Ulaanbaatar, November 19, 2024 /MONTSAME/. The Financial Regulatory Commission of Mongolia, the Mongolian Association of Securities Dealers (MASD), and the Korea Financial Investment Association jointly organized the “Mongolian Capital Market Connectivity 2024: Korea” event in Seoul, the Republic of Korea, on November 18, 2024. 

Vice-Chairman of the Financial Regulatory Commission Tserenbadral Tudev underscored, “The Mongolian Capital Market Connectivity was previously held in Hong Kong, Shanghai, New York City, and Singapore. This time, it was organized in Seoul, the Republic of Korea, after the 8th Regular Meeting of the Mongolia-Republic of Korea Intergovernmental Joint Committee. The relations between the two countries based on Strategic Partnership have deepened across all sectors, with increased high-level visits and bilateral dialogues. I am confident that this event will play an important role in connecting the two capital markets, attracting investments through cross-listing domestic companies, creating market opportunities, expanding investment opportunities for Korean investors in Mongolia, as well as enhancing economic and financial cooperation between Mongolia and South Korea.

Moreover, the Vice-Chairman pointed out Mongolia’s macroeconomic stabilization and positive indicators over the past years. Specifically, as of the second quarter of 2024, Mongolia’s GDP has increased by 5.6 percent, with a projected increase of 6 percent next year. Fitch Ratings has upgraded Mongolia’s credit rating to “B+ with a stable outlook.” He highlighted tangible developments in the domestic market, including the successful issuance of IPOs by systemically important banks under the Banking Sector Reform, the privatization of state-owned companies, and the adoption of the Law on Mining Products Exchange. These initiatives, coupled with sound policies and regulatory measures, have boosted market capitalization to MNT 12.1 trillion, representing a 4.6-fold increase compared to the same period in 2021. The Vice-Chairman noted that recent amendments to the Law on Securities Market and the Law on Investment Fund have created a favorable legal framework, enabling the introduction of new products and services in the domestic market, aligning trading and settlement with international standards, attracting investments through the capital market, and drawing both foreign and domestic investors to Mongolia. Mr. Tserenbadral emphasized that this event is one of the key leverages in expanding bilateral cooperation with the Republic of Korea, a country with more than 53 thousand Mongolians having residence and employment. 

During the event, presentations were made on Mongolia's investment environment and investing in Mongolia's mining, energy, banking, and financial sectors. Member securities companies of the MASD were also introduced. The South Korean delegation, including investors and experts, exchanged views on future cooperation with Mongolian enterprises.