02.2015 Bcm Brochure, Issue 16

2015
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THEBUSINESSCOUNCILOFMONGOLIA2015THEBUSINESSCOUNCILOFMONGOLIA

CHAIRMAN’S MESSAGE
OUR MISSION
To be the premier business association in Mongolia dedicated to meeting the critical needs of its members,
namely:
To get more business such as profits, clients;
To obtain information critical to their businesses;
To have a legal and regulatory environment conducive to their businesses.
The Business Council of Mongolia aims to
make constructive contributions to enhancing
the business environment in Mongolia and
works to foster trade and business relations by
providing a networking forum for its members.
We sponsor, partner and host Mongolia’s
leading investment conferences locally and in
foreign countries.
BCM works closely with the Government
of Mongolia, private sector, embassies,
NGOs, special interest groups and business
associations. Approximately 300 individuals
from members are volunteers on BCM’s
working groups which identify issues and
make recommendations for BCM’s advocacy.
We have or will make strategic alliances with
sectoral organizations for substantial progress
in representing and advocating the collective
interests of our members.
The BCM stands to help you unfold new
potentials and maximize the ensuing benefits
for its members and for the Mongolian society.
In the years ahead the BCM will continue to
be a resourceful depository of information,
business exchange and consultation. BCM will
remain a prime source for our members to
assist with visionary business and investment
decisions.
BCM is your, our members, organization.
Our mandate is to serve your business and
investment needs. We always welcome your
suggestions and contributions to make the BCM
efforts more effective. I take this opportunity
to thank our working groups and the staff of
BCM for their hard work and dedication.
Chairman, Business Council of Mongolia
BYAMBASAIKHAN Bayanjargal
February, 2015

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THEBUSINESSCOUNCILOFMONGOLIA
BOARD OF DIRECTORS
In September of 2007 a group of committed business people in Mongolia met to form the Business
Council of Mongolia. Our organizing 7-person Board of Directors represented a cross-section of the
business and economic mainstays of our economy. The organizing Board has been named as BCM’s
Executive Committee, now with 9 members, as the Board has expanded to a total of 26 current directors.
Byambasaikhan is the CEO of Erdenes Mongol LLC, the
nation's largest investment holding company that comprises
of Erdenes Tavan Tolgoi JSC, Oyu Tolgoi LLC, Erdenet
Mining Corporation, Shivee Ovoo JSC, and Baganuur JSC.
He also chairs Business Council of Mongolia representing
260 active companies.
In 2013, Byambasaikhan co-founded NovaTerra LLC, an
investment, project management and financial advisory firm
in UB. Developed and built first wind farm / IPP in Mongolia
as CEO of a Mongolian technology investor. Financed energy
projects in Central Asia with Asian Development Bank.
Currently: Adviser (ex-officio) to the President of Mongolia
and the Prime Minister; board member: Arts Council
of Mongolia; Zorig Foundation USA, chair: Mongolian
Economy magazine advisory board. Honorary Consul of
South Africa in Mongolia. Vice-president of the Mongolian
Archery Association. Sponsors the Environmental Fellowship
Program. Graduate of George Washington University and
the National University of Mongolia.
Byambasaikhan is an infrastructure project financier and
business executive, managed investments for public and
private sector clients. Structured power plant, transmission
and distribution investment transactions ($4bln) and lead
multidisciplinary project teams in emerging Asian markets.
Financed power projects and corporate deals through
international and bilateral financial institutions, ECAs and
carbon funds. Chaired the board of Mongolia’s largest
telecom company. Established JVs with GE, SoftBank.
Structured financing for a copper processing plant in
Mongolia. Appreciates delicate cross cultural communications
in government and business. Avid supporter of regional
energy trade, working hard to establish the Asia Super Grid
(Northeast Asian Power Market).
Byambasaikhan
Bayanjargal, Erdenes
Mongol – Chairman
Pete Morrow is a resident of Mongolia and was CEO of
Khan Bank from 2000 to 2010. He has been a banker and
financial consultant for 40 years, working in the United States
and ex-socialist countries. He serves as Vice Chairman of the
North America-Mongolia Business Council, Vice Chair of the
Arts Council of Mongolia and various other corporate and
NGO boards. Pete is the founding Chairman of American
University of Mongolia (AUM), which intends to offer a liberal
arts based, U.S.-style education in Ulaanbaatar.
J. Peter Morrow,
NovaTerra - Founding
Chairman
EXECUTIVE COMMITTEE
Randolph was elected as Vice Chairman of the Business
Council of Mongolia in October 2013. He is President of
Trade and Development Bank of Mongolia. He came to
Mongolia in 2004 as part of the management and technical
assistance program provided to TDB by ING Bank.
Mr. Koppa also serves as a member of the Board of Directors
of the Business Council of Mongolia and the Association of
Development Financing Institutions in Asia and the Pacific
(ADFIAP).
Randolph Koppa,
Trade and Devel-
opment Bank - Vice
Chairman
Mongolia represents Mr. Koppa’s twelfth country in his
43 year international banking career. He is a graduate
in International relations from the University of Wisconsin.
Trade and Development Bank is Mongolia’s oldest bank and
the leader in corporate lending, trade finance, payments
and foreign exchange business in the country. In addition,
TDB serves Mongolians with top quality personal banking
services including cards, electronic and SMS banking.
TDB holds the rare distinction of being voted “Best Bank
in Mongolia” two times in a row by “The Banker” and was
awarded “Best Bank of the Year”, “Grand Prix in Banking
and Financial sector of Mongolia”, “Best Business Entity for
its Social Responsibility”, “Best Tax Payer” and many more by
different international and local organizations.
Laurenz Melchers is founder and Chairman of MSM Group.
He is a resident of Mongolia since 1997. Laurenz was
Chairman of BCM from 2010 to 2012.
MSM (www.msmgroup.mn), founded in 1998, is a Trade and
Service company, active in the following fields of business:
Mining & Construction Supply, Automotive Retail and Service,
Chemicals Formulation and Supply, Agricultural Machinery
Sales and Service and Beverage Distribution. MSM is known
for quality of Services and Products and is the General Agent
in Mongolia for many reputable conglomerates including:
Mercedes-Benz, BASF, Atlas Copco, Moet Hennessy and
others. Laurenz is also Chairman of the Advisory Board
at Khan Investment Management in Singapore and acts
as Mongolia country representative for the German Asia-
Pacific Business Association (OAV).
Laurenz Melchers,
MSM Group -
Former Chairman

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Mr. Jargalsaikhan Dugar, Chairman and CEO of the MIH
Group is an established entrepreneur, business leader,
and long standing public servant in the Mongolia Federal
Government. He began his career as a researcher with
the institute of Geology and Mining in 1983. He later held
various positions of authority including Officer of the Ministry
of Geology and Mining, head of the Mining Department at
Ministry of Heavy Industry, Vice President Finance of the
State Owned extraction company Mongol Erdene Holding,
Chairman of the Mineral Resources Authority of Mongolia,
and Head of the Geology and Mines Department of the
Ministry of Trade and Industry. Jargalsaikhan holds a BSc
in Mining Economics from the Moscow State University of
Economics Statistics and Informatics, specialized training
from the Colorado School of Mines and has been awarded
an Honorary MBA from the University of Science and
Technology of Mongolia.
Since entering the private sector Jargalsaikhan has focused
on building the MIH Group LLC, of which he is now CEO
and Chairman. MIH Group is one of Mongolia’s most
successful private enterprises with multi-market activities
in established and developing sectors. Among these are
Mongolia’s first life insurance provider, first venture capital
firm, investment banking and brokerage services, commercial
and residential construction, property maintenance services,
real estate leasing, food and beverage production, and
agricultural manufacturing. The Group now comprises more
than 20 subsidiaries and affiliated companies with over 200
employees combined. Mr. Jargalsaikhan is the Chairman
of the Young Researchers Foundation at the School of
Computer Science and Management of Mongolia, held a
four year term as the President of the MNMA, and is the
current President of Mongolian Federation of Checkers.
D. Jargalsaikhan -
MIH Group
EXECUTIVE COMMITTEE (Cont’d.)
Sumati Luvsandendev is the Executive Director of Sant
Maral Foundation since 1994. He is also the Chairperson of
Transparency International – Mongolia and a board member
of the Arts Council of Mongolia. Previously Sumati earned
Diploma in Applied Mathematics (Informatics), Moscow State
University, Moscow, USSR; attended summer school in Institute
for Social Research, University of Michigan; and held fellowship
in Institute of Computer Science, Polish Academy of Science,
Warsaw. The “Sant Maral” Foundation (SMF) was established
in September 1994 as a public benefit, self- governing, non-
profit NGO. The founders of the Foundation formulated its main
goal as to contribute to Mongolia’s social development geared
towards the creation of a society based upon the principles of
freedom, justice and democracy.
Under Sumati's leadership Sant Maral has conducted numbers
of opinion polls, market and research projects. For 15 years
political surveys of Sant Maral were funded by the Konrad
Adenauer Foundation of Germany. Among SMF clients are
political parties, Khan Bank, World Bank, EBRD and Asia
Foundation. Sumati served as Vice Chairman of BCM from
2010-2012.
Andrew Woodley joined Oyu Tolgoi in October 2014. He is
the President and Chief Executive Officer of Oyu Tolgoi. His
responsibilities cover all aspects of the Oyu Tolgoi business
including safety, strategy, operations and growth initiatives.
Andrew has 19 years of experience with Rio Tinto in a range
of mining, minerals processing, and smelting leadership and
commercial roles. Prior to joining Oyu Tolgoi, he was the
Managing Director for Rio Tinto Coal Mozambique and
Country Head for Rio Tinto in Mozambique. He has held
the role of General Manager Operations at the 7.5mtpa
capacity Hail Creek open cut coking coal mine in the
Bowen Basin, Queensland, and has served as the Executive
Assistant to the Chief Executive and Chairman of Rio Tinto.
Prior to joining Rio Tinto, Andrew worked in exploration in
Canada, as well as management consulting in mining, and
manufacturing in Australia, New Zealand, Malaysia and
the USA. He has established and operated three business
ventures, and has a Mining Engineering degree from the
University of New South Wales, Australia, and an MBA from
Wilfrid Laurier University in Canada.
Andrew Woodley -
Oyu Tolgoi
B. Bayar -
ELC Law Firm
Bayar Budragchaa graduated at the University of St.
Petersburg of the Ministry of Interior Affairs, Russian
Federation with a Bachelor of Law degree (1985) and the
School of Law, University of Auckland, New Zealand with
a Master of Laws degree (1997). Besides his 12 years of
experience in law enforcement organizations he has been
working as attorney for 11 years. Mr. Bayar is a member of
the Mongolian Advocates Association and the International
Bar Association.
Sumati Luvsan-
dendev,Sant Maral
Foundation - Former
Vice Chairman
Mr. Bold Magvan was appointed as the Chief Executive
Officer of Tenger Financial Group LLC since July 2014.
Bold is a senior banking professional with more than 20-year
expertise in public and private global financial institutions,
including commercial bank, the Bank of Mongolia, the
World Bank and the International Monetary Fund. Moreover,
since 2008 he has been appointed as Honorary Council of
Iceland. Bold has served as Vice President of the Mongolian
Bankers Association since 2007 and was elected as President
in December 2011 and served until December 2014. Bold
has served the Honorary Consul of the Republic of Iceland
in Mongolia since 2008. Mr.Bold graduated University of
Economics in Budapest in 1986 and holds a Master's Degree
in International Affairs with a major in economic policy
management from the Columbia University, New York.
M.Bold – Tenger
Financial Group,
XacBank

