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The 54th Annual Assembly of the World Financial Discussion board convened in Davos-Klosters, Switzerland, from January 15 to 19. Mongolia’s continued participation within the WEF highlights the nation’s international engagement, with the discussion board – usually merely known as “Davos” – serving as a world platform to mingle with leaders, showcase financial and funding alternatives, and strengthen partnerships.
This 12 months, Mongolian Prime Minister Oyun-Erdene Luvsannamsrai, Minister of Tradition Nomin Chinbat, and Temuulen Enkhbat, the vice curator of the International Shapers, amongst others, attended the WEF representing Mongolia. Minister Nomin gave an interview to The Diplomat specializing in Mongolia’s participation within the WEF, relating financial, cultural, and digital sectors.
This 12 months’s Davos theme, “Rebuilding Belief,” aimed to “restore collective company, and reinforce the basic rules of transparency, consistency, and accountability and leaders.” What has been Mongolia’s state of affairs, and in what methods it has improved? Are you able to give examples of how Mongolia is strengthening relations between authorities and enterprise, or between authorities, enterprise, and civil society?
Mongolia is a nation that’s happy with the integrity of its democratic and judicial establishments. Although we’ve been described as an “oasis of democracy” inside the area, the federal government is pursuing additional measures that can strengthen transparency and accountability in our society. This method is according to this 12 months’s Davos theme, “Rebuilding Belief.”
One instance is Mongolia’s dedication to combatting corruption in all its varieties, aligned with the Nationwide Anti-corruption Technique and different key anti-corruption initiatives. And we’re already seeing some outcomes. For the reason that announcement of this technique in 2023, 40 of the worldwide requirements and proposals of the Monetary Motion Activity Drive have been put into motion. Mongolia is the primary nation within the Asia-Pacific area to attain this.
Additionally, in 2024, Mongolia will see the strengthening of its judicial establishments by key laws the federal government is introducing. The [2023] modification to the Structure creates a job for the Constitutional Court docket in reaching a ultimate resolution on residents’ petitions that allege a breach of constitutional civil rights and freedoms. We’re utilizing Davos to spotlight our sturdy actions on “Rebuilding Belief” and to work on the subsequent stage, which is to make sure transparency and accountability throughout all authorities ranges and companies.
The federal government of Mongolia has already joined forces with among the largest manufacturers throughout the globe in a variety of sectors, from digital infrastructure to renewable power, and rising applied sciences, to unlock the limitless alternatives our nation has to supply. These aren’t solely thrilling funding alternatives for worldwide companies looking for to increase their market, however in addition they have tangible advantages for our individuals and our financial system. When companies assist join Mongolia to the worldwide market, our residents are additionally taken on this thrilling journey.
By joint, private-public ventures, we’re guaranteeing that every one segments of society are geared up with the abilities and the infrastructure to capitalize on our financial development. One current instance is the partnership with Starlink, which may allow thousands and thousands of web customers in Mongolia to have entry to high-speed web. This historic collaboration underscores Mongolia’s dedication to technological developments and positions Mongolia on the entrance of digital innovation.
The WEF’s International Threat Report 2024 included lack of financial alternative, air pollution, and cyber insecurity as high threats. How are Mongolian leaders navigating these points? What can we count on by way of coverage modifications this 12 months?
By Mongolia’s flagship financial plan, the “New Restoration Coverage,” Mongolia’s financial system skilled a outstanding post-pandemic restoration, and initiatives to increase by 6.8 % in 2024.
Additionally, Mongolia’s sturdy debt administration technique was highlighted lately by the federal government of Mongolia’s full reimbursement of the $200 million “Samurai” bond. This provides confidence to new traders and reveals the world that Mongolia stands by its monetary commitments and is prepared for additional funding.
Holding Mongolia’s cyber and knowledge area safe from exterior threats is a precedence of the federal government’s “Imaginative and prescient 2050” long-term growth plan. The federal government will develop a system to cut back technological dependence on different nations and strengthen our capability. Holding our residents and our nation secure on-line will change into an more and more pivotal function of the state on this digital age.
Mongolian leaders are joined by different international leaders at Davos. What does Mongolia hope to attain from this 12 months’s Davos gathering?
The Discussion board stands as a pivotal second for Mongolia, offering a platform the place our leaders converge with international counterparts to additional diplomatic aims and advance Mongolia as an funding vacation spot.
Culturally, we purpose to place Mongolia as a International Ambassador, showcasing the richness of our heritage and our modern arts. This 12 months’s Davos gathering supplies a stage to not solely strengthen cultural ties but additionally depart a mark that transcends the diplomatic area and resonates with individuals worldwide.
