[AustCham Mongolia] Newsletter Q2 - 2020

ISSUE NO.16

JULY 01, 2020

IN THIS ISSUE:

Q2 - 2020

www.austchammongolia.com www.austchammongolia.com

JULY 01, 2020

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PRESIDENT'S Message

Dear Members and Friends, Since our last newsletter so much has changed!

Congratulations to the Mongolian Government for the successful election with all the necessary safety precautions during this long lock down.

The country has gone through some massive changes as has the world. The COVID 19 pandemic has put Mongolia into a state of lock down. Schools, Universities, Restaurants, Public Gatherings, Events, and International travel have all suffered drastically.

Our health is the most important as without it we are nothing. This has meant a new way of living and a new way of doing business.

The government should be complimented in the control of COVID-19 with zero community cases in Mongolia!

AustCham has had it most challenging quarter in its 6year history. Many of our member companies are struggling and as such membership renewals have been challenging to renew given uncertain times.

Due to the ban on public events we have been unable to hold our AGM. This is important that we are able to have this in July as there are many changes at board level and we are looking for nominations. Some board members are stepping down after many successes and some others are not to return to Mongolia due to COVID 19 changes.

Of course we are ready to re–launch our popular events as soon as we can and I know we will see you there supporting not only AustCham Mongolia but the entire business community and country.

AustCham Mongolia Charity policy donated to the "National Cancer Council" to help them with their day to day running costs. We must never forget how lucky we are and that there are many worse off than us!

AustCham Mongolia would like to say thank you for your support, especially during such challenging times.

We are dependent on the community and we are all in this together. “Stay Safe Stay AustCham Mongolia�

We are all hopeful that the ban is lifted on public events in July so we can again meet and greet our members and understand their needs.

We have been successfully running webinars with key leaders and members of the community. This has become the new norm.

Michael Marshall President AustCham Mongolia

Thank you to everyone for their involvement, these have been well received.

www.austchammongolia.com www.austchammongolia.com

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JULY 01, 2020

2020 2020

MEMBERSHIP RENEWAL IS AVAILABLE WITH PAYMENT OPTIONS

TO SUPPORT YOUR BUSINESS These are certainly challenging times and we understand the difficulties you are going through. We want you to know we are here for you.

Your Chamber needs your support more than ever!

REFLECT

REFRESH

RENEW

Flexible payment terms of membership renewal are available upon discussion.

erlan.kh@austchammongolia.com www.austchammongolia.com

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JULY 01, 2020

SOCIAL NEWS

MONGOLIA’S 2020 PARLIAMENTARY ELECTION Amid a fairly successful response to the COVID-19 pandemic, Mongolia is holding its parliamentary election on June 24 on its usual four-year cycle on Wednesday, 24 June 2020 from 7:00 am to 22:00 pm.

A total of 670 candidates are running in the election; 208 are independents. Two parties and one electoral coalition are running full slates of candidates.

Mongolia has been divided into 29 electoral districts (provinces and capital city districts) which will each elect two to three MPs.

All 2,070 polling stations have been disinfected and provided with disposable protective face masks and gloves to distribute to the voters to prevent COVID-19 infections.

The State Registration Authority has registered a total of 2.1 million eligible voters out of a 3.3 million population. Mongolia’s eligible voting population can be divided by age to 324,000 people aged between 18 and 24, around a million aged 25-45 and 740 thousand people aged over 45. However, some 150,000 people have been expelled from the list due some reasons.

Voter turnout was reported to be at 73.64 percent on the national level. Specifically, out of 2,003,969 voters on the national electoral register, 1,476,475 have cast their votes.

Many Mongolians, mostly young people wearing traditional deels (pronounced ‘dells’) are actively participating in the election.

Mongolians went to the polls on 24 June to vote for their democratically elected parliament.

International observers, including those from the Organization for Security and Cooperation in Europe (OSCE) has been involved in the lead up to elections monitoring campaigning and the electoral process itself. OSCE conducted a needs assessment mission from 11-14 February 2020 to assess the pre-election environment and preparatory work by the General Election Commission (GEC).

This assessment also took in to account views of NGOs, media parties and the international community. However due to COVID-19 related restrictions in 2020 subsequent physical oversight and monitoring was not possible. As a result, the Government of Mongolia requested the assistance of other international partners including Embassies Resident in Ulaanbaatar.

The Australian Embassy was pleased to be able to observe a limited number of polling stations on election. The Australian Embassy was keen to demonstrate public support for Mongolia’s democratic processes.

Sources:

*www.montsame.mn/en/ *www.news.mn/en/ *www.thediplomat.com

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JULY 01, 2020

AUSTCHAM MONGOLIA INTRODUCES WEBINAR SERIES AustCham Mongolia has launched webinar series to provide an updated information and insights from the experts and decision makers for our member companies to help them navigate during this difficult times.

On March 31, AustCham Mongolia had the pleasure of hosting our first webinar, “Latest insights and advice on COVID-19”.

We would like to express our special gratitude to our proud ‘Corporate’ member International SOS and Dr. Hugo Jacobus for sharing the latest updates on COVID–19.

During this webinar session, Dr Hugo Jacobs gave many important insights on the virus and answered various questions from our viewers Thanks to all the members who participated in our first webinar.

On April 22, AustCham Mongolia had the pleasure of hosting H.E Mr. Dave Vosen, Australian Ambassador to Mongolia and Patron of Austcham as our next guest speaker.

Dave gave important insights and updates on both Australian and Mongolian government measures in responding to the COVID-19 challenges.

We are grateful to H.E Mr. Dave Vosen for agreeing to do the whole presentation again in a video format and for doing a separate Q&A session for our members.

