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Happy Monday, Readers! Mongolia is like everyone’s friend, keeping it cool with Russia, China, and the West all at once. At the Ulaanbaatar Dialogue, diplomats gathered to talk peace, power, and why Mongolia’s Cold War-era playbook still works. Here, we’re sharing Denis Staunton’s article on how Mongolia balances its relations with 2 great powers, without losing its voice. 👆🏻👀

Today’s highlights in 3 sentences…

• ♻️ E-Waste Export From Kyrgyzstan

• 🔜 CAMCA Regional Forum in UB

• 👨🏻 New PM

No Time to Waste. Let’s Get Started! 🦘

MARKET

BOM: Bank of Mongolia holds the policy rate unchanged at 12%. 

MSE: Mandal Insurance (MNDL) begins a share buyback of 31.2 million shares, or 5% of its total common shares, from today through June 27.

KYR: Kyrgyzstan has started exporting electronic waste to a new recycling plant in Mongolia, established with support from JICA.

🌍 CAMCA: 300+ Minds, 1 Vision

With a mission to foster regional cooperation and connectivity, CAMCA, encompassing Central Asia, Mongolia, the Caucasus, and Afghanistan, is set to be held in Ulaanbaatar, Mongolia, in just 4 days. This dynamic forum aims to drive sustainable economic growth across the broader CAMCA region.

• 🗣️ Who Will Be There? Policymakers, entrepreneurs, business leaders, and professionals from across Central Asia, Mongolia, the Caucasus, and Afghanistan are expected to attend. Notably, this marks the second time CAMCA has been hosted in Mongolia since its debut in 2014.

• 📃Agenda Highlights: Over 2 days, CAMCA will feature a dynamic program including plenary sessions such as “Critical Minerals: CAMCA’s Strategic Advantage” and “CAMCA’s Geopolitical Future.” In addition to these, the agenda also includes CAMCA conversations and roundtables designed to foster deeper regional dialogue.

🤔 Why CAMCA Matters to Mongolians? 

As of 2024, the CAMCA region represents a combined population of over 110 million and a GDP exceeding $1.2 trillion. In particular, over the past 2 years, Central Asia has emerged as one of the world’s fastest-growing economic zones, driven by its strategic mining assets and accelerating technological innovation.

• 🦋 The CAMCA Effect: Thanks to these advantages, the region saw a 30% surge in FDI inflows in 2023, reaching over $55 billion. Looking ahead, by 2030, the region is forecasted to attract $75 billion annually in foreign direct investment, signaling strong confidence from global investors.

• ♟️ Mongolia’s Footprint in Central Asia: Reflecting this momentum, Mongolian enterprises are increasingly making their mark in Central Asia. Companies such as Doctor Auto, Mongol Basalt (MWB), Invescore (INV), Fibo Cloud, and Gobi (GOV) have successfully expanded into the region, breaking through international barriers and setting a new precedent for cross-border business ventures.

Lastly… Central Asia is no longer just a geopolitical corridor between East and West. Instead, it is emerging as a central pillar of the new global economy, with CAMCA positioned at the forefront of that transformation.

⭐ Selected for you

ECONOMY & BUSINESS

• Rich Ore Discovered in Drilling at Mongolia's Ovoot Copper-Nickel Mine. (SMM)

• Mongolia Launches Nationwide AI Integration in Radiology to Modernize Healthcare System. (Deepc)

• SouthGobi Announces Update on Mongolia Tax Audit. (AccessNewswire)

POLITICS

• What Mongolia’s New Prime Minister Means for Its Democracy. (TimeMagazine)

• The Dalai Lama Congratulates The New Prime Minister of Mongolia. (Phayul)

• Ex-Mongolia Leader Urges Japan Lawmakers to End Death Penalty. (KyodoNews)

• Putin Ally Seizes Power in Mongolia. (SriLankaGuardian)

• Distribution of 10-year Cardiovascular Disease Risk Levels in Mongolia. (Frontiers)

• The United States and Mongolia Open the Center of Excellence for English Language Teaching in Ulaanbaatar. (U.S.Embassy)

• Khaan Quest Kicks Off with an Opening Ceremony. (DVIDS)

CULTURE & LIFESTYLE

• Mongolia's 'Dragon Prince' Dinosaur was the Forerunner of T Rex. (BBC)

• The Best Time to Travel to Mongolia Has Come. (MaelBusinessNewspaper) 

• Ian Miller, the Broncos, Out to Write More History for Mongolia in BCL Asia 2025. (FIBA)

👨🏻 34th Prime Minister of Mongolia

Former Parliament Speaker G. Zandanshatar has been appointed as Mongolia’s 34th Prime Minister. As the country welcomes its new leader, it’s timely to reflect on the performance of Mongolia’s recent PMs.

• 🧮 Average tenure: Over the past 15 years, Mongolia has had 6 PMs, each serving an average tenure of 2.6 years. As G. Zandanshatar steps into office as the 34th PM, rumors are already circulating that his tenure may not even reach this average.

🕰️ Mongolia’s Economic Landscape History

Between 2010 and 2025, Mongolia’s GDP grew by 11.1 times nominally, but after adjusting for inflation, the real growth is closer to 3.1 times. Evaluating PMs by economic performance, S. Batbold and N. Altankhuyag stand out as the most successful, as their tenures coincided with Mongolia’s mining super cycle from 2009 to 2012, a period of substantial economic expansion.

• ⤴️ During S.Batbold’s term, quarterly GDP growth averaged 13.5%, alongside FDI inflows totaling $1.4 billion. Likewise, under N.Altankhuyag’s leadership, GDP grew by 9.8%, with FDI reaching $782 million.

• 💼 More recently, in the latter years of L.Oyun-Erdene’s tenure, despite the challenges posed by the COVID-19 pandemic and geopolitical tensions, Mongolia recorded a steady 5% GDP growth and attracted $854 million in FDI. While consistent, some critics view this growth as modest given his relatively long time in office.

🥸 Longest and Shortest Tenures
L.Oyun-Erdene is Mongolia’s longest-serving PM since 1990, with a tenure lasting 4.4 years. Despite this distinction, he also became the first PM effectively forced out by public demand. The shortest-serving PM in recent history was J.Erdenebat, who held office for only 1.2 years.

Politically, of the last 16 PMs, 9 have represented the Mongolian People’s Party (MPP), while 7 have come from the Democratic Party (DP).

⏭️ The Road Ahead: G. Zandanshatar’s Appointment
G.Zandanshatar takes office amid a complex economic environment characterized by a weakening national currency, declining prices for key export commodities, rising inflation, and increasing government expenditures. 

While he has pledged to continue the policies of his predecessor, the new PM faces the challenge of balancing these priorities with the ruling MPP’s pledge to streamline government. As he forms his cabinet, all eyes will be on how G.Zandanshatar navigates economic turbulence while delivering on long-standing promises of reform.

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.