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BUSINESS CULTURES in MONGOLIA By: Sanchir Enkhtuvshin Solongo Ul-Oldokh

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BUSINESS CULTURES in MONGOLIA By: Sanchir Enkhtuvshin Solongo Ul-Oldokh BUSINESS CULTURES IN MONGOLIA By: Sanchir Enkhtuvshin Solongo Ul-Oldokh LogoType http://www.free-powerpoint-templates-design.com Information Contents Geography, People and society Location area, climate, environment, nationality, ethnic group, regions Government Government type, national holidays, flag, national symbol Economy GDP, agriculture products, industry, major local companies, export import activity Business culture customs and etiquette Business Etiquette, Business culture & Communication Conclusion Information Mongolia, a nation bordered by China and Russia, is known for vast, rugged expanses and nomadic culture Capital city is Ulaanbaatar, centers around Chinggis Khaan (Genghis Khan) Square, named for the notorious fou nder of the 13th- and 14th-century Mongol Empire. Also in Ulaanbaatar are the National Museum of Mongolia, displayi ng historic and ethnographic artifacts, and the restored 1830 Battulga Khaltmaa Gandantegchinlen Monastery. President of Mongolia Capital: Ulaanbaatar President: Battulga Khaltmaa Official language: Mongolian Mongolian historically Outer Mongolia, countr y located in north-central Asia. It is roughly ov al in shape, measuring 1,486 miles (2,392 km) f rom west to east and, at its maximum, 782 mile s (1,259 km) from north to south. Mongolia’s la nd area is roughly equivalent to that of the coun tries of western and central Europe and it lies in a similar latitude range. The national capital, U laanbaatar (Mongolian: Ulan Bator) is in the no rth-central part of the country. Mongolia is divi ded into 21 provinces or Aimags, ✓ Landlocked Mongolia is located between R ussia to the north and China to the south, de ep within the interior of eastern Asia far fro m any ocean and central of Asia . ✓ Mongolia is known as the “Land of the etern al blue sky” as they get over 250 sunny days a year. ✓ The country has a marked continental climat e, 4 season “autumn, winter, spring, summer ”with long cold winters and short cool-to-ho t summers. Demographics Nationality: Mongolian Section Break Language: Mongolian 90% (official) (KhalkhaInsert the titledialect of your is subtitlepredo Here minant), Turkic, Russian Populatian: 3,103,428 (July 2018 est.) Mongolia is one of th e least densely populated countries in the world (2 people per sq km); twice as many ethnic Mongolia (some 6 million) live i n Inner Mongolia (Nei Mongol) in neighboring China. Ethnic groups: Khalkh 84.5%, Kazak 3.9%, Dorvod 2.4%, B ayad 1.7%, Buryat-Bouriates 1.3%, Zakhchin 1%, other 5.2% Religions: ✓ Buddhist 74%, Presentation ✓ Boo “Khuh tenger Designed ”25,4 ✓ Christian 2.2% You can simply impress your ✓ Other 0.4% audience and add a unique zing and appeal to your Presentations. This PowerPoint Template has clean and neutral design that can be adapted to any content and meets various market segments. With this many slides you are able to make a complete PowerPoint Presentation that best suit your needs. Mongolian Government Politics of Mongolia takes place in a framework of a semi-presid ential representative democratic republic, and of a multi-party sy stem. Executive power is exerci sed by the President and the Go vernment. Legislative power is vested in both the government a nd parliament Flag and National symbol Flag The State Emblem The flag of Mongolia is a vertical tricolor wit State Emblem of Mongolia, is used by h a red stripe at each side and a blue stripe in the government of Mongolia as its sy the middle, with the Mongolian Soyombo sy mbol of state. mbol centering on the leftmost stripe. The blu It is officially used for example on doc e stripe represents the eternal blue sky, and th uments such as Mongolian passports, e red stripes symbolise thriving forever. and government and embassy placards National festivals After 1921 Naadam Festival became an official celebration of the National Revolution’s victory. During the holiday (11-13 July) 3 kinds of traditional sport event took place. Wrestling Horse racing Archery National festivals The customs of Tsagaan Sar are significantly different depe Tsagaan sar (White moon) nding on the region. In Mongolia around the New Year for example, families burn candles at the altar symbolizing Bud dhist enlightenment. Also people greet each other with holi day-specific greetings such as Амар байна уу? (Amar bain a uu?), meaning "Are you