On 07 May, AustCham Mongolia held a joint webinar session with the Australian Trade and Investment Commission.

Range of issues were covered during this webinar meeting and our guest speakers gave updates on economic and business impact of COVID-19 in Mongolia and Australia.

We would like to thank all our guest speakers for their support and commitment: H.E Mr.Dave Vosen - Australian Ambassador to Mongolia Ron Green - Trade Commissioner to Korea & Mongolia Michael Marshall - President of AustCham Mongolia Rory Lang –-Special Counsel of MinterEllison LLP We hope our members found the webinar useful and informative.

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On 14 May, AustCham Mongolia had the pleasure of hosting our H.E Mr. Tsogtbaatar, Minister for Foreign Affairs of Mongolia.

Foreign Minister gave updates under the topic “Understanding COVID-19’s Impact on the Foreign Investment and Trade”.

We would like to express our sincere gratitude to the Minister for being the guest speaker of our "Webinar Series".

Thank you to all our members who participated in this webinar and we hope it was informative and interesting.

On 22 May, AustCham Mongolia had the pleasure of hosting Armando Torres, the CEO of Oyu Tolgoi LLC, who gave exclusive insights and updates on “OT’s measures and its business continuity under the COVID 19 circumstances”.

We appreciate our Corporate Member Oyu Tolgoi LLC’s support and involvement with the Chamber. Shout out to all of our members and VIPs for tuning in for the webinar session.

We the exclusive insights and updates on the OT Project, the measures and its business continuity under the COVID-19 circumstances was interesting and informative to our members.

On 12 June, AustCham Mongolia had the pleasure of hosting Mr. Ganbold.N, Senior Vice President of MIAT Mongolian Airlines under the topic “Current and future outlook of Mongolian Civil Aviation”.

We would like congratulate MIAT Mongolian Airlines for their historic first ever direct flight from Ulaanbaatar to Sydney.

Thank you to all our members who participated in the webinar and we hope the insights and updates on the repatriation of Mongolian Nationals, New Airport commissioning, Aircraft fleet upgrade, and current & future outlook of MIAT were interesting and informative.

The video recordings of the webinar session are available exclusively for members on our webpage’s ‘Members Only’ section.

Please let us know your thoughts on our webinar series and if there is any specific topics that you would like to suggest for our future series, please do not hesitate to share with us. We value your opinion and your feedback is important to us!

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4 CORPORATE PLUS MEMBER UPDATE Sandvik Mongolia is working on its new warehouse opening in Khanbogd soum, Umnugovi aimag, during the third quarter of 2020.

EMPLOYS KHANBOGD SOUM RESIDENTS Sandvik Mongolia LLC is working towards opening its new warehouse in Khanbogd soum, Umnugovi aimag, during the third quarter of 2020.

This new facility will play an important role in the region and bring them closer to their customers in the Umnugovi area. As the project is nearing completion, inventories are being stocked up and in the next few weeks Sandvik Mongolia will be able to provide their services through the new facility. “We support local communities as part of our corporate social responsibility work. One of the ways Sandvik Mongolia supports the local community is by providing stable and good jobs to residents,” says Nomingerel Enkhbold – HR Business Partner at Sandvik Mongolia.

The most important element of any successful facility is always the people. Therefore, Sandvik Mongolia have already hired three qualified Khanbogd residents full-time as Storemen and as a Facility Administrator.

The three new employees started working with Sandvik Mongolia on 8 June 2020 and attended an employee orientation program in Ulaanbaatar. They are spending four weeks participating in on-the-job training at the Sandvik Mongolia Ulaanbaatar warehouse to provide the skills and experience needed to work independently in the new Khanbogd warehouse.

Sandvik is a high-tech and global engineering Group with about 43,000 employees with a strong commitment to enhancing customer productivity, profitability and safety. Their operations are based on unique expertise in materials technology, extensive knowledge about industrial processes and close customer cooperation.

This combination, coupled with continuous investment in research and development (R&D), has enabled us achieve world-leading positions.

"As a world-leading mining equipment manufacturer, we are committed to improving your productivity and profitability. Sandvik Mining and Rock Technology products and services provide you maximum value in terms of performance, quality, safety, flexibility and — not least — total economy" www.rocktechnology.sandvik

www.facebook.com/SandvikMining/

www.linkedin.com/showcase/sandvik-mining-and-rock-technology/

Corporate Plus Membership Overview Corporate Plus membership is specifically designed for midsized to big companies that are looking for the ability to promote their business, access networks and influence the agenda.

This membership offers an extended range of opportunities to promote your company and its services, extend your business networks, acquire relevant business intelligence and take advantage of AustCham Mongolia's portfolio of specialized services i.e quarterly Newsletter and monthly events. Also 10% of Membership fee goes to supporting local charities. Please visit our website to learn more about our charity policy.

Major Benefits Membership cards.

Guaranteed Newsletter feature Distribution of your company's marketing materials Top level Executive network / President's Luncheon Recognition in our annual Gala Ball and AGM Working group / Committee involvement B2B referrals (obtained upon permission) B2B Advisory and Consultancy opportunity

Connecting with other Australian Chambers-Worldwide Online job posting on the website Australian and Mongolia VISA invitation support letter Priority seating for senior company representatives at key events One-on-one dialogue with a speaker at Professional Speaker Series (PSS) Prominent positioning of Company Logo on AustCham communications Prominent positioning of Company Logo at AustCham events 10% of Membership fees to support local charity policy Additional tailored benefits according to company and individual needs

JULY 01, 2020

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AUSTCHAM MONGOLIA'S ANNUAL REPORT 2019 RELEASED ON AustCham Mongolia released its Annual Report 2019 on 3 April 2020.