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T. Amarzul - Petro
Matad
Achit-Erdene Darambazar has been the President of
Mongolia International Capital Corporation (MICC) since
2005, - the first investment bank offering corporate finance,
stock underwriting, and brokerage services in the country.
Achit-Erdene has been an innovator in the Mongolian
financial sector and spearheaded many of the largest and
most important recent finance transactions in Mongolia.
Achit-Erdene completed a Master’s degree in International
Relations from Columbia University and a Bachelor’s degree
from Middlebury College. Achit-Erdene is fluent in English
and Russian and proficient in Japanese and Korean.
D. Achit-Erdene -
Mongolia
International Capital
Corporation
As President for Peabody Energy for Mongolia & India, Mr.
Sayed manages Peabody’s businesses in these countries.
In addition, he serves on the Lexus Advisory Board. As a
member of this exclusive group, he is helping Lexus shape
the future of Lexus vehicle design, customer service and
marketing. Mr. Sayed is also a Board Member of the
American Chamber of Commerce, Mongolia. Prior to joining
Peabody in Oct 2010, Sayed was Country Manager and
Resident Representative for The World Bank in Mongolia.
Sayed represented The World Bank in various positions for
more than 15 years. He served in the bank’s Corporate
Strategy Group leading innovation and strategy initiatives,
including the globally recognized Development Marketplace
program – profiled in the Harvard Business Review as a best
practice program in social innovation. As Senior Strategy
and Operations Officer in the Office of the Vice President
for Europe and Central Asia, Sayed assisted in oversight of
operations and strategy for 24 countries. His prior experience
includes founding a start-up company and working for the
Government of Maharashtra in India.
Sayed holds degrees in economics and finance from
Bombay University. As a National Scholar, a Master of Public
Administration degree from Columbia University in New
York, and successful completion of an executive leadership
program at Harvard University. Peabody Energy (NYSE: BTU)
is the world's largest private-sector coal company, with 2013
sales of 251.7 million tons and $7 billion in revenues. Its coal
products fuel 10 percent of all U.S. electricity generation and
2 percent of worldwide electricity.
Arshad Sayed -
Peabody Mongolia
and India
BOARD OF DIRECTORS (Cont’d.)
A Mongolian citizen, educated in Singapore Amarzul has
worked in the Mongolian Government’s Foreign Investment
and Foreign Trade Agency (FIFTA). She then joined the
resources sector in Mongolia, holding senior management
positions in private sector resource companies. Amarzul is
Board member & Executive Director of Petro Matad. Petro
Matad Limited is the parent company of a group focused
on petroleum exploration as well as future development
and production in Mongolia. The Group’s assets consist of
Production Sharing Contracts over Matad Block XX (10,340
km2 in eastern Mongolian), and Bogd Block IV and Ongi
Block V (total 50,000 km2 in southwestern central part of
Mongolia). It was the first substantially Mongolian-owned
company to list on an international stock exchange.
Mr. Bold Baatar is newly appointed as President, International
Operations of Rio Tinto Copper. He previously served as
Managing Director of Goldstream Mongolia, Chairman
of Mongolian Stock Exchange, an advisor to Minister
of Foreign Affairs on Foreign Investment and holds other
leadership positions in non-government organizations such
as Arts Council of Mongolia, Mongolian National Mining
Association and others. Mr. Bold started his career on Wall
Street with JPMorgan in 1998 where he was most recently
senior banker in Investment Banking with a focus on Russia,
CIS and Mongolia. He also worked in the Financial Sponsor
B. Bold - Rio Tinto
Group in New York originating and executing LBO, M&A,
IPO and debt/equity capital market transactions for large
private equity clients such as Blackstone, Warburg Pincus,
KKR, Apollo and others. He has executed and closed over
30 transactions in Europe, US and Asia. From 2009-2011
he worked as CEO of Newcom Group and as a Chairman
of Mobicom and Eznis Airways and led Newcom's efforts
in the development of first wind power generating project.
Mr. Bold also advised Mongolian Government and private
Mongolian companies on attracting foreign investment.
Betina has worked in marketing communications, public
affairs and public relations in the Americas, Europe and
Asia for over 25 years. Working with private, public and
non-governmental institutions, Betina has conceived and
implemented communications strategies that have influenced
opinions, changed behavior and built brand value.
Betina is the founder of Breakthrough Communications, a
company specialized in marketing, strategic communications
and public relations. Betina has worked with international
clients, such as KFC, Rio Tinto, Vale, Prophecy Resources,
Betina Moreira
Infante - Break-
through PR

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Enkhbat is Chief Financial Officer of Erdenes Tavan Tolgoi
since 2012. Enkhbat recently became the member of the
CSD Consulting which was founded by him in 1997 just after
he served in the capacity of the CBD Officer of Just Group
LLC since 2007. Formerly, he worked in TDB, ChKBank
and Savings Bank. He was CEO of Mongol Daatgal, local
insurance and Reinsurance Company.
Enkhbat obtained his MBA from the Australian National
University and completed several training programs in
management. He completed his bachelor's degree in
International Relations and Diplomacy in Moscow.
B. Enkhbat - Erdenes
Tavan Tolgoi
Mr. Ganzorig was recently appointed as the first President of
Golomt Bank and he also continues to work as a Chairman
of the Mandal Daatgal LLC, which is owned by Golomt and
UMC. Mandal is the largest insurer in Mongolia in terms
of equity and 3rd largest insurance company in terms of
assets. Mandal Daatgal LLC is introducing innovative risk
management product through multi-national experienced
team. He has previously been a senior banker and advisor to
large banks in Mongolia. Mr. Ganzorig has a postgraduate
degree in Financial management from Maaschricht School of
Business in Netherlands, and BBA in accounting from ICB in
Mongolia. He holds an ACI Dealing certificate. Ganzorig is
an independent Director of the Mongolian Stock Exchange.
U. Ganzorig - Mandal
Daatgal, Golomt Bank
Dr. Hancock's experience in the mining sector includes
exploration and mining geology as well as financial analysis
and valuations of mining and exploration projects. He also
has significant experience in mining policy and regulation in a
range of countries throughout Asia and the Pacific. He worked
for 16 years in Papua New Guinea including a period as
Director of Mines for the Government of Papua New Guinea,
during which time he led a number of initiatives related to
the sustainable development of mining impacted communities.
Dr. Hancock was appointed Country Manager-Mongolia
Dr. Graeme Hancock -
Anglo American
Development, Mongolia
Daniel has worked and resided in Mongolia since 1997 as
a partner in the law firm of MahoneyLiotta. Mr. Mahoney
received his Bachelor of Science in Management degree, with
high honors, from Tulane University of Louisiana, where he
was a member of the Tulane Scholars and Honors Program
and Beta Gamma Sigma honorary business fraternity. He
then received his Juris Doctor degree, with high honors,
from George Washington University in Washington DC.
MahoneyLiotta advises and assists clients in structuring
business transactions and relationships and in accessing the
capital markets to obtain financing for ventures and projects
in Mongolia.
Daniel Mahoney –
MahoneyLiotta
In August of 2014, Mr. Bolor was promoted to CEO of
Newcom Group. Mr. Bolor started his career with Newcom
in March 2013 as the Chief Financial Officer in charge of
finances for the group's portfolio and projects. In January
2014 he was promoted to the position of the Deputy CEO.
Mr. Bolor is an accomplished professional having worked
as the fund manager at RSI Asset Management SA based
in Geneva from 2006 to 2011. He was in charge of a
long-only equity fund called Sirius Asia ex-Japan listed in
Luxembourg (EC UCITS III) and focused on the Asia Pacific
region excluding Japan and Australia/New Zealand with
freedom of movement between the markets and sectors. He
formulated and implemented the fund's investment strategy
with regards to the stated objectives and constraints using
the investment process comprised of a top-down macro
approach to country and sector allocation, followed by
a bottom-up stock selection. Prior to that, he worked as
an investment analyst and in marketing/administration at
the same company. Mr Bolor has extensive knowledge of
financial markets including Asia Pacific equities, commodities,
derivatives on the currency, interest rates and equities as
well convertible bonds in India, Japan and Taiwan. Mr.
Bolor has extensive educational background in finance
having earned a BBA degree in Finance and Acct (Honors)
at Webster University, Geneva as well as an MBA from the
same university. Also, he passed CFA level 2 exam in 2004.
He speaks fluent English, Russian and French.
А. Bolor – Newcom
Oracle, Herbalife, Russian Railways, the EBRD and World
Bank and others, in key growth sectors, including mining,
energy, infrastructure, banking, transportation and consumer
goods, providing a variety of services ranging from
stakeholder engagement, public relations, marketing and
branding. In 2011, Breakthrough signed a strategic alliance
with Ogilvy, a WPP company, expanding Breakthrough’s
network and ability to service clients worldwide.
Prior to launching Breakthrough, Betina led communications
teams in a number of private and public organizations,
including The Asia Foundation, USAID/Serbia and USAID/
Indonesia, Multi-National Strategies, Inc., Donnelly
Communications and others.

