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In today’s newsletter:

• 🔥 Japan Emperor’s Historic Visit

• 💰 Mongol Alt’s ₮6B Bond Launch

• 🏆 Spotlight on Top-100 Enterprises

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

MARKET

MSE: Sendly NBFI (SEND) has approved raising ₩2 billion from Rhinos Asset Management and Rhinos-KAI Investment Fund, along with $2 million from S.Tumengerel, through subordinated debt to strengthen its Tier 2 capital position.

ILO: The International Labour Organisation’s SCORE Program was launched in Mongolia’s cashmere sector. 

MSE: Mongol Alt (ERS) to raise ₮6 billion through a private placement on the OTC market, issuing a 12-month bond with a face value of ₮1 million and an annual coupon rate of 21%. 

MNG: The Government and the Bank of Mongolia have agreed to lift restrictions on pension-backed loans by removing the current debt-to-income ratio limit of 50%, responding to demands from pensioners to allow loans of up to 100% of their pension as collateral.

🤴 Japan’s Emperor in Mongolia

Japan’s Emperor is making a historic visit to Mongolia, marking his third overseas trip since ascending the throne in 2019. His previous state visits were to Indonesia and the United Kingdom.

💁‍♂️ A Longstanding Partnership

This year marks the 53rd anniversary of diplomatic ties between Mongolia and Japan. Japan remains one of Mongolia’s key “third neighbors” and the only country with which it has signed a free trade agreement (FTA).

• ❤️‍🔥 One & Only: Despite the FTA, trade between the 2 nations remains highly unbalanced. In the 3  years prior to the agreement, 2014–2016, Mongolia exported $25 million worth of goods to Japan, while imports totaled $367.8 million. After the FTA, 2017–2019, exports rose to $48 million, but imports surged to $1.8 billion, widening Mongolia’s trade deficit with little growth in exports.

• ⚖️ Investment Perspective: As of 2022, Japan’s total investment in Mongolia reached $75 million, primarily in non-mining sectors an important distinction in an economy dominated by natural resources.

🎎 A Crucial Partner

Japan has long been Mongolia’s most reliable development partner, providing ¥328 billion in Official Development Assistance (ODA). The Japan International Cooperation Agency (JICA) has trained over 5,200 Mongolian professionals, with its projects touching nearly every sector.

• 🤓 Recent support includes ¥270 million for wastewater repair equipment and ¥275 million for air pollution monitoring in Ulaanbaatar.

• 💸 Soft Loans Resume: Japan is also set to resume concessional yen loans to Mongolia, which had been suspended following Mongolia’s enrollment in the IMF program in 2017. One of the key projects to be financed under this renewed cooperation is the expansion of Chinggis Khaan International Airport.

In Conclusion… Emperor Naruhito’s visit marks the first-ever state visit by a Japanese Emperor to Mongolia. A historic moment in bilateral ties. With last year’s visit by the King of Bhutan, Mongolia may be quietly emerging as an unexpected destination for royalty.

⭐ Selected for you

ECONOMY & BUSINESS

• Erdene Commences Trading on the OTCQB. (ERDENE)

• ION Announces Closing of Debt Settlement and Update on Joint Venture on Urgakh Naran Project. (StockTitan)

• MIAT Launches Shanghai-Ulan Bator Flights. (ChinaDaily)

• 23andMe Adds New Ancestry Details for China, Korea, and Mongolia. (23andMe )

• Invescore Secures $3 Million in New Funding from EMF, Bringing Total to $16 Million. (Invescore)

• planetGOLD Mongolia Project Concludes After 6 Years of Advancing Mercury-Free, Formalized ASGM. (planetGOLD)

• 2025 Ram 1500 RHO Debuts in Mongolia. (MoparInsider)

POLITICS

• Mongolia Proposes Kyrgyz Side to Lift Quarantine Ban on Supply of Meat Products. (AKIPress)

• KFTC Shares Antitrust Enforcement Know-How with Southeast Asia and Mongolia. (TheKoreaPost)

• International Standards for Biodiversity Conservation to Be Localized in Mongolia. (Montsame)

• Mongolia’s WWII Legacy: Asset or Liability in 2025? (TheDiplomat)

CULTURE & LIFESTYLE

• The Mongol Army’s Most Daring and Devastating Battle Tactics. (HistoryBlends)

• Mongolia Tops Summer Travel Rankings Among Korean Tourists, Driven by Nature and Accessibility. (MaeilBusiness)

• Who are the Duka (Tsaan) People? The Incredible Reindeer Herders of Mongolia. (YoungPioneerTours)

🏆 TOP-100 Enterprises of 2024

The 24th edition of Mongolia’s TOP-100 enterprises for 2024 is out, highlighting the country’s economic heavyweights shaping the market today. Some familiar names remain dominant, while newcomers are shaking things up. Let’s take a closer look at how Mongolia’s business landscape has evolved.

🤔 The TOP-20

On average, companies currently ranked in the TOP-20 have climbed 5 positions since 2014. Leading names like MCS Group, Shunkhlai, APU (APU), Khan Bank (KHAN), Trade Development Bank of Mongolia (TDB), Golomt Bank (GLMT), XacBank (XAC), MAK, NIK, and Mobicom Group, were already among Mongolia’s largest enterprises a decade ago. Notably, Oyu Tolgoi, which ranked 15th in 2014, has surged to the top spot in 2024.

• 💡 Several companies like Premium Nexus (CUMN), South Gobi Sands, Digital Concept, Max Group, Barloworld Mongolia, and MoEnCo did not appear in the TOP-100 in 2014. But some of these were not even established at the time.

• 🤕 Conversely, companies like Sodmongol Group, Layton, SCTICM, and Magnai Trade, which were in the top 20 in 2014, failed to appear in the TOP-100 list in 2024, reflecting significant shifts in the market landscape.

📈 Tax Contributions

In 2014, the TOP-100 companies paid ₮2.5 trillion in taxes, making up 30% of the state’s total tax revenue. By 2024, this tripled to ₮7.6 trillion, accounting for 28% of total tax receipts. Since 2022, state-owned enterprises have been excluded from the TOP-100 and listed separately. Still, state-owned firms contributed ₮5.5 trillion in 2024 taxes, or 20% of total revenue.

• ☝🏻 Leading Sectors: Unsurprisingly, mining and quarrying remains the dominant sector, generating ₮23.9 trillion in sales revenue in 2024, which accounts for 43.5% of total sales among the TOP-100. The trade sector follows in second place with ₮13.2 trillion in revenue, or 24% of the total.

🔎 Joint Stock Companies (JSCs)

This year, the TOP-100 list includes 12 joint stock companies (JSCs) listed on the Mongolian Stock Exchange (MSE), doubling the number from 2014. Among these are 4 major banks included following recent banking reforms, as well as Premium Nexus, established in 2017, and Investcore NBSF (INV), a pioneer in the financial sector. 

Overall… In 2024, the combined sales revenue of the TOP-100 companies reached ₮54.9 trillion, equivalent to 69% of Mongolia’s GDP. This marks a 5% decrease in the share of sales revenue relative to GDP since 2022. This raises an interesting question. Is the income of private sector companies outside the TOP-100 growing, or are state-owned enterprises expanding?

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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.