The Annual Report indicates our highlights, results and achievements of our operations in 2019.

If you would like to read the full report please visit the following link to our website: www.austchammongolia.com

AustCham Mongolia attended the launch of ‘Systematic Investor Response Mechanism’ AustCham Mongolia attended the launching of Systematic Investor Response Mechanism at the Mongolian National Chamber of Commerce and Industry.

It is an investor system that allows investors to monitor the resolution of their grievances, facilitates the exchange of information between government agencies.

We believe the protection and attraction of FDI will be key to economic recovery.

Congratulations to all the parties that have been involved.It is a major step in the right direction and AustCham Mongolia fully supports this initiative.

Foreign Chambers in Mongolia submit a "Joint-Initiative Statement" to the Government of Mongolia.

Foreign Chambers operating in Mongolia had submitted a "Joint-Initiative Statement" to the Government of Mongolia about measures to revive the Mongolian economy on 1st of April.

The Chambers have commended the Government of Mongolia for taking decisive and rapid action to prevent and control the spread of COVID-19 and expressed their gratitude to the Government of Mongolia and all the people who are working to prevent and control the spread of this disease.

However, the economic impact of these measures cannot be overlooked with a deteriorating economic situation and emphasized the need to take economic measures to bolster struggling sectors. Survey statistics from the Chambers' highlighted the fact that many businesses are facing severe cash flow problems, there is a potential for long-term economic hardship, and the need for more comprehensive measures are considered necessary to protect the future of Mongolia's business sector, improve existing measures, and increase access.

Therefore, Chamber submitted the following 4 sets of proposals on specific measures that Mongolian policy makers and decision makers to consider: 1. Relieve cash flow pressures 2. Measures to be taken in relation to the capacity of the Mongolian economy and the domestic banking system 3. Relieve the burden of unemployment 4. Policies and programs to increase current opportunities The Chambers believe that the timely implementation of these policy measures and programs on an equal footing with enterprises with foreign and domestic investment will help Mongolia's economy recover faster in this time of global economic instability.

Within the framework of these initiatives, the Chamber expressed that their readiness to cooperate with the Government of Mongolia and organize monthly bilateral meetings between the Chamber, the Cabinet Secretariat and relevant Ministries to make practical proposals and exchange necessary information to bring economic benefits to the Mongolian people.

JULY 01, 2020

CONGRATULATIONS TO MOZZIES FOR THE SOFT OPENING CEREMONY OF THE AUSTRALIAN CORNER - WESTERN LANGUAGE READING HALL AustCham Mongolia attended the "Soft Opening Ceremony of Australian Corner Western Language Reading Hall" at Childrens' Central Library on 2nd of June.

Australian Corner consists of 2 separate rooms including a reading hall and event hall.

Western reading hall is ready to host little readers. The Australian corner hall has a disability access, cozy coffee corner, beautiful design and modern equipment.

These days many Mongolians aspire to study in Australia more than any other western countries, as such the project organisers are hopeful that this project will help many children who seek to study abroad, improve their language skills and, most importantly, to learn more about Australian culture and people.

AustCham Mongolia's Patron and the Australian Ambassador to Mongolia H.E Mr Dave Vosen also attended the soft opening ceremony and gifted Australian children's books.

We would like to congratulate the Mozzies (Mongolia Australia society) for their successful implementation of this renovation project and all those who took part and supported this project including Australia Awards Mongolia, Woman leadership program and Karandash LLC, the renovation company.

Again well done to everyone involved. This is an amazing contribution to the children of Mongolia and our community.

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Australian Chamber of Commerce Mongolia

Thanks to our CORPORATE PLUS Membership Renewals 2020

Thanks to our CORPORATE Membership Renewals 2020

Thanks to our COMPANY Membership Renewals 2020

Thanks to our SME Membership Renewal 2020

We would like to express our sincere gratitude to our dearest members who have been renewed their membership for 2020 during this difficult time. Your membership renewal will enable the Chamber to continue delivering its services.

JULY 01, 2020

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ANZAC DAY Observed on 25 April each year, Anzac Day is a national day of remembrance in Australia and New Zealand that broadly commemorates all Australians and New Zealanders "who served and died in all wars, conflicts, and peacekeeping operations" and "the contribution and suffering of all those who have served in the Gallipoli Campaign, their first engagement in the First World War (1914–1918)."

The acronym ANZAC stands for Australian and New Zealand Army Corps, whose soldiers were known as Anzacs.

AustCham Mongolia prepared hand made gifts including traditional cookies, poppy flowers and greeting cards to our member companies in remembrance of the Anzac Day. A special wreath of flower was delivered to the Australian and Turkish Embassies in Ulaanbaatar in commemoration of the fallen.

We would like to express our sincere gratitude to Australian Embassy and Rosewood Kitchen for their great Anzac cookies.

Lest We Forget.

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O C TMONGOLIA'S O B E R 0 7 , 2 0 DONATION 19 AUSTCHAM POLICY AustCham Mongolia recognizes the valuable contribution of charity and positive effect it has on the overall society.

In-line with our Donation Policy, we support various local charity projects to improve social wellbeing, community activities that has a direct benefit to disadvantaged groups, or projects that help support education, training and improvements in health. Â Our Charity Funds are sourced by 10% of our Corporate Plus membership fee, individual donations, auctions and Sundowner Raffles.

AUSTCHAM MONGOLIA'S CHARITY PROJECT 2020 NATIONAL CANCER COUNCIL OF MONGOLIA - TARA LODGE 2020 has been a challenging years for everyone and we all need some good news to lift our spirit.

