Jargal Blog - Columns
A ghost town or a vigorous city?
The Erdenet copper deposit in Orkhon aimag will be depleted in 25 years. When that time comes, will we have worked out what will happen to the town, the third largest in our country and the home of 100,000 residents? The sooner we come up with a good answer to this question, the lower the probability that the town will join the ranks of so-called “ghost towns” that are created in the wake of mining booms … abandoned when the deposit is depleted. The Erdenet deposit was first discovered by Czech geologists in 1968 and further developed by Russians in 1971 when they conducted the reserve estimate and commenced the mining process. Since the concentrator was built, the deposit has been mined for 35 years. The mine currently processes a total of 25 million tons of iron ore and produces ...
Measuring the competitive success of the provinces
Mongolians group the aimags (provinces) of this country in many ways, including by orientation, such as eastern or western, and by natural zones such as forest or desert. Governments divide aimags and merge or split soums (districts) for various reasons. Every time that happens, soums can get bigger, smaller, or even disappear. Recently, discussions were held about the idea of restructuring 20 of Mongolia’s 21 provinces by merging them to form only five provinces. But Mongolian politicians are not capable of achieving anything bigger than organizational or structural changes. They don’t even know that even when addends are grouped differently, the sum does not change. People brag about racehorses and traditional wrestlers from their aimags. They don’t care about political ideology, political party affiliations, or competitive business when it comes to their wrestlers doing well and becoming champions. They chip ...
The ‘London Eye’ looking at Mongolia
When deciding which country to invest in, those who are from investment banks in London perhaps take a ride on the giant ferris wheel located at the north end of Lambeth Bridge that crosses the River Thames. They look beyond the city to seek investment opportunities. While this huge observation wheel called the London Eye was turning around, the Mongolia Investment Summit took place as it does every year. It was evident to participants that the investors were zooming into the political and economic realities of Mongolia. London is a place where those who seek foreign investment come. The largest banks in the world lend and borrow huge amounts of money to each other in London, the capital city of the international money market. Libor, the London Interbank Offered Rate, has become a benchmark for short-term interest rates around the ...
Five lessons from Thatcherism
April 17, 2013 The Great Albion is bidding farewell to the Iron Lady on this day. Thousands came to show their respect for Lady Thatcher while her casket, covered with the union flag, was carried from the Palace of Westminster to St Paul’s Cathedral. Margaret Thatcher, who was the most famous of the twenty prime ministers of the Twentieth Century, was one of the few handfuls who changed the world. She is the only female British Prime Minister ever and the only one who held the office for three terms. Lady Thatcher, who was originally from a poorer district in London's east, enrolled at Oxford University where only the wealthy attended. She majored in chemistry and later on, in 1955, became a politician. After entering politics, she brought about reform, not only to the Conservative Party, but also to British politics. ...
Abstract budget and money outside the budget
Exports revenue is essential to our country, which purchases every commodity from abroad except for bread, sweets, alcohol and meat. Therefore, our socio-economic outlook is fully dependent on the prices of coal and copper we are selling to China. In 2012, mining income generated one third of our GDP and coal and copper sales comprised 40 and 20 percent of total export revenue respectively. The Ministry of Finance estimated that one fourth of our total government revenue (1.7 trillion MNT) will be generated by this sector in 2013. This estimation produces a number that is 60 percent higher than that of last year. However, coal prices fell significantly in the first quarter of this year and its sales, which were supposed to generate 466 billion MNT of the budget, was greatly reduced. Although it was planned that 28 million tons ...
Why we need to hear the Cyprus story
April 3, 2013 How much money is needed to maintain the normal economic flow of a country? For example, it is a common view in European Union countries that the total capital in banks should be 3.3 times as much as their economy. Only then is it possible for enough capital exchange needed for economic development. This shall be achieved through the constant flow of money. Metaphorically speaking, it resembles a full bottle, one third of which consists of solid substance and the rest is water. The water allows the solid substances to move freely.This ratio reached one to eight in Cyprus, a small European Union country. The most serious problem is that it had bought Greek government bonds and lent a huge amount of money to its private sector. Following the Greek debt crisis, the European Union made a ...
Five qualities
March 27, 2013 It is in every country’s interest to develop and receive a share of power and capital in the world. Businesses represent these national interests by acquiring and maintaining an advantageous position in international markets and by maximizing their profits. In order to reach this goal, developing countries like Mongolia should focus on creating a competitive advantage rather than relying solely on our comparative advantages, such as our great amount of natural resources and cheap labor.Mongolian companies and business associations have recently been talking about how we can optimize the quality of the products we are good at making, increase demand domestically, and compete in international markets. Furthermore, the Mongolia Economic Forum 2013, which took place a short while ago, discussed creating a competitive Mongolian brand in the sectors of light industry, food, tourism, mining services, and information ...
How are brands created?
March 13, 2013 The Mongolia Economic Forum 2013 under the theme “Mongolian brand” took place for two days at Government House. In order to diversify our economy with the help of mining income, the reformist government initiated this discussion on certain, realistic topics including how products from our industries such as cashmere, animal skin, meat, milk, light industry and tourism. Also discussed was how we can create appropriate macro- and micro-economic conditions for these industries to flourish.The most common question raised during the forum was how brands are created. Although everyone was giving their own responses to this question, no definitive answer was given. It goes without saying that, without a good enough answer, it will be a long time before a Mongolian brand enters the international market. Hoping to make my contributions to this discussion, I’d like to therefore ...
Blue strategy
Mongolia, sandwiched between two big superpowers in the world, is home to three million people. Its territory is as great as total areas of France, Germany, England, Italy, the Netherlands and Switzerland combined. Mongolia is a democracy with a unicameral parliamentary system.This country is very rich in natural resources that can allow its every single citizen live a prosperous life. On top of those resources, it has more than 40 million livestock. However, all the wealth belongs only to few individuals while one third of the population is living poorly.Mongolians have recently been talking about avoiding full economic dependency on mining, diversifying the economy, acquiring competitiveness and making certain products a global brand.The Mongolia Economic Forum, which is currently taking place in Ulaanbaatar, is discussing how our industries can break into the world market. Selling value-added products on the international ...
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