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Happy Monday! Discover surprising similarities between Ulaanbaatar and Seoul in this interesting YouTuber's travel blog. Is traveling in Mongolia like visiting a little Seoul? Let's find out. 🧐

Today’s newsletter in 3 sentences…

• 👔 Lead with UNICEF’s Representative In Mongolia

• 🦘 Mongolia: A Digital Leap Forward!

• 🧟‍♀️ Clock Ticks: The Mongolian Stock Exchange Awaits a New CEO

Let's catch up!

MARKET

FR: Outlook Stable: Fitch Ratings Upgrades Mongolia’s Credit Rating From “B” to “B+”.

CHN: China's Share In Mongolia's Coal Export Exceeds 91.2% In The First 8 Months. 

UB: Home prices in Mongolia's capital soar, with newly constructed apartments seeing a 6.8% year-on-year increase in August. 

🤵💼 Evariste Kouassi-Komlan: Continuous learning is crucial for leadership

Welcome to the inaugural edition of Inside Mongolia's Lead With series. In this feature, we proudly spotlight Evariste Kouassi-Komlan, Resident Representative of the United Nations Children's Fund (UNICEF) in Mongolia. Join us as we delve into his profound insights on leadership, explore his management techniques, and uncover the strategies that have shaped his remarkable career and impactful contributions.

Before his current role, Evariste Kouassi-Komlan deputized and led the Water Sanitation and Hygiene programs in UNICEF's Global HQ in New York and served as the Regional Adviser in Bangkok. In just 2 years in Mongolia, Evariste has traveled to all 21 provinces, gaining a deep understanding of the country's unique challenges and needs. His career also spans work in Madagascar and Burkina Faso, where he managed large-scale programs and innovative projects.

🦘 Mongolia: A Digital Leap Forward!

Mongolia makes impressive strides in the United Nations' "E-Government Development Index," jumping 28 places to secure the 46th position out of 193 countries and 13th in Asia. The report is published biennially. Mongolia ranks 74th in 2022 last time.

🔝 Top Countries Are Topping

The UN categorizes its 193 member countries by continent, with Europe, Asia, and America leading in e-governance. The top 20 list features Denmark, Estonia, Singapore, South Korea, and Ireland, while African nations continue to lag behind.

• Top Performers and Shifts in Rankings: Among the leading nations, 10 from Asia, 3 from America, 2 from Europe, and 2 from Africa transitions from high to very high e-governance categories, marking Mongolia’s first inclusion in this elite group. Notably, the United States falls 9 places to rank 19th, as over 42 million Americans still lack access to high-speed internet.

Key Insights on E-Governance

Leading countries have fully digitized government services, from business registration to visa applications, ensuring accessibility for both urban and rural citizens.

• Major Driving Force - E-Mongolia: Mongolia’s rise can be largely attributed to the E-Mongolia platform, which underwent a major update last April, enhancing user experience and expanding available government services.

A Costly Transition

Despite this progress, Mongolia still faces challenges. The reliance on paper document exchanges among ministries cost ₮1.2 billion in 2023 alone, slowing down information transmission. To solve this, the Mongolian government launches a new inter-ministerial DocX platform. Now Mongolia can save ₮1.2 billion annually. 

In recent years, the digitalization of government services has undergone a remarkable transformation, finally sparing citizens from the relentless stress of bureaucracy. Who knew that saving time and cutting costs could actually be part of a government model? It seems like efficiency might just be the new trend after all!

🤷‍♀️ 9 Months Without Leadership: The Mongolian Stock Exchange Awaits a New CEO

It's been 9 long months since the CEO of the Mongolian Stock Exchange (MSE) stepped down, and the search for a new CEO has yet to yield results. Announced last year, the selection process remains shrouded in silence…

🤔 What’s Going On?

The appointment of a CEO is crucial for any publicly traded company, especially one with international exposure. Delays in leadership can lead to operational dysfunction, stalled implementation of new strategies, internal turmoil, and eroded investor confidence.

• 🧟‍♀️ A Cautionary Tale: Take Gap (GAP) as a classic example. After CEO Sonia Singhal resigned in July 2022, the company operated with an interim CEO, resulting in an 8% drop in sales for the first half of 2023 and layoffs of over 1,800 employees in April. The fallout hinders Gap's competitiveness in a crowded market.

⁉ So, Why the Delay?

The situation in MSE is particularly complicated. With the Ministry of Finance holding a 66% stake in the MSE, the CEO appointment process has been slow and cumbersome. Since January, a temporary deputy has been managing the role, but significant challenges remain.

• ❗ Regulatory Hurdles: As a state-owned enterprise, the MSE's operations and appointments are bound by state and local property laws, designed to protect the interests of minority shareholders.

💭 What About Shareholder Interests? 

Currently, 7,697 small shareholders own 34% of the MSE. As a public company, their interests must take precedence. However, the decision-making process regarding the appointment of leadership has stirred controversy and concern among these stakeholders.

Looking back, 2 years ago, discussions about IPOs for up to 34% of 26 state-owned companies were hot topics. Yet, the MSE, despite going public, has failed to uphold transparency in its leadership selection, leaving many shareholders feeling left in the dark. As the clock ticks, the urgency for decisive action grows. Despite being a public company, MSE lacks transparency in its leadership selection.

⭐ Selected for you

ECONOMY & BUSINESS

• Fitch Upgrades Mongolia's XacBank to 'B+'; Outlook Stable. (FitchRatings)

• Mongolia Stock Exchange" JSC To Organize "Mongolian Mining Commodity Exchange Day. (MSE)

• Camel Wool Can Weave Economic Resilience In Mongolia. (EurasiaReview)

• Fitch Upgrades Development Bank of Mongolia to 'B+'; Outlook Stable. (FitchRatings)

• Petro Matad Provides Heron-1 Operational Update. (Energy-Pedia)

• Mongolian Coal Output Rebounds 8% MoM In Aug. (MySteel)

POLITICS

• Erdenes Tavan Tolgoi JSC To Be Managed By International Management. (News.mn)

• Mongolia Introduces Electronic Visas To Boost Tourism. (PromptNewsOnline)

• Preparations Discussed For Mongolian President’s Visit to Turkmenistan. (BusinessNews)

ENVIRONMENT & DEVELOPMENT

• First Global Training For Climate Smart Health Systems Held In Mongolia. (UNICEF)

• UNESCO Gathers Diverse Voices to Shape Sustainable Tourism in South Gobi, Mongolia. (UNECSO)

• European Union And UNDP Support Air Pollution Mitigation Efforts In Mongolia. (UNDP)

• UNESCO – Rio Tinto Partnership Spearheads Sustainable Tourism in Mongolia. (UNESCO)

LIFESTYLE

• 20-min Mongolian Beef Fried Rice. (Taste)

• Winter Arrives Early In Mongolia. (XinhuaNews)

• Photo exhibition on China-Mongolia friendship opens in Ulan Bator. (XinhuaNews)

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ch.Battseren

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.