In line with our Donation Policy we have opted to cooperate with National Cancer Council of Mongolia (NCCM). Due to quarantine related with corona virus outbreak, National Cancer Council was not able to organize any public events for fundraising and has a funding shortfall. Cancer patients from rural areas travelling to city for treatment during this health crisis are most vulnerable and needed their services.

NCCM is a private, not-for-profit organizations established in 2014 to provide assistance to cancer patients of all ages, and to provide cancer awareness to the Mongolian population at large.

The organisation has made some significant contribution to the community in the past and one of its main projects the Tara Lodge, a wheelchair accessible home for cancer patients, both adults and children, travelling to Ulaanbaatar from rural areas started its operations in January of 2019.

The Tara Lodge can accommodate up to 33 guests in 11 rooms, with room for a guardian to accompany each patient. It has a large communal kitchen, laundry, library, art therapy room and kids’ corner. It also provides health and support information for patients and family members, as well as art therapy services.

The funding and support will help them continue delivering their services to the Mongolian Cancer Patients. We acknowledge the hard work that NCCM has put in and wish success to Dr Tsetsegsaikhan.B and everyone involved.

We would like to express our sincere gratitude to our proud Corporate Plus member Sandvik Mongolia LLC, for their significant contribution to this charity policy. It wouldn't have been possible without their involvement.

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WOMEN’S LEADERSHIP PROGRAM 2020 The Women's Leadership Program (WLP) is a comprehensive leadership and development program for male and female Mongolian nationals who hold Masters or PhD degree from Australia.

The program will run for eight months In-Mongolia and two weeks In-Australia . It aims to enhance participants abilities to compete equally in the workplace and cultivate them to become the next generation of Mongolian leaders.

The "Women's Leadership" program is being implemented by the "Zorig Foundation" and this program is part of the Australian Government's assistance to Mongolia's development.

After 8 months of rigorous leadership program the Women’s Leadership Program (WLP) cohort 6 culminated with a leadership retreat and graduation ceremony held on June 20th and June 21st 2020 at the Red Rock Resort. During the two-day event participants engaged in trainings on board governance (running Mock board), design thinking, creative thinking, emotional intelligence, leadership, digital transformation and presentation preparation that were delivered by H.E. Dave Vosen, Australian Ambassador to Mongolia, Mr Michael Marshall, President of AustCham and MCS Academy. Through these trainings participants not only expanded their understanding on the above topics but also practiced their learning through interactive team activities.

In addition, during the program, participants have a tradition of implementing community development projects in teams, through which they contribute to solving social problems and gain knowledge and experience.

Each year WLP produces 4 community development projects that contribute to addressing social issues in Mongolia. The 2020 projects were: Gender Mainstreaming in Private Sector, Save Future by Drop, Rural Women Empowerment Program and Rebranding Mozzies projects. All projects were completed successfully within their scheduled timeframe and commended for their impacts. During their project presentations at the graduation event, participants expressed their gratitude to all stakeholders involved including the Australian Embassy and Australia Awards in Mongolia.

Congratulations to the participants who successfully completed the project.

If you would like to read more information about the program please click the link below: www.zorigsan.mn

Please click on the image to zoom in.

www.mongolia.embassy.gov.au

www.zorigsan.mn

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NEWEST MEMBER OF AUSTCHAM MONGOLIA - BULGAN.E (BUKA)

Bulgan joined AustCham Mongolia in January 2020 as Administration Officer. She is responsible for the day-to-day administrative tasks and provides assistance to the Chamber’s monthly and annual events and programs.

Prior to joining AustCham Mongolia, she worked as a logistics assistant manager, handling international and domestic freight for clients. Also, she has volunteer experiences working as a member of the organizing teams for well known events such as TedxUB2015, "Leading tomorrow" project and "Basketball competition 3x3", while pursuing her studies at the university.

She holds a Bachelor of International Relations degree from National University of Mongolia.

I am really happy to be a part of AustCham Mongolia. As someone who has just graduated, I have a great desire to learn and develop myself in various fields. Joining the Chamber not only gives me the opportunity to learn about many things and meet people with different backgrounds, but also to expand my circle of acquaintances. I would like to contribute my own share to the further development of Australian-Mongolian relations. I love Australia and always wanted to learn more about its rich culture and people. Hope to see you all at our future events.

WOMEN IN MONGOLIA SERIES 2 - "WOMAN IN FINANCE"

WOMEN IN MONGOLIA SERIES

In our first quarter of 2020, we proudly introduced our new "Women in Mongolia" series that highlights the women in various industries from our Member Companies, promoting the importance of gender equality in the workplace and encouraging diversity at all levels of the organisation.

In this edition, we wanted to highlight the successes of women working in finance field. Thank you to our members Baigalmaa.Ts from Melville Eredenedalai LLP, Doljindemberel.B from KPMG Mongolia LLC, and Uurtsaikh.G from Sandvik Mongolia LLC.

We hope you will find their success stories interesting and hope their career path with all their achievements will serve as a role model for many aspiring women in Mongolia.

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WOMEN IN FINANCE BAIGALMAA.TS Associate of Melville Erdenedalai LLP Melville Erdenedalai LLP

Believe in yourself. Believe in your ability and be confident 1. Thank you so much for doing this with us! Please share with us your educational background?

I got my LL.B (Bachelor of Laws) from the University of Tokyo, Japan in 2013.

2. Can you tell us the “backstory” about what brought you to the Banking/Finance field?

Prior to my study in Japan, I had briefly studied banking at the School of Economic Studies, National University of Mongolia.

I was good at math and loved reading economics and finance textbooks. When I got a scholarship to study in Japan, I was more attracted to law and decided to become a lawyer. That being said, my interest in economics, banking and finance never faded.

