The 54th Annual Meeting of the World Economic Forum 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 Culture Nomin Chinbat, and Temuulen Enkhbat, the vice curator of the Global Shapers, amongst others, attended the WEF representing Mongolia. Minister Nomin gave an interview to The Diplomat specializing in Mongolia’s participation within the WEF, bearing on financial, cultural, and digital sectors.
This 12 months’s Davos theme, “Rebuilding Trust,” aimed to “restore collective agency, and reinforce the fundamental principles of transparency, consistency, and accountability and leaders.” What has been Mongolia’s state of affairs, and in what methods it has improved? Can you 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. Though we’ve got been described as an “oasis of democracy” throughout the area, the federal government is pursuing additional measures that can strengthen transparency and accountability in our society. This strategy is according to this 12 months’s Davos theme, “Rebuilding Trust.”
One instance is Mongolia’s dedication to combatting corruption in all its types, aligned with the National Anti-corruption Strategy and different key anti-corruption initiatives. And we’re already seeing some outcomes. Since the announcement of this technique in 2023, 40 of the worldwide requirements and proposals of the Financial Action Task Force have been put into motion. Mongolia is the primary nation within the Asia-Pacific area to realize this.
Also, in 2024, Mongolia will see the strengthening of its judicial establishments by way of key laws the federal government is introducing. The [2023] modification to the Constitution creates a job for the Constitutional Court in reaching a closing determination on residents’ petitions that allege a breach of constitutional civil rights and freedoms. We are utilizing Davos to spotlight our sturdy actions on “Rebuilding Trust” and to work on the following stage, which is to make sure transparency and accountability throughout all authorities ranges and companies.
The authorities of Mongolia has already joined forces with among the largest manufacturers throughout the globe in a variety of sectors, from digital infrastructure to renewable vitality, and rising applied sciences, to unlock the limitless alternatives our nation has to supply. These usually are not solely thrilling funding alternatives for worldwide companies searching for to develop their market, however additionally they have tangible advantages for our individuals and our economic system. When companies assist join Mongolia to the worldwide market, our residents are additionally taken on this thrilling journey.
Through joint, private-public ventures, we’re making certain that each one segments of society are outfitted with the talents and the infrastructure to capitalize on our financial progress. One latest 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 Global Risk Report 2024 included lack of financial alternative, air pollution, and cyber insecurity as prime threats. How are Mongolian leaders navigating these points? What can we count on when it comes to coverage adjustments this 12 months?
Through Mongolia’s flagship financial plan, the “New Recovery Policy,” Mongolia’s economic system skilled a outstanding post-pandemic restoration, and initiatives to develop by 6.8 p.c in 2024.
Also, Mongolia’s sturdy debt administration technique was highlighted lately by way of the federal government of Mongolia’s full compensation of the $200 million “Samurai” bond. This provides confidence to new traders and exhibits the world that Mongolia stands by its monetary commitments and is prepared for additional funding.
Keeping Mongolia’s cyber and knowledge area safe from exterior threats is a precedence of the federal government’s “Vision 2050” long-term improvement plan. The authorities will develop a system to scale back technological dependence on different nations and strengthen our capability. Keeping our residents and our nation protected 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 realize from this 12 months’s Davos gathering?
The Forum stands as a pivotal second for Mongolia, offering a platform the place our leaders converge with international counterparts to additional diplomatic targets and advance Mongolia as an funding vacation spot.
Culturally, we goal to place Mongolia as a Global Ambassador, showcasing the richness of our heritage and our modern arts. This 12 months’s Davos gathering offers a stage to not solely strengthen cultural ties but additionally depart a mark that transcends the diplomatic enviornment and resonates with individuals worldwide.
Economically, we search to spotlight Mongolia’s funding potential and underscore the nation’s dedication to sustainable improvement. By participating in new funding discussions at Davos, we goal to draw international funding, stimulate financial progress, 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. Through 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 Global Risk Report 2024 speculated in 10 years that pure useful resource shortages will probably be among the many prime dangers. How Mongolia can strategically use its pure assets to be a reputable international companion whereas defending its surroundings, and enhancing the individuals’s lives?
Our partnership with Rio Tinto, epitomized by the profitable Oyu Tolgoi growth in 2023, serves as a testomony to accountable useful resource administration. The operation, using roughly 20,000 individuals, of whom 97 p.c are Mongolian, exemplifies the potential for pure useful resource improvement to positively influence our economic system and livelihoods.
Simultaneously, Mongolia is dedicated to diversifying past mining. Our pursuit of renewable vitality aligns seamlessly with worldwide targets, as outlined within the Paris Agreement. Initiatives such because the “Billion Trees” venture and the dedication to speculate 1 p.c of the full GDP in nature conservation by 2030 are tangible expressions of our resolve.
By envisioning Net Zero by 2050 and actively planning the development of hydroelectric dams and photo voltaic farms with international traders, Mongolia strives to diversify its vitality sources, scale back carbon emissions, and guarantee home vitality safety by way of renewable sources.
As a minister of tradition of Mongolia, how vital 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 progress potential that our cultural and artistic industries possess.
Tourism sits on the intersection of our cultural and financial choices. Cultural tourism revolves round preserved cultural points of interest 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 improvement.
Aligned with this dedication, the federal government of Mongolia has declared 2023-2025 as “The Year to Visit Mongolia” and established the National Committee on Tourism Development. As of December 20, 2023, Mongolia has skilled a report inflow of vacationers, reaching a historic milestone of 640,000 guests.
“Go MonGOlia, always moving” was additionally launched at the beginning of the 12 months as a model to amplify Mongolia’s international promotion, proceed the rise of our tourism sector and entice 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 Culture and the Ministry of Environment and Tourism have intensified efforts to spice up the tourism sector internationally by way of collaboration that showcases Mongolia’s cultural richness on the worldwide stage and fosters a optimistic picture of the nation’s distinctive heritage.
As a WEF Young Leader since 2016, my journey has been one in every of lively involvement in economically vital actions, bridging the worlds of youth management and financial improvement. Also, my function because the deputy chair of the Mongolia Economic Forum (MEF) in 2023 was a testomony to my dedication to fostering public-private collaboration. The MEF is a crucial platform bringing collectively numerous stakeholders to deal with urgent points similar to sustainable progress, environmental considerations, and boundaries to elevated funding.
Over the previous 12 months, the Ministry of Culture has labored with our companions around the globe to strengthen ties between our cultural and artistic 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 company conducting important work highlighting the significance of embedding a nation’s tradition into its infrastructure and coverage choices. Our dialogue additionally lined how elevated publicity to a nation’s tradition might help spotlight the alternatives accessible for international traders and supply financial advantages to Mongolians working within the cultural sector.
Looking forward to 2024, I’m excited to proceed my engagement with the MEF because the deputy chair. The upcoming discussion board will probably be instrumental in charting a course for Mongolia’s financial trajectory. The concentrate on decreasing obstacles to enterprise progress aligns with my perception within the potential of public-private partnerships to maintain and improve Mongolia’s financial success.
Source web site: thediplomat.com