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Mark is the Executive Director of Leighton LLC in Mongolia.
He holds an Engineering degree (civil) and has more than 30
years experience in the mining industry of which the past 27
years have been with the Leighton Group. Mark has spent 11
years in Kalgoorlie, Western Australia before taking on the
role of Operations Manager and Mining Manager in Perth
and as the Regional Manager – Mining, was instrumental in
building a mining business for Leighton Asia Limited while
based in Hong Kong. He has extensive experience at the
operational, technical and corporate levels of the contract
mining industry. Over the years, he has successfully delivered
the safety, environmental, productivity and commercial
objectives for over 25 significant mining projects covering
gold, nickel, iron ore and coal. He has been the driving
force behind the implementation and success of numerous
alliance/relationship styled contracts which have delivered
the safest and lowest cost production, achieving a win/ win
outcome for both Leighton and the Client. Mark resides
in and is responsible for growing Leighton’s business in
Mongolia. Mark is an honorary member of Rotary and in
2005 was awarded a Paul Harris Fellow for his service to
the community.
Hulan is Executive Vice President, Tavan Bogd Group of
Companies which she co-founded with her husband, Ts.
Baatarsaikhan. Formerly she was Vice President, Trade and
Development Bank, and Sales Manager of the representative
company of Gobi Cashmere in Tokyo, Japan. Hulan
obtained her Bachelor’s degree in International Economics
at Moscow Finance University and an MBA at Mongolian
National University. Currently Hulan is also member of the
Board of Directors of Khan Bank and Gobi Corporation,
where Tavan Bogd Group has shareholding stakes. She
serves as Honorary Consul of Luxembourg to Mongolia.
Tavan Bogd Group is a diversified enterprise with interests in
manufacturing; trade & services; consumer goods; travel &
tourism. Most recently Tavan Bogd became a sales agent of
Toyota Corporation and a franchisee of KFC and Pizza Hut
brands in Mongolia.
Mark Bailey –
Leighton
D. Hulan - Tavan
Bogd Group
Harris Kupperman is the founder of Praetorian Capital, a hedge
fund focused on using long-term macro trends to guide stock
selection. Mr. Kupperman is also the Chairman and CEO of
Mongolia Growth Group (YAK: Canada and MNGGF: USA)
a publicly traded company focused on gaining leverage from
the rapid growth of the Mongolian economy. In addition, Mr.
Kupperman is the chief adventurer at adventuresincapitalism.
com and a contributor to leatherapronletter.com.
Harris Kupperman-
Mongolia Growth
Group
Norihiko Kato -
Khan Bank
of Anglo American Development in 2012. Prior to joining
Anglo American Dr. Hancock was Chief Operating Officer at
Erdenes Tavan Tolgoi JSC, a large state-owned coal mining
company in Mongolia. His prior experience also includes being
Director for Strategy and Business Development at Rio Tinto in
Mongolia, a senior mining sector specialist at the World Bank,
a senior civil servant, an academic and consultant. He holds a
Masters Degree in Earth Sciences from New Zealand, and a
PhD in Mineral Economics from the University of Queensland,
Australia.
Norihiko Kato started serving Khan Bank as Acting CEO
in November 2011 and was appointed CEO in September
2012. In 2009 and 2010 he worked at Khan Bank as Senior
Advisor and then Managing Director for corporate banking.
Norihiko has extensive banking business experiences of
28 years at The Bank of Tokyo - Mitsubishi UFJ (BTMU)
in corporate banking and corporate planning. He took
management positions at BTMU in the Middle East, the
Netherlands, the USA and Japan. Norihiko obtained BA in
economics from University of Tokyo and MBA from UCLA.
He has wife and two sons. Khan Bank is the leading
bank of Mongolia with well diversified business portfolio
of retail, SME, and corporate. It has the largest branch
network of 530 online offices throughout Mongolia.
With its 4,600 professional staff, Khan Bank provides its 1.8
million customers in all parts of the country with innovative
banking services.

2015
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Tengis Garamgaibaatar is the Chief Executive Officer
of Monroad LLC elected in February, 2013. He has been
working at Monroad LLC since 2007. He has started from
Engineer assistant and worked up to his present position.
Monroad LLC is one of the first and largest companies in
Mongolian Road Sector.
G.Tengis completed a Master of Science from International
Business School, Oxford Brooks University and Bachelor
of Science from Budapest University of Technology and
Economics. He is fluent in English, Russian and Hungarian.
G. Tengis – Monroad
Stephen J. Potter –
Wagner Asia
Mr. Tumentsogt Tsevegmid is Executive Director of General
Electric (GE) in Mongolia since May 2011. His responsibilities
include representing, promoting and protecting GE’s interests,
carrying out business liaison, conducting market research
and study, exploring and developing business opportunities
in Mongolia. Some recent projects include supplying wind
turbines for Mongolia’s first grid connected Salkhit wind
park, supplying SuperSkids locomotives for Ulaanbaatar
railways, supplying of healthcare equipment etc.
Tumentsogt worked at the World Bank from 2007 to 2011
and managed projects in energy, renewables, urban, water
supply, and air pollution and contributed to several analytical
studies. Tumentsogt held various positions at the Government
of Mongolia, including Advisor to Minister of Fuel and Energy
of Mongolia, Ministry of Infrastructure of Mongolia and State
Property Committee and his responsibilities included energy
policy & planning, restructuring, private sector participation,
management of state owned assets, NEA regional energy
cooperation. Tumentsogt served as a Commissioner at the
Energy Regulatory Authority (ERA) of Mongolia and dealt
with issues of power sector regulation, licensing of energy
activities, tariff setting, consumer rights, developing power
market rules. Tumen also has been appointed as a President
of CEO Club in 2014.
Tumentsogt holds Master’s in Electrical Engineering from
Moscow Power Engineering Institute (Russia, 1993), and
Master’s in Public Affairs from Indiana University (USA, 2001).
Steve joined Wagner Asia Equipment as Managing Director
in August 2011 after 40 years of management experience
with Caterpillar and Caterpillar Dealers in 10 countries
spanning the UK, Middle East and Asia. Steve earned a BA
(Hons) in Economics from the University of Keele, an MBA
from the Scottish Business School, University of Edinburgh.
He also has a Mining Diploma from the Colorado School
of Mines and Safety & Environmental Diploma from the
Indonesian Ministry of Mines.
Wagner Asia Equipment is the authorized dealer for
Caterpillar mining, construction and power generation
equipment and since commencing operations in Mongolia in
1996 has become the largest distributor and rental company
in the country, with a reputation for quality products and
support services. The company runs the largest technical
training institute in the country and typically graduates 200
T. Tumentsogt -
General Electric
Mongolian apprentice technicians annually. Wagner also
operates the largest equipment leasing company in Mongolia
and is a leading automotive distributor representing Ford and
Land Rover. Mr. Potter is also Executive Director of Wagner
Asia Group Ltd and South Gobi Mining Services LLC and sits
on the Board of the USAID-BPI sponsored QSDC, an NGO
that helps develop Mongolian SME’s.