After graduating from university, I returned back to Mongolia and joined Hogan Lovells’s Ulaanbaatar Office as a paralegal. Back then, Hogan Lovells acted for several international financial institutions, and I had an opportunity to assist lawyers with drafting facility agreements, taking security and giving advice related to the banking and finance and capital markets. As an associate with Melville Erdenedalai LLP (M&E), I have regularly advised several major foreign banks and financial institutions in extending credit to Mongolian companies, taking security, equity to debt conversions, and restructuring of secured loans.

3. Can you share with our readers the most interesting or amusing story that occurred to you in your career so far?

I studied law in Japan. Then, I started my legal career in an EnglishAmerican law firm based in Mongolia.

I also had to work on EnglishAmerican style contracts while giving advice to clients relating to Mongolian business law. To keep up with work demands, I checked major common law concepts while studying Mongolian laws and regulations and preparing for the Mongolian bar exam based on my Japanese law background and legal thinking. The first two years at work was challenging, but time very well spent.

It is interesting that I had to and still work over the intersection of 3 different concepts of law.

4. Do you have any thoughts and advice for those pursuing and/or starting their careers in the finance field?

I would say, "if you feel overwhelmed, remember that's okay and you're not alone. Nonetheless, if you keep up and keep diving in, practicing, it will always get easier.

5. Are you working on any exciting new projects now? How do you think that will help people?

I have recently advised a multilateral development bank on providing loan to a Mongolian company and the first metal powder producer in Mongolia.

The loans will be used for the construction of a modern high-tech plant which will produce copper and copper alloy powders in Mongolia.

The plant is scheduled to start its operation at the end of 2020 and is planning to export its high-tech and value-added product to international markets. This project should create direct and indirect employment opportunities and support social and economic development.

6. What do you think makes your company stand out? Can you share a story?

Our firm, M&E, was founded by Chris Melville, managing partner, and Erdenedalai Odkhuu, Mongolianqualified partner of the Ulaanbaatar office of Hogan Lovells. M&E had partnered up with Hogan Lovells, and our lawyers regularly attend conferences and trainings organised

by Hogan Lovells. Recently, I have attended two Hogan Lovells’ training and an annual conference held in Hong Kong and Sanya accompanied by various events with great networking opportunities.

Our firm has a fantastic and friendly company culture and honors the importance of work-life balance.

Professionally, I would say M&E is one of the most experienced, reliable and independent law firm in the market. Moreover, M&E has been ranked in Tier 1 of the Legal 500, Asia Pacific 2020.

7. What are your biggest achievements and experiences about being a woman in finance?

Since joining M&E as an associate in 2017, I have advised international financial institutions and banks on secured or unsecured finance deals for project financing and re-financing purposes with Mongolian companies exceeding USD 206 million. It is exciting to witness entrepreneurs and business people successfully implement their projects with the funding resulting creation of new jobs and contribution to society and economic development of the country.

8. How are you coping with the new realities posed by outbreak of COVID-19?

To prevent further economic downturn caused by the outbreak of COVID-19, what I can do as a finance lawyer is to finalize on-going matters which should support inflows

of exchange businesses.

and

operation

of

9. None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are?

Can you share a story about that?

I am grateful to all my amazing work colleagues and friends that have helped me along the way and shaped me to who I am today. I will be forever learning from them and being inspired. Especially, I am grateful to my partners Chris and Erdenedalai for providing me with fantastic opportunities to grow as a finance lawyer.

Moreover, I am grateful to my mother for taking care of my child and keeping me in the workforce and my husband for supporting me all the time and being a real partner and great adviser.

10. Can you please give us your favourite “Life Lesson Quote”? Can you share how that was relevant to you in your life?

Most women, including myself, tend to self doubt and sit back as men rise up to fill their positions, even though their ability is equal or exceeds that of men. This is a problem I've been facing which I am still working on because I hate the thought of losing a good job opportunity by underestimating my abilities.

So, I would like to spread self confidence to all the women reading this and say – Believe in yourself.

Believe in your ability and be confident. Accept the challenge and get the job done.

Thank you for all of insights!

these great

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WOMEN IN FINANCE DOLJINDEMBEREL.B Tax Senior Manager at KPMG Mongolia KPMG Mongolia LLC

“Shortcuts make long delays.” As time goes on, I more and more appreciate that good things come with effort, hard work and investment of time 1. Thank you so much for doing this with us! Please share with us your educational background?

I earned Bachelor degree in Accounting and Economics at the National University of Mongolia in 1997 and then later completed a Master degree in Accounting and Finance from the University of Adelaide in 2011.

The world around is changing faster than ever before and I personally believe that we must develop and educate ourselves every day to thrive through this rapid changing environment.

2. Can you tell us the “backstory” about what brought you to the Banking/Finance field?

I think many people share a similar story about how they followed a career path after their graduation.

Likewise and simply, I had a chance to join the Mongolian tax authority after my graduation from the university and I started to take a greater interest in the economic forces that can influence our lives in Mongolia, and so started my commitment to finance.

3. Can you share with our readers the most interesting or amusing story that occurred to you in your career so far?

As mentioned, I started my career at the Mongolian Tax Authority and worked there for over 16 years.

In 2014 I joined KPMG and have been providing tax advisory services for high profile international and Mongolian clients in various industries. Joining the professional firm and working for the taxpayers’ side has been the most tremendous experience by understanding the challenges that businesses encounter to comply with the tax legislations.

4. Do you have any thoughts and advice for those pursuing and/or starting their careers in the finance field?

I always like to say be passionate about what you do which will help to deliver successful results.

