1. “Capital market is a key to development” meeting was held on December 1, 2009
Mr. S.Batbold, Prime Minister of Mongolia, attended the “Capital market is a key to development” meeting which was conducted among representatives from the state owned companies, capital market and insurance market of Mongolia.
During the meeting, Prime Minister noted that capital market development needs more supports from the Government and highlighted to create financial sources through domestic and foreign capital markets for financing national largest projects that are based on natural resources, minerals, energy and infrastructure. For instance, foreign invested companies raise capital by using Mongolian deposits as collaterals. We should pay more attention why we-Mongolians cannot raise capital. The reason is because of lack of our initiatives, active searching and ability to compete. But we have a full opportunity to do so. Let’s study from foreign companies’ experiences, work actively and let’s be an owner of our capital. By doing this, opportunities to trade shares of internationally competitive largest projects and entities such as Oyu Tolgoi, Tavantolgoi, Erdenet and Mongolrostsvetmet at the domestic and foreign stock exchanges will be created.
The Prime minister informed representatives that following issues are under discussion:
– Implementing and developing projects based on natural minerals deposits and making it Mongolian brand
– Establishing “Mongol minerals” JSC, which involves all internationally competitive mining deposits of Mongolia
– Establishing “Mongol energy” JSC which covers all energy resources and new projects
– Establishing “Mongol Infrastructure” JSC which includes follow-up infrastructure projects
– Making IPOs of these companies at the domestic and foreign stock exchanges and creating financial new sources
All participants in the meeting discussed and exchanged their opinions about challenges facing capital market of Mongolia and further actions to the capital market development.
2. 2010-year of business environment renovation
On December 30, 2009, Government of Mongolia passed a resolution and announced “2010 as a year of business environment renovation”.
Mr.S.Batbold, the Prime Minister of Mongolia will head the council, which will be responsible for implementing and controlling activities under “Business environment renovation year”. Other members of this council are Ministers of Finance, Roads, Transportation, Construction and Urban Development, Minerals and Energy, representatives from Ministry of Education and Science, Foreign Affairs, Mongolbank, Financial Regulatory Commission, State Property Committee, Mongolian stock exchange, Mongolian National Chamber of Commerce and Industry etc.
3. Task force group meeting was held on January 07, 2010
Representatives from the State Property Committee, Mongolian stock exchange and “Securities Clearing House and Central Depository” Co.ltd met on January 7, 2010 to discuss the working plan for “2010-year of business environment renovation”.
Mr. D.Sugar, Chairman of the State Property Committee, said: “It is important to immediately start implementation of main issues that were included on the Government planning. In order to accelerate actions and achieve specific results we have to establish task force groups.”
As a result of the meeting, representatives decided to establish the following three Task Force groups:
1. “Upgrade capital market legal environment” working group
2. “Develop capital market infrastructure” working group
3. “Making an IPO” working group
4. 19th Anniversary of the Mongolian capital market and Mongolian stock exchange attracted more attention from the Government of Mongolia
Mr. S.Batbold, the Prime Minister rang the “Opening bell” of 3631st securities trading
For the occasion of 19th
anniversary of the Mongolian capital market and Mongolian Stock Exchange, Mr. S.Batbold rang the opening bell of 3631st
securities trading at the Mongolian Stock Exchange on Monday, January 18, 2010.
On behalf of the Government of Mongolia, Mr. Prime Minister gave a congratulatory speech to national professional specialist who dedicated themselves to the development of Mongolian capital market over past 19 years. He also highlighted that there is a need to activate and develop the market and work together in order to achieve our goal. In addition, he said “Capital market will be a leverage of the development”.