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BCM ADMINISTRATION
Jim co-founded BCM and was appointed Executive
Director to manage its activities upon formation in
September 2007. He lived in New York City and worked
for Wall Street-based firms as an investment banker
specializing in Mergers & Acquisitions since the 1970’s
including the position as Global Head of M&A for
Union Bank of Switzerland (UBS). Mr. Dwyer relocated
to Ulaanbaatar in May 2001 to manage the successful
privatizations of Mongolia’s two largest commercial
banks, Trade & Development Bank and Khan Bank,
and served pro bono as Chief Operating Officer of
NAMBC-Mongolia from 2003 until the formation of
BCM. Jim graduated with a BBA from the University of
Notre Dame and an MBA from Columbia Graduate
School of Business. He also serves as an independent
director of Mandal Insurance; Independent Director of
Mongolia Growth Group Inc; Chairman & President
of Mongolia Education Foundation; and Chairman of
Mongoljin Private Capital Limited, the Sponsor of the
Mongolia Development Finance Fund.
Jim Dwyer -
Executive Director
Bayarmaa was appointed as BCM’s Vice Director in
June 2014. Prior to this, she was specialized in carbon
finance at Clean Energy LLC working on the first wind
farm project in the country and on the World Bank
project implemented at the Ministry of Environment.
With over 8 years of research experience on climate
change mitigation, emission trading and market based
offset mechanisms; she gained expertise in environment
sector while working on project development,
management, procurement and finance. She is a
Chevening alumna and graduated from the University
of Oxford in MSc in Nature, Society and Environmental
Policy and from the National University of Mongolia
in BA in International Relations. Besides her Russian
educational background, she studied in Japan at Akita
International University and in Turkey for pre-master
course. She also serves as a Board Member of the UK
Alumni Association in Mongolia.
А. Bayarmaa -
Vice Director
Saruul joined BCM in June 2010 and was named
Project Manager in February 2013. She manages
BCM's membership campaigns, conferences and special
projects. She holds her Bachelor's degree of Linguistics
from the University of the Humanities, Mongolia and
a License degree in LEA (Affiliated Foreign Languages
- specialized in International Commerce) from the
University "Le Mirail", Toulouse, France. Saruul previously
worked for one year as an Officer in the Department
of Foreign Relations in the Ulaanbaatar City Governor's
Office. She's been serving as a Continental Judge of
Archery since 2013. Saruul was officially certified as an
International Judge by World Archery in June 2014,
USA.
E. Saruul -
Project Manager
Tuguldur was named BCM’s Office Manager in
November 2007 in charge of day-to-day administrative
affairs of BCM. She holds her bachelor’s degree of
Linguistics from the University of Humanities and a
master’s degree in International Relations from the
National University of Mongolia. Tuguldur previously
worked for two years for the Alliance Francaise
Mongolia as secretary.
B. Tuguldur -
Office Manager

2015
10
BCM ADMINISTRATION
Battur Soyollkham got his PhD in agricultural science
from Hokkaido University in 2010. He has studied
Mongolian dzud for his thesis. He is working for BCM
since 2011. In addition to his BCM work he is a free lance
business coordinator and translator for international
companies that have interest in Mongolia. His clients
include Cameco Mongolia, SIAR Consulting, Skill Tech
Global and Japanese companies such as Mikasatokai,
Ichikawa Kankyo Engineering, Fujiki Tekkou. He knows
English, Japanese and Russian.
Battur Soyollkham-
Assistant Editor
Kh.Otgongerel joined BCM as Partnership Manager
in November, 2014. She works in developing and
implementing new partnership initiatives, marketing
and coordinating media and public relations activities.
Otgongerel has worked as translator, project
administrator and public relations specialist in number
of international projects and programs funded by
Swedish Development Agency, European Union
and US Millennium Challenge Corporation. She has
Bachelor Degree in English-Russian translation from
Institute of Humanitarian Science and Master Degree
in Organizational Communication from Gothenburg
University of Sweden.
Erdenetsetseg was named BCM`s Working Group
Coordinator in May 2012. She coordinates BCM`s
working groups with approximately 300 volunteers.
She holds her bachelor’s degree in Philosophy from
the University of Oriental Philosophy, Mongolia and
Master`s degree in Philosophy from the National
University of Mongolia. Erdenetsetseg previously
worked for Mongolian American Business University
as a Teacher and at Kempinski Khan Palace as
Human Resource Manager and was on its Executive
Committee. She also works at the Human Resource &
Social Formation NGO as Executive Director, and is a
member of Irish Mongolian Executive Community.
Kh. Otgongerel -
Partnership
Manager
T . Erdenetsetseg -
Working Group
Coordinator
Anuujin was named BCM’s Administrative Assistant in
July 2014. She manages mail marketing, website and
social media updates, media PR and admin works of
BCM. She holds a College degree from the El Camino
College in California, USA and is currently studying
in Finance at the Institute of Finance and Economics
of Mongolia. Anuujin previously worked at Coach
Changer Training center.
T. Anuujin -
Administrative
Assistant
Terrence Edwards has been in Mongolia since 2009.
Mr. Edwards came to Mongolia with a background in
Journalism to serve with the U.S. Peace Corps teaching
English as a Foreign Language (TEFL) volunteer in
Uyanga Soum, Uvurkhangai Aimag. After finishing his
service with the Peace Corps in 2011, he joined the
BCM staff as Editor-in-Chief of BCM's NewsWire. In
addition to his duties as editor, Mr. Edwards is a reporter
for the Thomson Reuters news agency and is a regular
contributor for the publication Business News Europe
(BNE) and Nikkei Asian Review.
Terrence Edwards -
Editor-in-Chief

2015
11
Asia Pacific Investment Partners received “Best Company of 2014” award
Legislative WG received the “Best Working Group of 2014” award
BCM's 7th anniversary and Membership Renewal Dinner,
November 10, 2014
Meeting with Prime Minister, January 30, 2015
Meeting with Mayor of UB city, February 09, 2015
Meeting with Mayor of UB city, February 09, 2015
BCM's 7th anniversary and Membership Renewal Dinner,
November 10, 2014
Tavan Bogd Group received “Best Company of 2014” award

2015
12
BCM MEMBERS
National Companies International Companies NGOs, Embassies, Donors
Air Trans ABB (Mongolia)Representive Office EMBASSIES AND COUNCILS
Akiolumos
Advanced Facilities Management
Mongolia
Australian Embassy - Seoul
Ard Capital Group Allens British Embassy
Ard Financial Group ALS Group Canadian Embassy
AREC Mortgage
Anglo American Development,Mon-
golia
Embassy of Belgium in Beijing
BB Consulting Applus Velosi Embassy of the Czech Republic
BD Sec Archetype Mongolia French Embassy
Bodi Insurance Areva Mongol German Embassy
Boroo Gold Asia Pacific Investment Partners
Honorary Consul of the Republic of
Estonia in Mongolia
Churchill's Aspire Mining
Honorary Consul of Mongolia to
Ireland
Clear Lakes Capital Atlas Copco Mongolia Indian Embassy
Corsec AWED Japanese Embassy
Cummins Mongolia Investment Bank of Tokyo Mitsubishi Korean Embassy
Dale Carnegie BDO Advisory Luxembourg Ambassador of Mongolia
Deloitte Onch Breakthrough PR Mongolia Consulate - New Zealand
Eermel / Cashmere Holding Clyde & Co
Mongolian Consulate General - Syd-
ney
ELC EBRD Netherlands Embassy Office Rep.
Energy Resources Entrée Gold New Zealand Embassy - Beijing
Erdenes Tavan Tolgoi Ernst & Young South African Embassy - Beijing
EuroKhan Everdigm Mongolia Swedish Trade Council - Beijing
Fiscal Audit Falcon Drilling Mongolia Turkish Embassy
Fontus Asia Firebird US Embassy
Friends of Mongolia Fluor NGOs
Frontier Securities GEE Mon
American Center for Mongolian Stud-
ies
G and DS General Electric Arts Council of Mongolia
German Mongolian Entrepreneurs As-
sociation
Global Minespec Australian Trade Commission
GK Mining Gunvor LLC
British Mongolian Chamber of Com-
merce
Global Ideas GWMS Business Plus Initiative
Golomt Bank Hogan Lovells Cover Mongolia
GTs Advocates Hunnu Resources Global Green Growth Institute
IARUDI Consulting ING Bank Mongolian Coal Association
Integrated Financial Services International SOS
Mongolian National Mining Associa-
tion
Interconsulting Group Khan Investment Management NAMBC
International Mining Consulting Lehman Lee & Xu South Gobi Business Council
Kempinski Hotel Khan Palace Leighton
Taipei Trade & Economic Rep. office
in UB
Khaan Daatgal M.A.D Investment Solutions The Asia Foundation
Khan Bank Minter Ellison IFIs
Kito Mitsubishi Corporation ADB
KPMG Audit Mitsui & Co GIZ
Liberty Partners Monadelphous International Monetary Fund
MahoneyLiotta Mongolia Development Resources Mercy Corps Mongolia
Major Drilling Mongolia Energy Corporation Swiss Development Cooperation
Mandal Insurance MSM Group USAID
Metro Express Noble Group World Bank