Never stop developing yourself and your team. Learn from every opportunity and experience, good or bad, but try not to repeat the same mistake.

5. Are you working on any exciting new projects now? How do you think that will help people?

Starting from the beginning of 2020, new tax legislations including increased transfer pricing requirements came into effect in Mongolia. These new requirements can be challenging for businesses especially for multinational enterprises with more complex business structures. Currently I am working with my team on projects that can help companies understand these new requirements and respond the challenges. We aim to support companies in Mongolia to implement these international tax matters through our advice and trainings.

In addition to the new tax rules, current economic slowdown due to COVID situation has a greater impact on businesses to reconsider and reassess their existing business models.

We are assisting a number of restructurings for companies in the uncertain financial environment during these unprecedented times.

6. What do you think makes your company stand out? Can you share a story?

At KPMG, we are proud of our commitment to ethics and integrity and the way we have embedded our core values - including "Above all, we Act with Integrity" - into all of our business.

KPMG - through its people, values, programs, and policies - has made it a priority to help ensure that we

have an ethical culture where everyone embraces a sense of personal responsibility for doing the right thing in the right way.

We are very fortunate that we have professional and talented people working for us, who are building great outcomes for our clients by addressing their most pressing issues. Within the company we respect individuals as well as different opinions, ideas and diversity. For example, with the background of recent protests in the USA and globally about George Floyd and black lives, our global Chairman based in Canada sent an internal email emphasizing the importance of diversity, inclusion and respect in our KPMG culture to all our staff across the world.

Our work is often very demanding yet we focus on creating a pleasant work environment and a friendly and supportive team spirit for our staff.

Every day we are exposed to new interesting challenges, and we view issues from a number of diverse perspectives. With the best people we solve problems together in cross-cultural environments.

7. What are your biggest achievements and experiences about being a woman in finance?

While gaining a lot of experience and skills through my career so far, I learnt about standing in a leadership role in a field where the gender equality is sometimes behind other fields such as medicine and education.

8. How are you coping with the new realities posed by outbreak of COVID-19?

As we all see, the novel coronavirus has impacted all businesses around the world and caused severe disruption to society globally. It is hard to believe that half of the people around globe have been under lockdown and as a result many businesses are experiencing such great challenges, even some have shut completely.

Our office has been mostly working from home since 2 March until last week and it really introduced a new reality and new way of working for us. New technologies and digital communications have become so important in this new reality.

During this pandemic and economic slowdown period we aim to be as positive as possible, focusing on encouraging self-development of our people and their wellbeing.

At the same time we keep closely connected with our clients and other KPMG offices, and supporting them with timely updates of the situation in Mongolia.

With the government restrictions over the last 3 to 4 months, I think people must now have realized how their schedule is stacked with social gatherings or entertainment events.

With a sudden ban on these events, we have had significant amounts of time for ourselves and families which shows us how easy it is to make more time for our families once we clear our calendars.

The opportunity I now see is that we have realized we could spend this time, or reserve more time, for many important matters such as our families. Last but not least, COVID19 has made us to be innovative for example having effective virtual meetings, online training courses, virtual museums, online shopping delivery, and similar.

10. Can you please give us your favourite “Life Lesson Quote”? Can you share how that was relevant to you in your life?

“Shortcuts make long delays.” As time goes on, I more and more appreciate that good things come with effort, hard work and investment of time.

Thank you for all of these great insights!

JULY 01, 2020

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WOMEN IN FINANCE UURTSAIKH.G Senior Accountant at Sandvik Mongolia LLC Sandvik Mongolia LLC

Never put off till tomorrow, what you can do today. You better not delay doing something if you can do it immediately, because delaying is the waste.

1. Thank you so much for doing this with us! Please share with us your educational background?

I have received my Master of Business Administration in 2018 from UFE. Before that, I graduated as an accountant in 2009 and earned my CPA qualification in 2012.

2. Can you tell us the “backstory” about what brought you to the Banking/Finance field?

During my secondary school, math was my favourite subject and it was my key leverage to choose financial degree.

However, I was more interested in becoming an artist. Unfortunately, I didn’t have enough passion. Since, I was good at math, my best choices were to become an either economist or accountant.

In second year of my university I had a chance to attend an interesting lecture about how all social movements can be measured in numbers, which led me to choose this major and laid the foundation of my interest in this field.

3. Can you share with our readers the most interesting or amusing story that occurred to you in your career so far?

As for me, it’s important to remember that people work with people, no matter how talented they are in any field.

Over the past years, the transition to becoming team leader, sharing my knowledge and experience with people, has brought me interesting challenges.

A Financial job, especially an accountant needs to review over and over again, however it was great opportunity that teaching someone and trusting them to do so as how empowering and encouraging you are.

4. Do you have any thoughts and advice for those pursuing and/or starting their careers in the finance field?

Well, I would say this is a field with great rewarding career options in a wide range of industries.

Therefore, once you choose to work in finance sector, the priority is to be faithful, responsible in what you do.

5. Are you working on any exciting new projects now? How do you think that will help people?

I was staying home on my maternity leave about year ago and now I already back to work. I normally don’t read the same book over and over again, but I would pick the “Becoming” by Michelle Obama very often lately.

Because even the single sentence in a book can cause a ‘aha’ moment that her struggles with raising kids as a working mom is something that I deeply resonated with it. Balancing motherhood and work seems nearly impossible BUT we’ve got this. I am not alone in this ongoing battle as there are so many amazing women out there who has succeeded at both workplace and motherhood.

So, I would say this is the most exciting project in lifetime.

6. What do you think makes your company stand out? Can you share a story?

It’s my pleasure to work in global company with strong culture as Sandvik. In 2019, the Group had approximately 40,000 employees and revenues of about 100 billion SEK in more than 160 countries within continuing operations.

