883 shares of 14 JSCs were traded costing MNT three million 896 thousand and 970.00.
"Kherlen khivs” /1,500 units/, "Khokh gan” /486 units/, "Baganuur” /336 units/, "Genco tour bureau” /300 units/ and "E-trans logistics” /105 units/ were the most actively traded in terms of trading volume, in terms of trading value--"Baganuur” (MNT one million 276 thousand and 800), "UB-BUK” (MNT one million and 200 thousand), "Talkh chikher” (MNT 752 thousand and 900), "Kherlen khivs” (MNT 255 thousand and 900) and "Tavantolgoi” (MNT 142 thousand and 800).
The total market capitalization was set at MNT one trillion 612 billion 897 million 952 thousand and 461. The Index of Top-20 JSCs was 15,972.61, increasing by MNT 111.87 or 0.71% against the previous day.

Mongolians to compete in World Chess Olympiad
Ulaanbaatar, July 30 (MONTSAME) Chess players of our national selected team headed Wednesday to Norway to participate in the 41st World Chess Olympiad which will run August 1-14 in Tromso city.
The Mongolian men’s team has Ts.Batchuluun GM, B.Gundavaa GM, B.Khatanbaatar GM, G.Monkhgal IM, N.Battulga IM, the women’s team comprises B.Mongontuul, a Grandmaster, T.Batchimeg, a Grandmaster, U.Lhamsuren, a FIDE master, B.Ankhchimeg IM, and B.Bayarmaa, a master of sports.
The teams are headed by Ch.Chuluunbaatar, a first vice president of Mongolia’s Chess Federation, and are coached by D.Sharvdorj GM, and Ch.Chuluunbaatar, a master of sports.
The FIDE reports that a record number of 178 teams from 174 countries will compete in the open section, and 138 teams from 135 countries--in the women's section. 

Mongolia will export meat, cashmere and other products to Japan
July 30 (Mongolian Economy) Last week, Mongolia and Japan signed a free-trade deal that aims to establish economic partnership in order to smooth the legal environment and to increase bilateral investment opportunities and trade. Under this agreement, Japan will export cars and other vehicles, technology, equipment, textiles, fruits, and other items. On the other hand, Mongolia will export cashmere, wool, and leather products as well as processed meats, meat products, pasta, salt and aarts drinks. 
Exports will be traded between both nations under two different conditions: (1) some items will be transferred without custom taxes and (2) the rest will be traded under soft conditions such as reduced taxes. It is not only important to attract Japanese and other investors to Mongolia, but it is beneficial to introduce technological and bilateral cooperation of businesspeople on top of providing more jobs and establishing higher standards into the Mongolian market.
Mongolia can now send IT engineers and nurses to Japan with certain working conditions to allow for more business opportunities. Mongolian businesspeople will be able to travel to Japan to further seek more prospects. Japan will also be able to help Mongolians run projects revolving around technical systems. Both nations decided to collaborate in the sectors of agriculture, manufacturing, infrastructure, mining, education, tourism and small- and medium-sized enterprises. 

Mortgage Rate Increasing at a Slower Pace
July 30 (Mongolian Economy) As of June this year, 1858 citizens received MNT 98.4 billion of mortgage loans. Including this figure, the total of all mortgage loans belonging to banks equal MNT 2440 billion. The total number of all mortgagers equal 58793. The annual speed of the mortgage loan speed rate decreased by 3.5 percent compared to the previous month, but still represents a 7 percent increase compared to the beginning of this year. 
Out of all mortgage loans, 69 percent went to house payments. In terms of mortgage loans held by banks, 97.6 percent came from MNT loans and the rest came from foreign currency loans. The average mortgage loan per person amounted to MNT 53 million. Compared to the previous month, the mortgage loans decreased by 12.4 percent, however it increased by 45.7 percent on a year-on-year basis. 
Mortgage loans already issued from housing programs contributed to 68.6 percent of the total, while the rest came from bank reserves. By the end of June, MNT 23.8 billion was paid off showing a decrease of 15.7 percent compared to the previous month. By examining year conditions, 38.8 percent of mortgagers took out loans to be paid off between 16 and 20 years. Another 38.5 percent took out loans for a period of 11 and 15 years, 18.8 percent took out loans lasting between 6 and 10 years and 3.9 percent will pay back loans within a timeframe of 1 to 5 years. 

Bank of Mongolia Increases Its Policy Rate
July 30 (infomongolia.com) According to the resolution of the Board of Director’s meeting on July 30th, the Central Bank of Mongolia has announced to raise its policy interest rate by 1.5 percentage point up to 12 percent.
The Bank of Mongolia focuses to stabilize the sharp increase on currency and inflation rates in order to stabilize the current economic downturn by strengthening its policy rate.
During the press conference, the Governor of Central Bank N.Zoljargal explained that the Bank of Mongolia strengthens its policy rate to take corrective measures on the decreasing volume of exchange reserves and foreign direct investment inflow in terms of ensuring medium and long term economic stability, reducing the counterbalance losses, mitigating the economic pressure due to the inflation rate by preventing from further possible risks on Mongolian macro economy.
Link to article

No comments:

Post a Comment