The President of Mongolia Mr Ts.Elbegdorj has arrived in Switzerland to take part in the 46th annual meeting of the World Economic Forum, which on the 19th of January 19 in Davos.
The Bank of Mongolia has reported annual inflation measured by Consumer Price Index decreased to 2.9% as of November 2015, and it is still been lower than the targeted level for the last 5 months, so it broadens monetary policy room towards expansion. Supply-driven inflation has still been low and stable whilst demand-pull inflationary pressure is expected to be at low level.
Beginning on the 1st of January of this year, the new law on VAT /value added tax/ came into force, and tax payers started to take back 20% of value-added tax.
The signing ceremony on financing of $4.4 billion worth project for underground mine development at the Oyu Tolgoi copper mine was held at Shangri-La Hotel in Ulaanbaatar on Wednesday.
An exhibition called “Mongolian Brand ASEM-2016” ended a few days ago in the exhibition hall at Misheel Expo center.
President of the People’s Republic of China Xi Jinping paid a visit to Mongolia in 2014. During this visit, the two countries established a memorandum on boosting the comprehensive partnership relations and reached an agreement about organizing a joint expo. By the agreement, a Mongolia-China expo was organized on October 23-27 in Hohhot city of Inner Mongolian Autonomous Region of China.
The Bank of Mongolia in cooperation with National Tourism Center have carried out a survey in order to determine the amount of money that is being spent by foreign visitors in Mongolia.
Prime minister of Mongolia Mr Saikhanbileg who is participating in the 9th Summer Davos in Dalian city, China, held a meeting on Thursday with Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.
This is the first time that Mongolian Prime Minister is attending Summer Davos meeting which has been held in China annually since 2007.
During the meeting, head of Mongolian government emphasized that Davos World Economic Forum has an important role to study the path of development and to develop models of economic development for Mongolia.
European Investment bank and investors from Egypt, Denmark and Finland have expressed their interest to participate in implementation of 52 megawatt wind farm project “Sainshand” planned for a remote city in Mongolia’s Gobi Desert. They are interested in what duties will be taken over by the Mongolian government.
“According to the updated law of Mongolia on renewable energy, price ceiling and price tariffs must be set in connection with the payback period of a given investment or project.