2015
13
BCM MEMBERS
National Companies International Companies NGOs, Embassies, Donors
MICC Ocean Partners SCHOOLS
MIG Insurance Oxford Business Group American School of Ulaanbaatar
MIH Group OyuTolgoi Amercan University of Mongolia
Mine Info Peabody Energy GMIT
Mongol Daatgal PricewaterhouseCoopers Institute of Finance & Economics
Mongol Express Rimu Resource International School of Ulaanbaatar
Mongolia Growth Group Rio Tinto
Management Department of Economic
School of NUM
Mongolian Economy Magazine Runge LLC Mongolian National University
Mongolian Exporters Association Saki Partners Santis Educational Services
Mongolian Mortgage Corparation Salmira Investment Fund University of the Humanities
Mongolian Opportunities Fund Santa Fe Relocation Services OTHERS
Mongolian Properties Save the Children in Mongolia Forbes Mongolia Magazine
Monos Schneider Electric Mongolia Mr. Lewis Marks
Monroad Sedgman Consulting Mongolian National Broadcasting
Namaste Indian Restaurant Shangri-La Hotel Ulaanbaatar National Geographic
National Life
Siemens Mongolia Representatives
Office
Mr. Roger Perry
New Media Group SMEC Mongolia
Newcom
Sumitomo Corporation Ulaanbaatar
Rep Office
Nomadic Catering & Integrated Ser-
vices
Sumitomo Mitsui Banking Corporation
Nomadic Expeditions Mongolia Sustainability East Asia
NovaTerra TCKMO
Observe Consulting Techenomics Mongolia
Orica Mongolia Terra Energy
Outotec Mongolia The Nature Conservancy
PATC Trafigura Mongolia
PCDP Transwest
Petro Matad Wagner Asia
Prime Info Wildlife Conservation Society
Ramada Ulaanbaatar City Center World Vision
Sandvik Mongolia
Sant Maral Foundation
Specialized Career Consulting
Standard Investment
Start–Up Weekend Mongolia
Steppe Learning
Tavan Bogd
Tenger Insurance
The Cycling World
Trade & Development Bank
Valiant Art
VIP (Very Important News)
Xac Leasing
XacBank
Xanadu Wines
Zag
ZAMine
Zorig Foundation

2015
14
BCM GAINS MOMENTUM
BCM MONTHLY MEETING RECAP
SEPTEMBER, 2014
surface water modeling, water resources engineering,
aquatic-ecology and wetland management.
5. GMIT is the youngest state university for scientific
teaching and research, providing a pioneering model
for the reform of university education in Mongolia,
and this training of a new generation of engineers
and technology experts in Asia.
6. The Honorary Consul of the Republic of Estonia
opened in Mongolia last May. Since May 2012,
The Kingdom of the Majesty LLC has engaged in
trading, financial services, and business development
consultancy.
7. Observe Consulting is a leading management
consulting firm which specializes in management
for system standards published by the International
Organization for Standardization (ISO). Since its
foundation in 2011, Observe Consulting has been
providing its consultancy, training and auditing
services to the leading companies in industries such as
food processing, mining, construction, foreign trade
and distribution, banking and finance, Information
Technology and Telecommunication, and Energy.
8. Cycling World LLC is the exclusive distributor in
Mongolia of the U.S. bicycle brand TREK and Bontrager
accessories. The mission is to introduce Mongolia to
the bicycle lifestyle. In addition to the distribution and
sales of bikes, Cycling World is developing a bicycle
rental service and has been active in the cycling
tourism in Mongolia.
Kh. Dorjpalam, a treasury officer for Oyu Tolgoi LLC,
spoke first to introduce the Risk Management and
Insurance Conference to be held on 16 October in
Ulaanbaatar.
The first half of the conference will focus on mining,
with speakers presenting on the risks to mining
companies, contractors, and financial institutions.
Organizers have invited experienced speakers to
describe how true cases have played out and what
resolutions were effective. Representatives of
Mongolia's largest mining project, Oyu Tolgoi, will
also be present to discuss some of their best safety
practices. The second session will focus on political
and trade risks. These two rounds will include a
representative of Aon, the London based global
insurance entity, organizer of the event, with the
support of BCM, to explain some of its own crisis
management practices.
Next to speak was Peter Markey, managing partner of
Ernst & Young Mongolia, presenting on the recently
published “Business Risks in Mining and Metals” report.
“This year the biggest risk is how do we cut costs so
we can live without new budgets,” said Markey,”
The current economic environment has been a long
transition, he said, which has forced companies to
begin behaving differently. Cost cutting has become
key: mining companies are ramping down and selling
off assets rather than growing. “Some of the reasons
industry and the people leading are having difficulty
BCM MONTHLY MEETING
RECAPS
The BCM meeting on 22 September was held in the
Crystal conference room in Blue Sky Tower and Hotel
with Jim Dwyer in the chair. In attendance were 170
members and invited guests—an all-time record turnout.
The eight newest members are:
1. Advanced Facilities Management is a member of
Bin Butti International Holding Group, based out
of the United Arab Emirates. Advanced Facilities
Management is the integrated FM services provider
arm of the holding group. Advanced FM adds value to
the customer’s organization, allowing increased focus
on core competences by unleashing the potential of
outsourcing. The services in which it engages are full-
facility services in catering, laundry, environmental and
waste control, camp management, and commercial
facilities management.
2. Akiolumos LLC is a young local company with
diversified businesses in finance, tourism and business
consultancy for potential foreign investors offering
investment regulatory, tax and auditing advice, business
setting-up and connecting with local partners. Over
the last one and half years—despite the deteriorated
investment climate—Akiolumos has helped establish four
Japanese-invested greenfield firms.
3. BDO’s global network provides advisory services
in 139 countries, with almost 55,000 people working
out of 1,200 offices worldwide. With its continued
international capabilities, BDO International is happy
to announce the admission of BDO LLC in Mongolia,
founded by the merger of leading auditing and advisory
firms’ Itgelt Audit and Amar Incon LLC. BDO Mongolia
has an excellent staff that consists of four partners
and more than 40 experts with local and international
accreditation and experience.
4. Fontus Asia provide specialist services covering all
aspects of water resources investigation, development
and management across many sectors such as mining, oil
and gas, agriculture, manufacturing, urban development,
and government and financial institutions. Fontus is 100
percent Mongolian-owned providing industry-leading
skills in hydrogeology, hydrology, groundwater and
BCM Monthly Meeting, September 2014 BCM Monthly Meeting, November 2014 BCM Monthly Meeting,

2015
15
The BCM meeting on 10 November was held in the
with Bayanjargal Byambasaikhan in the chair. In
attendance were 200 members and invited guests—
an all-time record turnout—to celebrate BCM's 7th
anniversary and Membership Renewal Dinner.
The five newest members are:
1. Corsec is a member of QMC Group and is a privately-
held small business that provides a range of corporate
governance, listing and business support services to a
diversified national and foreign client base.
2. Founded in 1912, Dale Carnegie Training has evolved
from one man's belief in the power of self-improvement
to a performance-based training company with offices
worldwide.
3. Groundwater Management Solutions (GWMS)
provides specialist water supply and water management
consultancy services to partners and prides itself on
delivering practical, cost effective and high quality
solutions.
4. Tenger Insurance was established by investment
from TenGer Financial Group LLC and Petrovis Company
in 2001. It has operated in the Mongolian insurance
industry for over a decade, recommending complex risk
solutions to clients.
5. XacLeasing was founded in 2007 as a wholly-owned
subsidiary of TenGer Financial Group with the aim of
developing the leasing sector in Mongolia.
Matthew Pottle, managing partner of
PricewaterhouseCoopers (PWC) in Mongolia, kicked off
the evening presentations with a summary of the “PwC
Global CEO Survey.” This year 40 of Mongolia's chief
executive officers (CEOs) responded compared with 30
last year, to which Pottle credited BCM's assistance.
“Historically, Mongolian CEOs have been much more
optimistic about their own economy compared with
the global economy,” said Pottle. But this year saw
respondents distinguish less between the two. They
were also less hopeful for 2015 than their international
counterparts,” he said. “CEOs globally are much more
optimistic than Mongolian. I don't have an answer, but
I suspect it has to do with cooling down of the Chinese
economy.
Only 10 percent of respondents replied they were “very
confident” about growth compared with 40 percent of
their global counterparts, and 60 percent for Mongolia's
CEO's in 2012. Mongolia's CEOs are hoping to find
growth by expanding into new markets, forming new
alliances and introducing new products, said Pottle. The
full report will become available on 30 November.
is people grew up on good times and now there are
tired times and it's difficult,” he said.
Mongolia and its world-class mines are not immune
to this trend, which is why conferences have become
so much less crowded, and explorers must endure
capital crisis and hedge for credit risks. Mongolia's
government, too, is feeling the pressure. “Another
area coming back to focus is use it or lose it. As
state budgets come under pressure, there is increasing
pressure for government and companies to use
resources found and bring them to market.”
The chief executive officer of the tech company, 3E
Solutions LLC, Ehab Eltayeb, spoke next about how
Mongolia's business leaders can push small start-
up companies towards success with his Mongolia
Business Accelerator initiative. “The target is start-ups
and entrepreneurs, he said”. “We want to help start-
ups not just reach a summit and fall. We want to help
them reach growth.”
Seed accelerators, he explained, can give a boost to
struggling starts-ups with only a few clients, said
Eltayeb. The investment can be as small as mentorship,
but can also include office space or seed funds. “You
get a start-up company that has a few clients pushing
forward and you boost them by incubating them,
giving them a little bit of funding so they don't go
hungry; or you could educate them and mentor them
for an equity fee.”
3E Solutions implemented that model for itself with
what today is its sister company, PromotionCraft,
which focuses on marketing and design. When Eltayeb
first approached the company, it was struggling and
was near self destruction. But with some guidance and
office space provided by 3E Solutions, PromotionCraft
was able to turn over MNT 150 million—without any
added capital—by serving clients such as the Business
Council of Mongolia.
The final presentation came from Turkish Ambassador,
Murat Karagöz, to discuss Mongolia-Turkey relations.
“When we talk about Turk-Mongol relations, of
course it's important to start with the deep cultural
and historical ties that bind us together—Turks and
Mongols,” said Karagöz. These ties are found in the
countless Turkish artifacts found around the country,
the commonalities in their languages (Mongolian and
Turkish are both of the Ural Altai family of languages),
and even the common names citizens share.
Now Turkey and Mongolia are taking their diplomatic
relations to the next level. High level visits are
becoming more frequent, their citizens can visit
each others country freely without visas, and the
countries are cooperating more on Mongolia's
development. And with Turkey's help Mongolia can
achieve more with more direct flights between their
countries, experience sharing on how to cut down
on bureaucracy, and together ensuring that promises
made during high-level visits become reality.
November 2014 BCM Monthly Meeting, December 2014 BCM Monthly Meeting, December 2014 BCM Monthly Meeting, December 2014
NOVEMBER, 2014

