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Hello Fellas! Did you know that the Mongolian-American population in the United States has grown by 51% in just 5 years? In 2023, an estimated 50,000 people in the U.S. identified as Mongolian, making them the 19th-largest Asian origin group in the country. Looks like Mongolians got a new home base in the U.S. 🤔

Today’s highlights in 3 sentences…

•  🌠 Madrid Welcomes Mongolia 

• ✈️ Airspace Expands

• 🏆 OTC Market Sees Record Growth in 2024

Ready to Dive in?

MARKET

NSO: The National Statistics Office of Mongolia was elected as a Governing Council member of the UN Statistical Institute for Asia and the Pacific.  

MNG: Mongolia to open its embassy in Spain. 

RSF: Mongolia ranks 102nd out of 180 countries in the Press Freedom Index.

🎤 S.Oyunsuren: Unitel Group pioneers people-focused policies and top salaries

Unitel Group has officially released its 2024 Sustainability Report. In this interview, we speak with S.Oyunsuren, Deputy Director of Human Resources at Unitel Group, to discuss the company’s people-centered approach, governance, and evolving HR policies.

Could you elaborate on how Unitel Group defines its human resource policy and the key strategies it employs to implement it effectively?

At Unitel Group, we define our human resource policy as people-centered and the value we create for our employees. We believe that HR policy should not only support business objectives but also align with the interests and needs of our team members. These 2 dimensions must be interconnected, mutually supportive, and synergistic. Our employee value proposition is built around 4 key principles:

 🪽 Wings Over Mongolia: Airspace Expands

Last Thursday, United Airlines (UAL) operated its first flight on the Narita–Ulaanbaatar route. Previously, 81% of flights on this route were operated by MIAT and 19% by Aero Mongolia.

✈️ 5 Domestic, 18 Foreign

Currently, 5 domestic and 18 foreign airlines, including United Airlines, operate flights through Mongolian airspace. In 2019, only 8 foreign airlines were flying to Mongolia. Notably, the majority of foreign airlines flying to Mongolia are from South Korea (8), Russia (4), and China (3).

• 🌇 This summer, airlines from these 3 countries, plus Turkish and Thai carriers, are planning to operate a total of 10,116 flights to 22 destinations.

🇲🇳 Air Transport Market

Since the pandemic ended in 2022, Mongolia’s air transport market has expanded rapidly. For example, in 2023, the number of international flight passengers rose 2.8 times compared to 2022, reaching 1.7 million. Of these, 61.5% traveled with domestic airlines. As a result, domestic air carriers recorded revenue exceeding ₮1 trillion for the first time in 2024.

🤼‍♀️ Key Players

Domestic airlines continue to dominate Mongolia’s aviation market. Three local carriers account for 69% of the market, while nine foreign airlines make up the remaining 31%. As of last March, MIAT TJSC alone held 51% of the market. Hunnu Air, Aero Mongolia, Air China (601111.SS), and Korean Air (003490.KS) each held 9%.

• 💡 Interestingly, if counting the merged share of Korean Air and Asiana Airlines, their combined presence in Mongolia’s market would reach 12%.

Finally… $UAL will operate flights on the Ulaanbaatar–Narita route 3 times a week. A meaningful expansion of the skies for landlocked Mongolia.

⭐ Selected for you

ECONOMY & BUSINESS

• Warren Buffett on his advice to Mongolia: Develop a reputation over time for having a solid currency. (CNBCTelevision)

• Mongolia’s ‘Ambitious’ Plan Could Boost Tourism to 10% of GDP by 2030. (CNBC) 

• Asian Battery Metals Plunges into Mongolian Exploration with Strong Cash Position and Expanded Drilling. (ProActive)

• Wind Farm with a Capacity of 2,400 MW to be Built in Dundgobi Province. (AKIPress)

• IN-VR and Mongolian National Mining Association Announce Strategic Partnership to Promote MiningWeek & MinePro 2025. (Newslife)

POLITICS

• Mongolia’s Tightrope: Balancing Energy Needs and Geopolitical Neutrality. (Indastra)

• Secretary-General of the UN World Tourism Organization to Pay an Official Visit to Mongolia. (Montsame)

• India's JSW Steel Faces Challenges Importing Coking Coal from Mongolia. (Reuters)

• Does Mongolia Need an Aviation Fuel Deal With Russia? (TheDiplomat)

• Public transportation to Chinggis Khaan International Airport is now up and running. (Ulaanbaatar) 

• Mongolia to Cooperate with Thailand in Aviation Training. (Montsame)

CULTURE & LIFESTYLE

• This Is the Longest, Toughest, Most Hardcore Horse Race in the World. (FodorsTravel)

• The "Romeo and Juliet" will be staged on May 9th. (Ulaanbaatar)

 🏆 Mongolia’s OTC Market Sees Record Growth in 2024

Mongolia’s Over-the-Counter (OTC) bond market surged to ₮1.7 trillion in 2024, marking significant growth despite a decline in the number of bond offerings.

🖼️ The Big Picture

A total of 131 bonds were traded, down 33% from the previous year. Dollar-denominated bonds also saw a sharp increase, with $71.9 million raised, up 115% year-on-year. The number of active issuers climbed by 51% to 95, indicating a broader participation base and growing confidence in the OTC market.

🌠 Trading Snapshot

• ₮ Bonds: The primary market saw a total of ₮1.6 trillion traded in 2024, averaging ₮31.1 billion in weekly volume, while the secondary market recorded a weekly average of ₮21.1 billion. Among the most actively traded were “Buuruljuult Power Plant Bond 2” and “Ulaanbaatar City EHHS Bond 1,” particularly active in June and December.

• $ Bonds: In 2024, the primary market for U.S. dollar-denominated bonds raised $69.8 million, averaging $5 million in weekly trading. Secondary market activity totaled $12.7 million, with trading concentrated over just 20 weeks, compared to year-round activity for MNT-denominated bonds, which were traded consistently across all 52 weeks.

🗺️ Bond Landscape

• By Sector: Financial institutions dominated the market, accounting for 46.9% of all issuances, followed by the energy sector at 38.4%. Among the financial sectors, the leading issuers of bonds are the NBFIs.

• By Maturity: In terms of maturity, 59% of all bonds issued in 2024 had a term of 3 to 12 months, making it the most preferred structure. This was followed by 18-month bonds at 24%, 24-month bonds at 13%, and only 4% with maturities of 36 months+.  

Overall… Over the past 4 years, Mongolia’s OTC market has emerged as a dynamic financing platform, unlocking capital for non-bank financial institutions and offering attractive returns for investors. While the market itself can’t be awarded, its contribution to financial sector development is undoubtedly deserving of recognition.

🎂 Rotaract Mongolia Turns 25

Rotaract Mongolia celebrates 25 years of meaningful impact. With 14 active clubs and over 400 active members, it has led 70+ projects, from environmental actions like 'Green Day' to health campaigns such as 'Healthy Future.' 

On the occasion of the 25th anniversary, Rotaract Mongolia to host its first major international event, APRRC 2025, welcoming 400 global guests this summer. This milestone reflects Rotaract’s enduring mission to inspire leadership and drive social change. Be part of the movement, join the celebration, and make a difference.

📅 Date: June 6-9
📍 Location: Terelj

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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.