Sandvik is a high-tech and global engineering group offering products and services that enhance customer productivity, profitability and sustainability. There are many things to make Sandvik stand out.

However, let me list down most important points: Our core value Our strong organizational culture Our unique products Our colleagues 7. What are your biggest achievements and experiences about being a woman in finance?

As I mentioned earlier finance sector with great rewarding to career options in a wide range of industries as the experience gained in this field seems to open up more opportunities to convert others. I believe those opportunities and challenges makes me better than yesterday.

8. How are you coping with the new realities posed by outbreak of COVID-19?

Safety is the top priority at Sandvik.

Therefore, company encourage us to always provides advised information and updates from authorities.

Luckily, we have no local transmission as of today in Mongolia.

Ad for me, I‘m properly following the instructions and advices from both health authorities, and WHO.

9. None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are?

Can you share a story about that?

That is true, I’m always thankful to my dearest parents, spouse, kids, siblings, and friends who have been by my side all the time, unconditionally. And at work, my team and colleagues are really stepped it up to make this happen.

10. Can you please give us your favourite “Life Lesson Quote”? Can you share how that was relevant to you in your life?

Never put off till tomorrow, what you can do today.

You better not delay doing something if you can do it immediately, because delaying is the waste.

Thank you for all of these great insights!

JULY 01, 2020

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THIS YEAR’S RANKINGS OF TOP-100 BUSINESS ENTERPRISES The Government of Mongolia and the Mongolian National Chamber of Commerce and Industry organized the ranking and honoring of Mongolia's top 100 enterprises online for the first time in 19 years.

The rankings are based on 2019 data on the companies’ revenues, state budget contributions of their tax payments, the number of their employees paying social insurance premiums, net profit and total assets.

We would like congratulate our following members for their significant contribution to Mongolia and for being ranked among the TOP-100 Enterprises.

3

7

12

27

38

57

58

68

82

Sources: *montsame.mn/en/read/226085

JULY 01, 2020

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AUSTCHAM MONGOLIA'S MEMBERS UPDATE Golomt Bank supports a project to train 10,000 software developers and to establish complete data analysis server and computer laboratory at Ulaanbaatar Innovation Center.

The Ulaanbaatar City Governor's Office and the Ulaanbaatar Department of Science, Industry and Innovation launched a project to increase employment in the information technology sector, train highly skilled human resources, improve software training programs, and to train 10,000 “competitive� programmers. started operations.

Golomt Bank has signed a memorandum of understanding with The Ulaanbaatar Department of Science, Industry and Innovation to support the project. As a result, Golomt Bank is establishing a comprehensive server and computer laboratory at the Ulaanbaatar Innovation Center to provide data security and data analysis.

By implementing 10,000 programmer projects: Programmers, teachers and students specializing in information and technology will be trained.

Not only in Mongolia, there will be opportunities for the development of a wide range of information and communication technology industries, international research and financial services.

As a digital infrastructure hub connecting Central Asia and East Asia, Mongolia has the advantage of creating favorable conditions for investment in global and multinational technology companies, increasing economic growth and providing employment. www.golomtbank.com

AustCham Mongolia cooperated with Growth Summit Global as a supporting organization.

AustCham Mongolia cooperated with the Growth Summit Global as a supporting organization for their Annual Summit under the title "Are you prepared for the world after COVID-19?" that was held between 20-22 May 2020.

"Beyond COVID-19" Virtual Growth Summit took place to give insights for executives about global trends caused by COVID-19, world after COVID-19, how to survive and prepare to thrive when the rebound occurs, and how to digitize your business (as this has become a MUST in your business model).

Attending this meeting enabled companies to walk away with deep insight and useful takeaways; tools that can be used to help your company survive and prepare to thrive; effective & unique virtual networking to meet fellow executives facing similar challenges/opportunities.

AustCham members enjoyed 10% discount on tickets and 50% off virtual exhibitor booths.

JULY 01, 2020

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AUSTCHAM MONGOLIA'S MEMBERS UPDATE MSM Group & TEREX FRANNA deliver Three Cranes to the customer MSM Group LLC has successfully delivered three pick and carry cranes to our customer. The deal consists of 3 x MAC 25-4 cranes, fully customized with mine specs and an advanced fire suppression system which allow the machines to safely and efficiently operate in the complex mining environment.

Since 2014, MSM have been a strategic partner of Terex in Mongolia, providing mobile cranes, tower cranes and aerial work platforms to meet the needs of their local customers.

Mark Lock, Franna sales director said “We are delighted to have partnered with MSM Group to deliver these cranes to the mine project and believe there is a great opportunity for further success in the Mongolian market. The aftersales support from MSM is second to none and they provide truly exceptional results for their customers.”

Upon arrival in Mongolia, MSM team successfully installed the Ansul fire suppression to all three cranes which further enhance the safety of the machines. As fires pose of the greatest threat to mines, the Ansul fire suppression helps keep operators safe and equipment secure. Ansul have been providing advanced fire suppression systems to the Mongolian market since the 1990’s. In 2016 MSM Group were appointed as authorized Ansul distributors and to date have completed over 200 installations, with over 100 of these being installed on machines that are working directly at the OT site.

With a total of 30 Ansul certified technicians, MSM provide after sales support for Ansul products as well as testing and commissioning equipment with Ansul FSS across the country. MSM is authorized to design, install and maintain following Ansul systems: Ansul “Red line” cartridge operated portable and wheeled extinguishers Ansul Vehicle Pre-engineered Systems Ansul Check fire Detection and Actuation Systems

We would like to thank both Franna and our logistics team for successfully delivering the equipment despite the supply chain constraints posed by COVID-19.

