Annual Report 2024
This has been a mixed year, with peaceful democratic parliamentary elections, positive developments in the country’s macroeconomic indicators (including boosted commodity exports), and sustainable economic growth resulting in an improved sovereign rating for Mongolia. Nevertheless, the investment climate remained challenging, with the government’s actions damaging the private sector engine of economic growth, disincentivizing investment, and undermining business growth in Mongolia. In particular, the government’s raids on major private-sector companies and employers, freezing corporate bank accounts, shutting down businesses, pre-trial detentions, and negative media campaigns based on mere accusations were concerning. With continued strong support from its members, AmCham Mongolia is positioned as a leading business platform, advocating for an enabling business environment and promoting Mongolia as a place for investment and trade with third neighbors. A major highlight of the year was the result of a series of broad policy advocacy campaigns protecting the rights and interests of our members, including advocacy on the investment, minerals, and Sovereign Wealth Fund laws, as well as policy recommendations for the new government’s 2024–2028 Action Plan. Another highlight was AmCham Mongolia’s first-ever trade mission to MINExpo in Las Vegas, where we took our members and businesses to the largest global gathering in mining. This allowed them to learn about emerging global trends in mining machinery, equipment, and technology, offering first-hand exposure to global businesses. A novel initiative this year was a forum on ESG and Green Financing, organized by AmCham Mongolia and esteemed member Capitron Bank. Forum attendees discussed the opportunities, challenges, and successes of integrating ESG initiatives into Mongolia’s financial ecosystem, focusing on sustainable development, green financing, and sharing best international practices. Another new initiative in 2024 was a field trip organized with distinguished members Lorinet Foundation and World Vision to learn about meaningful community development projects implemented at the grassroots level, focusing on women, children, and youth. The event was the first of its kind for AmCham Mongolia and garnered interest from businesses and development partners. AmCham Monthly Meetings triggered public discussion and discourse on major policy issues, including energy independence and transition, the post-election economic outlook, and emerging trends in global business leadership. AmCham Networking Nights continue to be a popular avenue for informal networking among business executives at different levels, entertaining members at the city’s prestigious new venues and offering exciting programs. We thank our generous sponsors: Khan Bank, Bloomberg TV, G-Mobile, MIK, Shangri-La Hotel, Eco Properties, and Snow Hill LLP. AmCham Mongolia issued 14 editions of the AmCham CSR e-journal, featuring member initiatives that bring positive change and impact to communities. In 2024, AmCham Insight presented creative videos about the success stories of business leaders in technology, mining, and medical services. AmCham membership remains consistent, with steady growth and a high retention rate of 90 percent.