2015
16
Japanese Ambassador Takenori Shimizu gave the second
speech of the evening, presenting on Japan-Mongolia
relations, as well as the whirlwind political situation
Mongolia stands at today following the ousting of
former Prime Minister Norov Altankhuyag.
“Mongolian politics now faces the most difficult but
very interesting time since the democratic government
was established in 2012. Political instability is not
good for an economy, so I simply hope that a new
government will be established as soon as possible so
that we can continue cooperation.”
Shimizu reminded guests of the multiple diplomatic
meetings held between Japanese Prime Minister Shinzo
Abe and President Tsakhia Elbegdorj, and how much
closer they've brought relations. Together, he said, they
are working to promote democracy, economic benefits
and resolve disagreements through peaceful means, he
said. “Building this kind of relationship between country
leaders sometimes play an important role in promoting
bilateral relations.”
Trade has grown only modestly, he said, although the
economic partnership agreement (EPA) that they've
been negotiating for the last two years could expand
it greatly. Mongolia and Japan have agreed on the
principles, including the removal of duties on 96 percent
of Japanese imports to Mongolia and 100 percent of
Mongolian export goods to Japan. Such agreements
have been a tremendous boost for other Asia nations,
including Vietnam and Indonesia, which saw trade
growth 1.6 times and 4 times, respectively.
U.S. Ambassador Piper Campbell followed Shimizu
with a similar speech on U.S.-Mongolian relationship:
“Rather than a U.S. version of Shimizu's presentation,
I'd like to complement that presentation with recall
of another conversation 10 days ago when asking the
question of what kind of trade do Mongolians want,”
she said, adding “ I sometimes feel I get mixed answers
to that question.”
The United States has its own path open for an EPA that
begins with a Transparency Agreement, said Campbell.
Although the transparency deal is on Parliament's
agenda, it has fallen to the wayside because of the
government restructuring and ousting of the prime
minister. It's also become controversial because of the
misconception that it would provide business with the
means to have ultimate control over political matters,
rather than just grant access to politicians to provide
input. “It does not obligate Mongolian Parliament to
vote in a different way, or decide in a different way,”
she said.
“It does suggest more information. The more points of
view you gather, the better informed you will be when
decisions will be made.”
Guests were next invited into the Diamond reception hall
for a four-course meal and a series of performances.
The master of ceremonies for the evening was Mr.
Mergen Chuluun, President of Wagner Asia Auto, who
introduced a ballet duo and then musical performances
DECEMBER, 2014
The BCM meeting on 8 December was held in the
with Jim Dwyer in the chair. In attendance were 90
members and invited guests.
The two newest members are:
1. Archetype Mongolia is a world-class multidisciplinary
construction services company that has been in business
since 2002. It has experienced rapid expansion across
Asia and the world with 16 strategically positioned
offices in 12 countries. The company first came to
Mongolia in 2010 for the Shangri-la Hotel development
and established offices in 2012.
2. Specialized Career Consulting has the right people in
the right job. Skillful people are the greatest investment.
By hiring excellent professionals, skilled managers,
and highly motivated people who think alike with the
company’s mission and ideology you create greater
value within shorter period of time. Established in 2010,
Specialized Career Consulting specializes in the search
and selection process to access the very best Mongolian
and international talents within management, sales,
logistics, procurement, safety, construction, mining
technology and finance sectors.
Su Young Kim, vice president of exchange operations
for AIESEC in Mongolia, spoke first with his presentation
"Global Talent with AIESEC in Mongolia."
Christopher de Gruben, managing partner at M.A.D
Investment Solutions, followed with a discussion on
property valuations and how they can be used in
Mongolia to help create a sustainable economy.
Dr. S.V. Mahadevan, the director of Stanford Emergency
Medicine International at Stanford University School of
by Clifton Hurt and national philharmonic orchestra
singer Khulan. Artistic performances and music
proceeded throughout the evening. Highlights included
an Arts Council of Mongolia performance comprised
of a fushion of costumes and sculpture which was
preceded by 6 lively cabaret dancers.
BCM also presented awards to its most outstanding
member entities and working group for 2014. Asia
Pacific Investment Partners and Tavan Bogd Group
received the “Best Company of 2014” awards, while
James Liotta and B. Bayar accepted awards as co-chairs
of the Legislative Working Group for the “Best Working
Group of 2014.”
BCM Monthly Meeting, January 2015 BCM Monthly Meeting, January 2015 BCM Monthly Meeting, January 2015

2015
17
JANUARY, 2015
The BCM meeting on 26 January was held in the Crystal
conference room in Blue Sky Tower and Hotel with
Bayanjargal Byambasaikhan in the chair. In attendance
were 85 members and invited guests.
“With the start of the new year, the political side
of things is still very uncertain, which affects the
whole monetary policy and fiscal matters,” said BCM
Chairman Byambasaikhan. “A lot of companies, in
my mind, are struggling with that and don't know
where things will end. On our end, we're pushing
decision makers to make things as clear as possible.”
Summarizing events in BCM's working groups, Jim
Dwyer, BCM Executive Director, said the Capital
Markets Working Group at last week’s meeting
focused on government bond trading. The working
group co-chair Howard Lambert at the meeting talked
about problems his firm, ING Bank, had experienced
with processing trades with the Mongolian Stock
Exchange. “Last week we heard loud and clear that
regulations at the MSE are vague and need be laid
out better to allow processing of bond trades. The
Working Group will prepare a ‘policy paper’ on this
subject for dissemination to the MSE, the Ministry of
Finance and the public,” said Dwyer.
BCM’s newest members are:
1. Zag LLC is a group of companies founded in
1991 with 260 employees. Activities ranging from
real estate development, construction material
production, education, tourism and mining.
2. PCDP LLC is a local project management and
engineering company, founded in January 2013.
PCDP is geared to provide best quality, low cost
solutions for projects.
The first speech of the evening came from Matthieu
Le Blan, the head of the European Bank for
Reconstruction Development's office in Mongolia, to
Medicine, gave the next talk on how everyday people in
business can best respond to the emergency situations
that might arise while working in a difficult environment
such as Mongolia.
The last presentation of the evening came from
Randolph Koppa, president of Trade and Development
Bank of Mongolia LLC, for his presentation "Key
Challenges and Opportunities for Continued Growth in
Mongolia."
discuss the bank's activities and plans for the future.
“The process of approving projects in Mongolia… is a
bit long. We try to be better and quicker but if you
ask us to be equity partner it takes a good year,”
said Le Blan.
Unique to Mongolia is the volume of funds
heading toward the country—“Mongolia is sixth of
all our countries for pipeline to projects”—and the
fact that 100 percent of lending has gone to the
private sector. In addition to the mining sector, EBRD
has focused on assisting companies interested in
launching operations to replace imported goods and
in a number of non-mining sectors.
B. Narantsogt, the head of marketing at the
magazine Mongolian Economy, spoke next to discuss
the publishing market in Mongolia. “Mongolia has
a lot of magazines,” said Narantsogt. “According
to the Press Institute, there's 126 newspapers, 92
magazines. The market is saturated for the 2.9
million population.”
Narantsogt said that his publication strives to stay
ahead of the competition by staying steadfast to
independence and providing English language
content. For the future, they hope to bring in a larger
readership with better design, along with a focus on
issues that concern decision makers, development
organizations, expatriate entrepreneurs and analysts.
They also plan to concentrate more energy into the
website, MongolianEconomy.mn.
B. Bayarmaa, executive director of the Young
Researcher Foundation, next spoke on the support
it was giving to promote young researchers. “We've
identified basic principles,” she said, including the
commitment to multiple interests, transparency,
non-profit values, and independence. They also hope
to deliver feedback from society to decision makers.
“We have the possibility to provide feedback through
electronic mobile phones and support the expansion
of this platform to provide greater possibilities.”
U. Ganzorig, chairman of Mandal Insurance LLC, the
founder and president of the Mongolia Financial
Markets Association (FMA), and an independent
director of the Mongolian Stock Exchange (MSE)
gave the final presentation on developments within
the MSE, which he said must be made more open
to investment. His suggestion is to make it possible
for pension funds to invest. “Pension funds are the
way to go for significant buyers of local securities
and bonds. I look at the accounts of pension funds
– over MNT 1 trillion a year as float!”
However, making a convincing argument to law
makers and business professional isn't easy, he said.
“I remember meeting one of the heads of one of
the largest conglomerates and I said capital market
development was the number-one priority for
Mongolia.” But the conglomerate head did not agree,
instead suggesting it was perhaps number 13 or 14.
“I have a totally opposite belief,” Ganzorig said.
Mongolia Orientation Training,
February 16, 2015
Annual Risk Management Forum,
November 2011
Risk Management and Insurance Solutions
Conference, October 16, 2014

