Mongolia Brief June 20, 2014 Part II
Discussion runs on development of higher and vocational education
Ulaanbaatar,
June 20 (MONTSAME) The parliamentary Standing committee on social policy,
education, culture and science Friday organized a discussion themed
"Developmental ways and solutions for higher and vocational
education" in the State House.
This discussion
ran in conjunction with formulating the state policy on education. A chairman
of working group to draw up the policy Ya.Sodbaatar addressed the gathered,
stressing that the state policy on education, passed in 1995, must be updated
to refine a quality and content of education and to get a clause on ensuring
trained staffers with job places at the market. "This document must
determine the Mongolian of the 21st century and form a competitiveness of
Mongolia at the educational sector," he said.
A head of the
Strategy, Policy and Planning Department of the Ministry of Education and
Science B.Nasanbayar gave a report titled "State policy on education and
reforms", underlining that Mongolia is putting the educational sector in
one of the social priorities. After this, an advisor to the project on reforms
for higher education R.Bat-Erdene delivered "Tendency and prospect of
higher education" report to highlight a comparative study of educational
tendencies of foreign countries and their training programmes.
The discussion
attracted D.Battsogt, a head of the Standing committee on social policy,
education, culture and science; A.Bakei, a head of the Standing committee on
state structure; L.Gantomor, the Minister of Education and Science;
Yo.Otgonbayar, S.Odontuya, L.Erdenechimeg; D.Lundeejantsan MPs; directors of
universities, institutes and vocational training centers.
Standing committee head meets SDC delegation
Ulaanbaatar,
June 20 (MONTSAME) Head of the parliamentary Standing committee on state
structure A.Bakei Friday received Mr Diepak Elmer, a deputy director of the
Swiss Agency for Development and Cooperation’s (SDC) office in Mongolia, and Mr
Jack Mirat, a manager of the programme on supporting governance.
Mr Elmer
thanked the committee head for receiving them and expressed a hope that the
Mongolia-SDC cooperation will gain big achievements. He also appreciated many
measures taken in frames of the "100 days for intensifying national
economy", and then exchanged views with Bakei on a draft new wording of
the law on products and services purchasing.
Mr Bakei said
the draft new wording would be an important law to augment economic profits and
intensify investments, and added that the draft has been formulated under
international experiences.
Stock exchange news for June 20
Ulaanbaatar,
June 20 (MONTSAME) At the Stock Exchange trades held Friday, a total of 74
thousand and 628 shares of 27 JSCs were traded costing MNT 327 million 729
thousand and 743.10.
"Mongol
nekhmel” /70 thousand and 773 units/, "Genco tour bureau" /1,821
units/, "APU” /1,005 units/, "State Department Store" /384
units/ and "Shivee ovoo” /240 units/ were the most actively traded in
terms of trading volume, in terms of trading value--"Mongol nekhmel” (MNT
318 million 832 thousand and 365), "APU" (MNT three million 618
thousand and 250), "UB hotel” (MNT one million and 508 thousand),
"Shivee ovoo” (MNT one million and 272 thousand) and "Suu” (MNT 515
thousand).
The total
market capitalization was set at MNT one trillion 555 billion 835 million 859
thousand and 328. The Index of Top-20 JSCs was 15,420.95, increasing by MNT
124.25 or 0.81% against the previous day.
Stock exchange weekly review
Ulaanbaatar,
June 22 (MONTSAME) Five stock trades were held at Mongolia's Stock Exchange
June 16-20, 2014.
In overall, 126
thousand and 286 shares were sold of 43 joint-stock companies totaling MNT 404
million 159 thousand and 455.32.
"Mongol
nekhmel” /70 thousand and 776 units/, "Hermes center” /16 thousand units/,
"Berkh uul” /9,794 units/, "Remikon” /7,229 units/ and "Khokh
gan" /6,376 units/ were the most actively traded in terms of trading
volume, in terms of trading value--"Mongol nekhmel” (MNT 318 million 848
thousand and 265), "Berkh uul” (MNT 31 million 340 thousand and 800),
"APU" /MNT 14 million 984 thousand and 170/, "UB hotel"
/MNT seven million and 668 thousand/ and "UB-BUK" (MNT five million
and 783 thousand).
Where Mongolia Stands: Average Wage
June 20
(Mongolian Economy) As the cost of living continuously rises, it is important
to understand where Mongolia’s average wage lies in the global spectrum. The
International Labour Organization calculated average wage based on data
received from 72 different countries. The world average wage rests at USD 1,480
per month with Luxembourg leading the pack at USD 4,089 each month.
This comparison
shows that Mongolia is nowhere near the top. Rather, it places 65th with a
monthly salary of USD 415, lagging far behind more developed countries such as
Austria, Norway, the United States and the United Kingdom. Although the
calculations do not include some of the world’s poorest nations, it is an eye
opener.
It is also
important to note that the figures reflected do not include those who are
self-employed or those who receive benefits. In addition, these numbers are
adjusted to accurately portray the cost of living in each of these
countries.
The total value
of world income is closing in on $70 trillion per year, and there are seven
billion people in the world, so the average income is heading towards $10,000
per person per year.
Business Summit 2014 highlights
June 20
(Mongolian Economy) The Mongolian Business Summit 2014 entered its second day
today with parliament members, governors, and the president in attendance in
addition to foreign investors. Government members opened the event announcing
discussions related to government involvement in the business world. As a part
of the 100 Day Stimulus Plan the event’s main purpose was to listen to business
representatives who discussed the biggest barriers holding back foreign
investment and how to solve these issues.
300 people
attended the event, many of whom were foreign investors hailing from 20
different countries. Ts. Elbegdorj, the President of Mongolia, said that
private businesspeople are the main initiators of transactions. The private
sector right now is like an orphan, a child raised by its stepfather’s hand,
who has stayed by the government’s side even during hard times. On the other
hand, politicians, who once wielded many promises, remain silent during these
times of hardship. Thus, it is imperative to promote the private sector.
The event
initiated a law that defined government participation in business. The
government should pay if they want to be involved in the business world. It is
prohibited for them to steal businesses under the state name. Representatives
urged the private sector to become an initiator. The government should only
offer their involvement, not instigate any actions. Many representatives stated
that private businesses know the responsibility of handling the business world
while the government has high operating costs and has a tendency to slip money.
After the president’s speech, a new discussion was launched called “Invest
Mongolia.”
The Cabinet
Secretary, C. Saikhanbileg, the Prime Minister, C. Batbold, and the head of
Mongolian Financial Market Association, L. Byambaa were the main speakers. C.
Saikhanbileg introduced the plans that will be made throughout the 100 days of
the plan and presents findings every Monday. As part of the plan, 23 law
projects have been submitted to parliament for review. Of these 23 projects, 11
of them are related to tax issues. These tax changes were made in hopes of
promoting the private sector.
L. Byambaa
discussed the non-mining sectors – agriculture, food, real estate and tourism.
She said that many projects are related to tourism; however this sector has
halted due to a lack of investment. This is an attractive sector that should be
revitalized because it has potential to bring in foreign investors. In order to
ensure the sustainable growth of Mongolia, stable investment and the
development of the financial market is necessary.
Representatives
and the president also announced that Mongolians can’t build an economy based
on the banking sector in terms of financing. What needs to be done is the
revitalization of the Mongolia Stock Exchange and state-owned companies should
be made public in order to expand the Mongolian economy. Two main ideas were
presented throughout the event. The first idea is that the Mongolian government
is ready to promote foreign investment and the second idea is that the
government is officially announcing that it is taking its hands out of the
private sector, allowing businesses to remain the sole initiators of the
business world.
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