Hello Readers! The Lunar New Year celebrations are over. Interestingly, after the holiday, Koreans are already counting down to their next break. Hmmm, for us, we still have 3 more public holidays until the longest one, Naadam, though 2 fall on the weekend. A good sign for those who always say Mongolians have too many public holidays, right? 🙂‍↔️

What’s inside today’s edition…

• 💰 Erdenes Tavan Tolgoi JSC Dividend: $17.7 per Citizen

• 🌱 Mongolia’s Gateway to Green Investment

• 💄 K-Beauty Ad: “Cheeks Like a Mongolian Baby?”

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

MARKET

MNG: Erdenes Tavan Tolgoi JSC to distribute ₮65.5 per share, totaling ₮786.6 billion, from its ₮1.1 trillion net profit in 2025. Of this, ₮208.5 billion will go to 3.5 million individual shareholders, with each citizen holding 1,072 shares set to receive a ₮63,242 or $17.7 dividend after tax.

MSE: From the TOP-5 systemically important banks, Khan Bank (KHAN) to pay a dividend of ₮214 per share, State Bank (SBM) ₮51.8, and XacBank (XAC) ₮48 per share.

NSO: In January, Mongolia’s budget revenue increased 4.5% year-on-year to ₮1.8 trillion. Meanwhile, total expenditure and net repayable loans declined 1.4% to ₮2.1 trillion, resulting in a balanced deficit of ₮425.1 billion.

☘️ Mongolia’s Gateway to Green Investment 

Mongolia has officially launched the National Green Lab (NGL). Long story short, Mongolia is leveraging COP17 to attract international green investment.

• Who’s Involved? The initiative is led by the Office of the President, in partnership with the Business Council of Mongolia (BCM) and the Mongolian Nature’s Legacy Foundation, supported by key ministries and international and local partners, including The Nature Conservancy (TNC), Khan Bank, Capital Markets Mongolia, DBM Asset Management, DBM Leasing, NovaTerra, and more.

💪🏻 More than COP17

Mongolia is positioning itself as a hub for nature-based investment, leveraging its vast steppes and unique ecosystems, which make up just 1.5% of the world’s dryland yet hold outsized potential for climate-resilient development. The platform bridges the gap between project developers and investors, supporting the country’s long-term green transition.

🤔 How It Works

The NGL acts as an incubator for bankable projects, focusing on sustainable land management, biodiversity, water solutions, and climate-resilient agriculture. It aligns initiatives with Mongolia’s ESG and economic priorities and connects them to domestic and international investors, creating a ready-to-invest portfolio for COP17 and beyond. 

• 💗 While COP17 is the main focus, NGL also supports broader initiatives such as “1 Billion Trees” and “White Gold”, and in its first year, it emphasizes projects combating land degradation, desertification, and pasture management.

💼 Bringing Investors Onboard

For investors, NGL provides a structured entry into Mongolia’s natural capital, particularly in pasture management, nomadic livestock, and rural agriculture. Capital Markets Mongolia CEO Zolbayar said the platform bridges the information gap between developers and investors, with support from local and international consultancy firms.

Finally… Scheduled for August 2026, COP17 gives Mongolia a global stage to showcase investable, nature-based solutions. Mongolia’s unique natural assets and growing policy support, including local banks’ 10% green loan target, make investing in these projects both fruitful and impactful. Many initiatives still need technical and financial support to become bankable, so the market is best suited for impact-focused, patient investors seeking a promising frontier for green investment.

⭐ Selected for you

ECONOMY & BUSINESS

• South Korean Cosmetics Brand Faces Racism Accusations Over “Cheeks Like A Mongolian Baby” Promo. (ANN) 

• Record Year for EBRD’s Risk-Sharing Programme in Central Asia and Mongolia. (EBRD)

• Azerbaijani Lamb to Mongolian Lamb LOSES. (Modern.Az)

POLITICS

• Mongolian Mining Family Snaps Up US$31.5 Million Hong Kong Home with Retirement in View. (SCMP) 

• With Speaker Uchral’s Trip, Mongolia and Russia Look to Expand Economic Links. (TheDiplomat)

• Rights Groups Urge Better Treatment for Mongolian Child Jockeys. (AOL) 

CULTURE & LIFESTYLE

• Palliative Care in Mongolila. (ehospice) 

• Dinosaur Wars in the Gobi Desert. (FinancialTimes)

• First Wing-Tagged Black Kite Recorded in Raj, Confirms Migratory Link from Mongolia. (TimesofIndia)  

😳 K-Beauty Ad: “Cheeks Like a Mongolian Baby?”

A seemingly innocuous product description for a blush shade has ignited a cross-cultural debate, highlighting the pitfalls of global marketing in the age of social media.

🤔 What Happened?

In December 2025, South Korean K-beauty brand Tooq launched its Water Cream Color Blusher line, featuring 9 shades. For the warm-toned "Mocha Pop" (W06), the marketing copy read "A deep mocha rose like a lovely Mongolian baby." The phrase referenced a stereotype from Korean media documentaries portraying Mongolian infants with rosy cheeks due to harsh weather conditions.

• 💥The backlash erupted in mid-January when Mongolian digital creator Haliun posted an Instagram Reels video titled "Did a Korean brand just stereotype Mongolian kids?" The video, which amassed over 270,000 views, critiqued the wording as outdated and reductive.

• 🧎‍♀️ Tooq swiftly revised the description to "A lovely deep mocha rose that looks gently warmed by the sun." However, the incident spread across Korean online forums like Theqoo and DC Inside, and media outlets including The Korea Herald and Asian Business Daily covered the story.

Tooq has not issued a formal apology, but the quick edit signals awareness. As debates simmer, the incident serves as a cautionary tale for global brands navigating cultural nuances.

🗣️ What Mongolians and Koreans Are Saying

In Mongolia, reactions are mixed. Some consider the ad racist, while others don’t see any offense. Many highlighted that the picture the brand used featured a Tibetan child rather than a Mongolian one, noting that brands shouldn’t appropriate children from other cultures.

• 😶‍🌫️ Meanwhile, in Korea, opinions were also divided. Some defended the phrasing as harmless flattery, rooted in affectionate media depictions, while others argued that the brand should have been more careful with its wording, given the growing global influence of Korean cosmetics.

What do you think? Did the brand cross the line, or is it just an innocent misstep?

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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.