2015
18
TAX
The Tax Working Group was initially formed in 2003 by the Mon-
golian branch of North-America Business Council (NAMBC). The
Tax Working Group advocates on matters that affect general
business and/or business sectors, but does not provide free con-
sultancy service for individual members.
BCM WORKING GROUPS
BCM now has 7 active Working Groups with approximately 300 volunteers working for reform of laws,
policies and practices that inhibit economic growth.
CAPITAL MARKETS
The Capital Markets Working Group was formed in May 2009.
The WG advocates for sound development of Mongolia’s
embryonic capital markets including stock markets, debt and
mortgage markets, private equity, venture capital, and insurance;
each is so necessary for private sector development.
Working Group Co-chairs
Nick Cousyn BDSec JSC
Howard Lambert ING Bank
Working Group Members
Achit-Erdene D MICC
Adrian Chu Ernst &Young
Alimaa E Lehman, Lee & Xu
Altai Kh Individual
Amarbaysgalan E Golomt Securites
Amarjargal S Lehman Lee & Xu
Arthur Cookson OT
Ashidmaa D Tenger Financial Group
Augustine H Xac Bank
Batulzii M Khan Bank
Bayarmagnai N Hunnu Resourses
Bold B RioTinto
Bolor J Newcom
Byambaa L Mandal Asset Management
Chirstop Both Development Bank of Mongolia
Chris MacDougall MIBG
Dorjpalam Kh OT
Enkhzul D Mongolian Stock Exchange
Erdenedelger B Khan Bank
Ganbat E MMC
Gansuld T Outotec
Gantugs G Mongolian Mortgage Corporation
Ganzorig U UMC Holding
Hajime Uchida SMBC
Harris Kupperman Mongolia Growth Group
Inoue Kayoko Embassy of Japan
John Barton
US Treasury advising the Ministry of
Finance
Kevin Trzcinski National University of Mongolia
Khaliun L PwC
Luvsanchultem V Zag
Mandar Jayawant Mongolia Opportunities Fund
Matthew Pottle PwC
Nemuun Gal Nova Terra
Niel Isbrandtsen Khan Bank
Och O Golomt Bank
Oliver Thirlwall Asian Real Estate Capital
Otgochuluu Ch
Mining Ministry, Director Department
of Strategic Policy and Planning
Peter Morrow NovaTerra
Randolph S Koppa TDB
Uyanga D Newcom
Ray Nadarajah Rio Tinto
Onchinsuren D Deloitte Onch
Tsendmaa Ch PwC
Amarbayasgalan D Terra Energy
Amarzul T Petro Matad
Amgalan N BPI
Andrew Wee International SOS
Ariunaa Tserenjav Noble Energy
Arthur Cookson OT
Baasansuren P Atlas Copco
Batbileg S IUE
Bolor B PATC
Chuluunbaatar B Lex Loci
Daniel Mahoney MahoneyLiotta
David Reiner MSM Group
Doljindemberel B KPMG Tax TMZ
Dorjpalam Kh OT
E.Erdene-Ochir Deloitte Onch
Enkhjargal J SouthGobi Sands
Enkhtuvshin Sh WCS
Ganhuleg B Boroo Gold
Tuya E Lehman Lee & Xu
Hulan D Tavan Bogd
Hulan P OT
James Liotta MahoneyLiotta
John Henriksen PetroMatad
Jonathan Tjia Leighton
Michael Ahren PwC
Munkhtuya Khan Bank
Saruul G Bodi Group
Shaukat Tapia PwC
Shin Bonggun Standard Chartered Bank
Tsend Ts BNP Paribas
Tsogtgerel B Golomt Bank
Tugusjargal Ch OT
Tuya E Lehman Lee&Xu
Ulziibayar B Ard Capital
Uuganbayar O Mahoney Liotta
William Cotter
US Treasury advising the Ministry of
Finance
Zandan B British Embassy
Education WG Meeting, November 15, 2014 Legislative WG Meeting, December 20, 2014 Legislative WG Meeting, December 20, 2014

2015
19
BCM has formed a Legislative Working Group to advocate for on
key legal and business practice matters.
LEGISLATIVE
Bayar B ELC LLC
James Liotta MahoneyLiotta LLC
Amarbayasgalan D OT
Amarbayasgalan D Terra Energy
Amarjatgal L Lehman Lee & Xu
Amarmurun A Lehman Lee & Xu
Amarzul T Petro Matad
Baasansuren P Atlas Copco
Battulga J OT
Bayarmagnai N Hunnu Coal
Bujinlkham Ts MNU
Christopher Melville Hogan Lovells
Chuluunbaatar Lex Loci
David L.Wyche U.S. Embassy
Edamura Nobuhisa Japan Embassy
Elisabeth Ellis Minter Ellison
Enkh-Amgalan M Erdenes Tavan Tolgoi
Enkhbat B MDS&Khan Lex
Enkhsaikhan N Monnis
Etienne Laumonier Audier&Partners
Ganbat E MMC
Glenys Hodges Allens
Working Group Chair
Bulganmurun Ts GGGI
Working group members:
Amanda Fine
Wildlife Conversation Society/
Vietnam/
Amarjargal Lh Lehman Lee & Xu
Ariunaa N The Asia Foundation
Ayako Maruyama JICA
Batjargal Yu The Nature Conservancy
Batsanaa Xac Bank
Bayarjargal B South Gobi Sands
Bayarlkham B JICA
Bayarmaa A Business Council of Mongolia
Bayarmaa B Sustainability East Asia
Brad Pitts Arvin Monspar
Bulgan A JICA
ENERGY AND ENVIRONMENT
BCM Environmental Working Group was formed in February 2010.
The mission is to use a multi-stakeholder approach to inform and
promote environmentally sound and sustainable development (en-
vironmental, social and economic) business practices in Mongolia.
Since February, 2015 this WG has expanded its operation to the
energy sector and is now named Energy and Environment WG. The
first expanded WG meeting was held in February, 2015.
Namuun B Atlas Copco
Narantuya Sh Outotec
Nasanjargal D PATC
Nick Cousyn BDSec
Nyamdulam N PATC
Oyunbayar Ts International SOS
Phyllis Pang Terra Energy
Rentsenkhand BDO
Shinejargal M Golomt Bank
Solongо S Business Plus Initiative (BPI)
Soyolmaa Ts Kempinski Hotel Khan Palace
Tanya T WCS
Tarnavska Maryna PWC
Tengis O Ernst &Young
Tomas Balco KIMEP (Almaty)
Tomas Morocz Santa Fee
Tuvshinbayar B Terra Energy
Uuganbayar O MahoneyLiotta
Uugantsetseg B WCS
Uyanga M Ernst & Young
Zuvsanchultem V Zag
John Henriksen Petro Matad
Kayoko Inoue Japanese Embassy
Khash-Erdene Golomt Bank
Lkhamaa Kh OT
Luvsanchultem V Zag
Manduul A Allens
Maralmaa X OT
Matthew Pottle PwC
Michael D.Richmond U.S.Embassy
Mendsailhan T Bonalex
Namuun B Atlas Copco
Narantuya D OT
Nemuun G Nova Terra
Nyamdulam N PATC
Otgochuluu Ch
Mining Ministry, Director
Department of Strategic Policy
and Planning Ministry of Mining
Oyunchimeg B Areva
Pierre-Michel Motteau Audier&Partners
Pierre-Oliver Guy ELC
Solongo B Hogan Lovells
Sunjidmaa J Anglo American Development
Tony Burchill Australian Counsel
Tuvshinbayar B Terra Energy
Ulziibayar B Ard Capital
Uyanga D Newcom
Zandan B UK Embassy
Zoljargal D GTs Advocates
Zoljargal D GTs Advocates
Capital Markets WG Meeting, January 22, 2015 Capital Markets WG Meeting, January 22, 2015 Tax WG Meeting, January 23, 2015