Economically, we search to spotlight Mongolia’s funding potential and underscore the nation’s dedication to sustainable growth. By partaking in new funding discussions at Davos, we purpose to draw international funding, stimulate financial development, and diversify our partnerships.
Mongolia views Davos not merely as a summit however as a transformative alternative to form the narrative of our international engagement. By diplomacy, cultural showcasing, and funding alternatives, we endeavor to place Mongolia on the world stage as a nation able to contribute, collaborate, and thrive.
The International Threat Report 2024 speculated in 10 years that pure useful resource shortages might be among the many high dangers. How Mongolia can strategically use its pure sources to be a reputable international accomplice whereas defending its setting, and bettering the individuals’s lives?
Our partnership with Rio Tinto, epitomized by the profitable Oyu Tolgoi enlargement in 2023, serves as a testomony to accountable useful resource administration. The operation, using roughly 20,000 individuals, of whom 97 % are Mongolian, exemplifies the potential for pure useful resource growth to positively influence our financial system and livelihoods.
Concurrently, Mongolia is dedicated to diversifying past mining. Our pursuit of renewable power aligns seamlessly with worldwide targets, as outlined within the Paris Settlement. Initiatives such because the “Billion Timber” challenge and the dedication to take a position 1 % of the overall GDP in nature conservation by 2030 are tangible expressions of our resolve.
By envisioning Internet Zero by 2050 and actively planning the development of hydroelectric dams and photo voltaic farms with international traders, Mongolia strives to diversify its power sources, cut back carbon emissions, and guarantee home power safety by renewable sources.
As a minister of tradition of Mongolia, how necessary is tradition in an financial discussion board like this, and what function can tradition play in selling Mongolian pursuits overseas? What have been your key focuses on the WEF this week?
With the worldwide group coming collectively at Davos this week, I’ve loved having the chance to talk with leaders from politics, enterprise, and elsewhere about Mongolia’s cultural heritage and the financial development potential that our cultural and inventive industries possess.
Tourism sits on the intersection of our cultural and financial choices. Cultural tourism revolves round preserved cultural sights in a vacation spot. The intent is to showcase journey and cultural tourism alongside a respect for Mongolian nature and historic tradition, underscored by the paramount significance of sustainable tourism growth.
Aligned with this dedication, the federal government of Mongolia has declared 2023-2025 as “The Yr to Go to Mongolia” and established the Nationwide Committee on Tourism Growth. As of December 20, 2023, Mongolia has skilled a report inflow of vacationers, reaching a historic milestone of 640,000 guests.
“Go MonGOlia, at all times transferring” was additionally launched initially of the 12 months as a model to amplify Mongolia’s international promotion, proceed the rise of our tourism sector and appeal to elevated investments. It encapsulates our nomadic heritage with our cultural ambitions for the long run.
Recognizing the significance of selling Mongolia’s cultural heritage overseas, the Ministry of Tradition and the Ministry of Atmosphere and Tourism have intensified efforts to spice up the tourism sector internationally by collaboration that showcases Mongolia’s cultural richness on the worldwide stage and fosters a constructive picture of the nation’s distinctive heritage.
As a WEF Younger Chief since 2016, my journey has been one in every of lively involvement in economically important actions, bridging the worlds of youth management and financial growth. Additionally, my function because the deputy chair of the Mongolia Financial Discussion board (MEF) in 2023 was a testomony to my dedication to fostering public-private collaboration. The MEF is an important platform bringing collectively various stakeholders to sort out urgent points corresponding to sustainable development, environmental considerations, and obstacles to elevated funding.
Over the previous 12 months, the Ministry of Tradition has labored with our companions around the globe to strengthen ties between our cultural and inventive industries, elevating international consciousness of Mongolia’s distinctive historical past and vibrant tradition.
It was an honor to talk at a breakfast hosted by the Davos Baukultur Alliance, a corporation conducting important work highlighting the significance of embedding a nation’s tradition into its infrastructure and coverage choices. Our dialogue additionally coated how elevated publicity to a nation’s tradition will help spotlight the alternatives obtainable for international traders and supply financial advantages to Mongolians working within the cultural sector.
Waiting for 2024, I’m excited to proceed my engagement with the MEF because the deputy chair. The upcoming discussion board might be instrumental in charting a course for Mongolia’s financial trajectory. The deal with decreasing obstacles to enterprise development aligns with my perception within the potential of public-private partnerships to maintain and improve Mongolia’s financial success.
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