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Happy November! Have you caught Netflix’s “Physical: Asia” yet? The show is already a hit, with 4 thrilling episodes out and 4 more dropping tomorrow! Team Mongolia is giving it their all. Watch now and cheer on their fierce battle for glory. 🦅❤️‍🔥

What’s inside today’s edition

•  ​​🇷🇺 Russia’s Scrap Metal Export Plans for Mongolia & Uzbekistan

• 🎬 Movie Industry Evolution

• 💹 Capital Market’s Fairy Tale

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

MARKET

MNG: Deputy Prime Minister S. Amarsaikhan dismissed for breaching the government’s accountability agreement.

UN: Mongolia’s human rights record will undergo its fourth review by the UN Human Rights Council’s Universal Periodic Review Working Group on November 4, 2025, in Geneva.

RUS: Russia plans new railway routes for scrap metal exports to Mongolia and Uzbekistan.

 🎬 Mongolia’s Evolving Film Industry

Since the 1990 Democratic Revolution, Mongolia’s film industry has transformed from a single state-run studio into a vibrant, non-studio creative ecosystem. Today, all Mongolian film production operates under this non-studio model, with dozens of private studios and production houses driving the country’s cinematic growth.

• Today, we share UNESCO’s new research on the status of film artists in Mongolia. 

🌏 Global Exposure on the Rise

Mongolian films are making their mark internationally, participating in 79 global festivals. So far, 11 short films have won awards, while 23 documentaries and 50+ features have competed on global stages. The industry includes 80 active studios, 15 cinemas (9,368 seats), 8 streaming platforms, and 700 professionals, producing about 60 domestic films annually.

💰 Tight Budgets, Growing Returns

Despite limited resources, Mongolia’s film production is becoming more commercially viable. The average film is produced on a budget of around ₮100 million, while historical and co-produced titles can reach ₮200 million. With strong management and market awareness, final revenues combining theaters, IPTV, and television can reach ₮300–₮400 million, according to industry data.

⚠️ Lessons from a Missed Opportunity

The lack of infrastructure once cost Mongolia major investment. In 2014, Netflix evaluated Mongolia as a potential location for Marco Polo but ultimately chose Kazakhstan due to inadequate technical equipment and legal frameworks, an opportunity worth $26 million in economic impact.

• Since then, several international projects have filmed in Mongolia, including South Korea’s Crash Landing on You and parts of the recent Chinese production Harbin, signaling growing confidence in Mongolia’s landscapes and production potential.

A major turning point came with the adoption of the Law on the Promotion of Cinema in 2021. The legislation established a clear legal environment for foreign film productions and introduced 30%–45% tax rebates for projects spending over $500,000 in Mongolia. The law also created a K4 visa category for foreign filmmakers, allowing stays of up to 30 days for cultural, artistic, and film-related work. Citizens from countries listed under Mongolia’s e-visa program can now easily obtain this visa, simplifying logistics for international crews.

Thanks to this framework, Mongolia is attracting growing international interest. Between August and December 2024, the Film Council issued permits to 9 companies from 6 countries, generating up to ₮270 million locally. From Mongol Kino to today’s independent scene, Mongolia’s film industry is preserving cultural identity while boosting international collaboration and the creative economy.

⭐ Selected for you

ECONOMY & BUSINESS

• S&P Upgrades Mongolia’s Rating to ‘BB-’ With Stable Outlook. (S&PGlobal)

• Rio Tinto Launches Corruption Inquiry at Oyu Tolgoi Copper Mine. (Mining) 

• Golomt Bank JSC Outlook Revised To Positive On Improving Risk Control; 'B+/B' Ratings Affirmed. (S&PGlobal)

• Mongolia’s Small Businesses: Switching On the Green Future. (EEAS)

POLITICS

• Mongolia and Turkey to Cooperate in Developing Defense Technologies. (AKIPress) 

• Mongolia Joins FAO Effort to Improve Soil Mapping for Farmland. (KazInform)

• The ADB will Advise the Mongolian Government Under the Sustainable Solar Energy Initiative to Expand Renewable Energy Sources and Strengthen Grid Reliability. (ADB)

CULTURE & LIFESTYLE

• Who’s Winning Physical: Asia? Latest Leaderboard and Country Eliminations. (ThaNational)

• How IFC is Mobilizing Capital for Sustainable Urban Growth. (WorldBank)

• Mongolia has Welcomed Over 750,000 Foreign Tourists So Far This Year. (China.org)

🇲🇳 Capital Market Fairy Tale

Since the start of the year, no company has launched an IPO, while some existing public companies have either shut down or paused operations, even profitable ones. As a result, both market value and trading activity have weakened significantly. 

• To revive the dormant market, the government has turned to internal securities issuance. The sleeping princess is the capital market, and the prince is the government bond.

💋 ₮60 Billion Lifeline

The government is attempting to revive Mongolia’s dormant capital market through primary trading of government securities. Last Wednesday, the instruments, with a ₮100,000 nominal value and discounted coupon, began trading. Monthly turnover is projected at ₮20 billion, totaling ₮60 billion per quarter. While the move signals the government’s commitment, experts caution that this alone may not be enough to jumpstart a market that has been largely inactive for months.

🧐 Market Reality

Despite the launch of government securities, overall market activity remains subdued. For the first 9 months of 2025, total trading volume fell by ₮425 billion, representing a 1.8 times decline compared to the same period last year. Stock trading suffered even more sharply, down 3.2 times from 2023 levels, highlighting the persistent lack of liquidity and investor confidence. Even though ₮97 billion in government bonds have been traded so far, the market revival remains limited, suggesting that structural challenges, such as inactive listings and the absence of new IPOs, are constraining growth.

📌 Corporate Challenges

Furthermore, no new public companies have listed this year, while some existing firms have exited. Notably, Govi (GOV), which operated at a loss for 6 years, faced regulatory scrutiny when its transaction with Goyo LLC was deemed illegal, impacting 25,000 small shareholders.

Overall… The market clearly needs better investor protection, stronger supervision, and incentives to reactivate frozen listings. A single government bond is unlikely to revive the market unless structural issues are addressed and confidence is restored.

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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.