JULY 01, 2020

20

AUSTCHAM MONGOLIA'S BOARD NOMINATIONS ARE AVAILBALE NOW!

Dear Valued Members, We would like to inform you that our Board Nominations are available now.

We are conscious of the difficulties that many of our members are operating under and we hope that this extra time will allow you to nominate suitable candidate for the Board of AustCham Mongolia.

The intention is still to try and hold an AGM as soon as the current ban on public gathering is lifted. However, in case the current government ban on public gatherings is extended beyond the current deadline then we will consider hosting an online AGM in the near future.

Board Member nominations for 2020 Representing AustCham Mongolia and its members as a Director on the Board can be a rewarding experience. To express your interest in becoming a Board of Director, please submit a Nomination form (attached here) and short biography to info@austchammongolia.com.

Your biography (up to 100 words) should include the following: · Your current position of employment and company name; · An overview of your personal work history; · A summary of your qualifications; · A profile picture; · A summary of your qualifications; · A brief description of your association with the Chamber; and · A statement of interest in becoming an AustCham Mongolia Board Member including an outline of how your contribution will strengthen the Chamber.

Should you have any further inquiries, please let us know.

An independent balloting committee will screen nominations, confirm their validity, oversee the election process, scrutinise votes and notify members of the results at the upcoming AGM. If you have any enquiries regarding the nomination or election processes, please contact us at info@austchammongolia.com.

Please click here to download Nomination form

JULY 01, 2020

21

8

THE CORONAVIRUS (COVID-19 ) HAS TAKEN OVER THE WORLD The deadly virus began in early 2020, was a major event that shocked the world.

Since then, there have now been over 10 million confirmed cases and more than 500,000 deaths, according the WHO. Many counties implementing drastic measures from locking down the entire country to social distancing, working from home and encouraging its citizens to wear masks in public to curb the spread of COVID-19.

Our proud members Oyu Tolgoi LLC, Techenomics Mongolia, Trade and Development Bank, Golomt Bank and Sandvik Mongolia to name a few had made significant donations in emergency medical equipments or in funds to the Ministry of Health Since the spread of pandemic has been started, in Mongolia, total confirmed cases in the country reached 219 and 170 of them have been fully recovered and discharged from the National Center for Communicable Diseases.

The Mongolian Government was no exception to this and started implementing strict measures to contain the virus. The Mongolian Government has spent MNT213.7 billion so far to stimulate the economy, support livelihoods of target groups, save jobs, and to protect the public health sector.

Since then Mongolia has arranged 26 chartered flights, with total number of Mongolians brought back to the country reaching 10,020 and Mongolia is currently ranking second behind Germany in terms of the percentage of its citizens repatriated from abroad.

Furthermore, the country has actively repatriated its citizens from abroad with a first chartered flight taking place in February 3 to Wuhan city of China.

Recognizing the difficulties with containing this virus, many private citizens and leading companies in various sector of Mongolia had come together to contribute in the fight against this global pandemic.

AustCham Mongolia would like to express its gratitude and respect to all the Doctors, Nurses, the State Special Commission and other relevant people who are working day and night to keep everyone safe.

Sources:

*news.mn/en/792658/

*www.worldometers.info/coronavirus/

*www.theguardian.com/world/2020/ *www.who.int

JULY 01, 2020

22

NEWS

MONGOLIAN AIRLINES MIAT HAD ITS FIRST DIRECT CHARTERED FLIGHT TO SYDNEY, AUSTRALIA FOR THE FIRST TIME IN MONGOLIAN AIRLINES HISTORY

In accordance with the decision of the Government of Mongolia and the State Special Commission, a MIAT chartered flight to take Mongolian citizens from Australia and the Philippines took off from Sydney on June 8, 2020, at 07:40 local time.

The flight picked up 29 people stranded in Cebu, Philippines, and brought back a total of 262 people home.

This special flight was the first ever direct flight by the Mongolian civil aviation to Australia in history.

We hope this historic event will further enhance the relations between Australia and Mongolia.

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JULY 01, 2020

AUSTCHAM MONGOLIA'S MEMBERSHIP CARD DISCOUNTS Sandvik Mongolia LLC

www.austchammongolia.com

Resilience Mining Mongolia

JULY 01, 2020

24

AUSTCHAM MONGOLIA 2020 EVENTS AND PUBLICATION

WHAT'S AROUND THE CORNER? AustCham Mongolia Webinar Series Time: 14:00 Date; July 23, 2020

Do you wish to be our next GUEST WEBINAR SPEAKER? Do you have a topical issue to share with our members?

If you have please do not hesitate to contact us @info@austchammongolia.com

Please note that events and venues are subject to change. www.austchammongolia.com

AUSTRALIAN CHAMBER OF

COMMERCE MONGOLIA

Are you looking to promote your company's news, success or promotion?

AustCham Mongolia's s e-Newsletter is a valuable communication tool, informing our members on the latest news between Australia and Mongolia and carries up-to-date information on the Chamber’s activities and events.

This widely read publication of up to 1500 subscribers is also an important medium for promoting AustCham Mongolia members’ company information and initiatives.

During the recent challenging times, we encourage all members to provide relevant news and updates to boost your marketing at our online publication platform.

For more information, please write to oyunaa@austchammongolia.com Also visit www.austchammongolia.com to subscribe our mailing list to receive our monthly event / webinar notices and quarterly newsletters.

www.austchammongolia.com www.twitter.com/AustChamM www.linkedin.com/austcham-mongolia www.facebook.com/AustCham Mongolia

Ulaanbaatar Mongolia 2020