2015
20
EDUCATION
The Education Working Group was established in February 2009.
The Working Group serves as a bridge linking representatives
from government agencies, donor groups, NGOs, Mongolian and
international institutions of higher education and technical and
vocational institutions with BCM members in order to improve
the skills of the national work force and upgrade standards to
meet international requirements in vocational schools and higher
education institutions.
Working Group Chair
Saha Meyanathan Development Advisory Services
Working Group members
Altannar Ch
German-Mongolian Institute for
Resources and Technology
Andrew Orgill Santis Educational Center
LOGISTICS
The Logistics Working Group was established in April 2014. The
WG aims to leverage best practices and expertise by implementing
research towards identifying and recommending practical solutions
for clarification and further improvement of the Government
policies. The mission is to provide development of the following:
Process standardization; Efficiency; Market access; Customs and
compliance; Domestic transport/warehousing.
Tengis G Monroad
Enkhbat D MonEx
Ariunaa J Embassy of Canada
Baterdene R National University of Mongolia
Battuvshin Ch University of the Humanities
Bayarmaa B Minter Ellison
Bayarmaa G Energy Resources
Chuluun T World Bank
Davaasuren B Energy Resources
David Reiner MSM Group
David Turnball Transwest
Dorjderem N
Dr. Purevdorj D MUST
Enkhchimeg D Mongolian National University
Enkhtsetseg G American University of Mongolia
Enkhtugs D MCC
Enkhtur S Consultant to MECS
Enkhzaya Ch
Eo Kyu Cheol KOICA
Gerelmaa D
Institute of Finance and
Economy
Itgel L ADB
John Case Transwest
Juergen Hartwig GIZ
Kern Von Hagen OT
Mark Tasse
American Center for Mongolian
Studies
Mitsuaki Toyoda Save the Children
Narangarav D Labour Exchange Central Office
Nergui D Mongolian National University
Olga Khardaeva PwC
Oyuntsatsral Z
Economy
Robin Charpentier American University of Mongolia
Shinebayar G Labor Exchange Central Office
Solongo D Australian Trade Commission
Sukhbaatar J
Economics
Telmen E Save the Children
Tomas Kuball
Mongolian National Chamber of
Commerce and Industry
Tsetsentsolmon B Higher Education Reform Project
Uyen G PwC
Byambasuren L Groundwater Solutions
Christa Hasenkopf
Univ. of Colorado/NationalUniv.
of Mongolia/
Darsuren P USA Embassy
Delgernaran Wagner Asia
Enkhjin B Zorig Foundation
Enkhtuvshin Sh Wildlife Conservation Society
Enkhtuya O The Nature Conservancy
Erdene N SDC
Gerel E Lehman Lee & Xu
Gerelmaa M Lehman Lee & Xu
Gerelt-Od
Ministry of Environment and
Green Development
Jargal N GDS IT
Keith Swenson New Zealand Nature Institute
Kevin Trzcinski Mongolian National University
Marc Newby OT
Mark Tasse
American Center for Mongolian
Studies
Maruyama Ayako JICA
Meloney Lindberg The Asia Foundation
Nathan B. Johnson US Embassy
Noah Elbot Xac Bank
Nyamjav E
Swiss Agency for Development
and Cooperation
Odonchimeg N Wildlife Conservation Society
Olga Khardaeva PwC
Ongonsar P ADB
Onon B. Wildlife Conservation Society
Otgonsuren A Wildlife Conservation Society
Philippe Aubry Schneider Electric
Purevdorj B Zorig Foundation
Ryan Calvert XacBank
RobertMark Hargreaves CES
Shinetsetseg L Breakthrough PR
Sugarkhorloo E Techenomics
Susan Giles Sustainability East Asia
Tserendavaa RPS Group
Tsolmon A Areva Mongol
Tax WG Meeting, January 23, 2015 Logistics WG Meeting, February 4, 2015 Energy and Environment WG Meeting, February 5, 2015

2015
21
RISK WORKING GROUP
The Risk Working Group was initially formed in March 2012, as
a result of the 3rd annual Risk Forum of Mongolia. In 2015, the
working group has been reborn with a renewed mission.
Risk Working Group’s mission is to be the leading advocate on
risk management issues in Mongolia by offering a platform for
risk management related information sharing, organizing and
participating in activities to expand awareness of social and
business risks, contributing to development of risk management
field in Mongolia, promoting risk management best practices
of BCM members as well as the wider business community and
engaging relevant stakeholders from all sectors.
BCM IN THE CLASSROOM
The ‘BCM in the University Classroom’ series was launched
in March 2012. Led by BCM’s Education Working Group, the
program provides lectures at universities to help inspire students
and give them direction for their future careers. This activity was
well received by the students, therefore we have increased the
number of lectures in this Academic Year of 2014-2015 to total
number of 20. Moreover, starting in 2015 we will be cooperating
with Mongolian University of Science and Technology in addition
to the current four universities, including: Mongolian National
University, National University of Mongolia, Institute of Finance
and Economics and University of the Humanities.
As of now 2,100 students, and teachers have participated in the
'BCM in the University Classroom' project.
Working group members:
Alexandre Guerin Areva Mongol
Bayarmagnai N Hunnu Recourses Coal
Buyandelger Ts Cummins Mongolia
Enkhtur G
Mongolian Opportunities
Fund
Enkhtuvshin S Industrial Construction
Hao Yuan MSM Group
Iderbat A Aurum Partners
Kevin Trzcinski
Mongolian National
University
Luvsanchultem V Zag
Nicole Puntsag Schneider Electric
Odkhuu M OT
Okada Nobuo Mitsui Ulaanbaatar
Otgonjargal Y
Mongolian National
University
Philippe Aubry Schneider Electric
Rentsendorj Y
Mongolian Opportunities
Fund
Robert Mark Hargreaves GIZ
Steve Potter Wagner Asia
Thomas Morocz Santa Fe Relocation Services
Tumentsogt Ts General Electric
Zandan B British Embassy
HIGHLIGHTS AND NEWS
BCM MEETS THE PRIME MINISTER
BCM began a new annual tradition to sit with Mongolia's Prime
Minister to discuss the most important issues within Mongolia's
LUNCHEON WITH THE MAYOR OF UB CITY
BCM representatives participated in a Luncheon with the UB City
Mayor, Mr. Erdeniin Bat-Uul on February 09, 2015. The Mayor has
stated that his office is working with a new mission to make the
capital city the “Investor friendly UB city”. The BCM participants
expressed their views, feedback and concerns with regard to
creating and maintaining safer and more favorable environment
for international as well as local investors.
BCM MADE A STATEMENT ON CASE RELATED
TO FORMER EMPLOYEES OF SOUTHGOBI
SANDS LLC
Through an official statement published in daily newspapers dated
February 5th, 2015, BCM expressed its position with regard to the
court verdict following the investigation that lasted nearly 3 years
into alleged violations of Mongolian taxation law against three
former employees of SouthGobi Sands LLC (SGS) and against SGS
as “civil defendant”. SGS's parent company, SouthGobi Resources
Ltd., is a BCM member.
According to practices in many other countries as well as clearly
defined articles in Mongolian taxation laws, tax disputes can be
and usually solved through civil proceedings. BCM regrets that
this case has been considered as a criminal case against above
legislation and that the defendants received very harsh sentences.
One of the fundamentals of a good investment climate is certainty
and the Court’s verdict has left investors with many questions
about transparency, governance and the rule of law, not only for
companies but also for individuals. BCM believes that effective
cooperation between public and private sectors, equal legal and
human rights and fairness regardless of nationality are key to the
development and prosperity of Mongolia.
Energy and Environment WG Meeting, February 5, 2015 BCM in Classroom of Institute of Finance, Randolph Koppa,
President of TDB, February 22, 2013
BCM in Classroom of University of Humanities,
O.Unurjargal, Mongolian Talent Network, October
09, 2014
business sector. BCM board of directors and members met with
Prime Minister Chimed Saikhanbileg on January 30, 2015 where
they expressed their support for the option to support Mongolia's
big projects in the text message referendum held in January, 2015.
Saikhanbileg and his advisors B. Delgermaa and O. Chuluunbat
discussed a broad array of issues including phase-two development
at Oyu Tolgoi, the construction of rail for the Tavan Tolgoi mines,
the Gachuurt gold mine and Power Plant No. 5.
The Prime Minister stated that he sees BCM as a strong platform
of Mongolian and international business entities that can provide
the Government with valuable feedback and recommendations on
improvement of the national economy.
The Business Council of Mongolia
Express Tower, 12th floor
Peace Avenue, P.O.Box-29
Ulaanbaatar, Mongolia 15160
Tel/fax: 976 11 317027, 976 70114442
E mail: jim@bcmongolia.org,
bayarmaa@bcmongolia.org,
tugi@bcmongolia.org
saruul@bcmongolia.org
erka@bcmongolia.org
anuujin@bcmongolia.org
otgongerel@bcmongolia.org
Website: www.bcmongolia.org/en
www.bcmongolia.org/mn

2015
22
22
THE BUSINESS COUNCIL OF MONGOLIA
BCM MEMBERSHIP BENEFITS
1. NETWORKING:
• Participation in BCM Monthly Meetings and Receptions
• Participation in BCM’s 7 working groups Capital Markets, Tax,
Legislative, Education, Energy & Environmental, Logistics and Risk
• Participation in Annual BCM Renewal Dinner
• BCM Football Cup
• Join us on Facebook, Twitter and LinkedIn
2. PUBLICIZE YOUR COMPANY:
• Company introduction during BCM Monthly Meeting with bro-
chures for distribution
• Company banner on BCM website in ‘New Member Section’
• Company introduction, logo with direct website link to be dis-
played on BCM website
• Possibility to display company banner at reasonable rates on BCM
NewsWire issues distributed to over 1400 member individuals plus
400 people at Diplomatic missions
• Possibility to send out special “Paid Advertisement” to all BCM
members mailing list
3. LATEST BUSINESS NEWS
• Weekly electronic BCM NewsWire Issues
• Business related news, Presentations, Reports, and NewsWire ar-
chives on BCM website
• Various event information through BCM Mailing List
4. DISCOUNTED PRICE FOR CONFERENCES
• Participation at discounted rates in International and Local confer-
ences, seminars and trainings.
2015THEBUSINESSCOUNCILOFMONGOLIA
22

02.2015 Bcm Brochure, Issue 16

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02.2015 Bcm Brochure, Issue 16