living peacefully?” Mongols also visit friends and family on this day and exchange gifts. A typical Mongol family will meet in the home dwelling of the eldest in the family. Many people will be dressed in full garment of national Mongol costumes. When greeting their elders during the White Moon festival, Mongols perform th e zolgokh greeting, grasping them by their elbows to show support for them. The eldest receives greetings from each member of the fami ly except for his/her spouse. During the greeting ceremony, family members hold long, typically blue, silk cloths called a khadag. After the ceremony, the extended family eats she ep's tail, mutton, rice with curds, dairy products, and buuz. I t is also typical to drink airag and exchange gifts. Economy Mongolia’s economic freedom score is 55.9, making i ts economy the 127th freest in the 2020 Index. Its ove rall score has increased by 0.5 point because of an inc rease in the score for government integrity. Mongolia is ranked 30th among 42 countries in the Asia–Pacific region, and its overall score is well below the regional and world average. Economic freedom has deteriorate d in Mongolia in recent years. GDP growth, however, has continued at a good pace due to stronger coal and copper prices and increasing exports to China Main exports- Mineral products like copper and coa l, natural or cultured stoned, jewelry, textiles, animal origin products, hides and skins. Main imports- Refined petroleum, machinery and e quipment, cars, iron products, medicines and rubber. ECONOMIC FREEDOM Economic issues figured prominently in both elect ions. Agriculture and mining remain the most imp ortant sectors of the economy. Internationally, Mo ngolia enjoys observer status in the Shanghai Coo peration Organization and is being considered for membership in the Asia–Pacific Economic Cooper ation forum. The majority of ethnic Mongolians to day live in the People’s Republic of China GOVERNMENT SIZE The individual income tax rate is a flat 10%, and the top cor porate tax rate is 25%. Other taxes include value-added and excise taxes. The overall tax burden equals 23.2 % of total d omestic income. Government spending has amounted to 33. 4% of the country’s output (GDP) over the past three years, and budget deficits have averaged 7.4% of GDP. Public debt is equivalent to 73.3% of GDP OPEN MARKETS The total value of exports and imports of goods and services equals 123.8 percent of GDP. The average a pplied tariff rate is 5.5 percent, and nontariff barriers constrain the freedom to trade. Foreign investment is welcome, but the legislative framework is still develo ping. In 2019, Mongolia opened its one-stop center f or foreign investors. The financial system has underg one modernization, and the banking sector remains re latively well capitalized. IMPORT ORI GINS OF M IMPORTS ONGOLIA EXPORT DE EXPORTS STINATION CORRUPTION PERCEPTIONS INDEX 2019 Agriculture in Mongolia constitutes over 10% of Mongolia's an nual GDP and employs one-third of the labor force.Crops produ ced in Mongolia include corn, wheat, barley, and potatoes. Anim als raised commercially in Mongolia include sheep, goats, cattle , horses, camels, and pigs. Gobi was opened officially after installing cashmere and camel wool processing machinery and completed its adjustments in 1981. Gobi Corporation is appropri ately considered to be one of the largest vertically integrated cashmere factories in the world. Gobi factory lines deliver over a 1.1 million meters of cashmere woven material, 162,000 pieces of tailored sewn products, and 1.5 million knitted products per a year. Gobi Cashmere supplies both domestically and globally, providing the mos t exquisite and luxurious experience in cashmere. Opened Branch stores in Brus sels, Belgium and Geneva, Switzerland which made total of 47overseas stores. Gobi Corporation sold 12,000pcs of 100% cashmere cardigan in 60 minutes, 80 0pcs of 100% reverse coat in 17 minutes, 4,000pcs of cashmere knit shawl in 18 minutes on Hyundai Home Shopping in Korean market. Business culture Mongolians expect to be greeted formally, with a han Mongolians are proud, independent, self-c dshake and direct eye contact. Always provide your b onfident, and loyal in disposition. It is pref usiness card as part of the greeting process. Bowing erable to have someone introduce you to th or handing business cards with both hands, which is e person you wish to meet, but if this is not common in other north Asian business cultures, is ge possible, then write a formal letter or email nerally not part of Mongolian business culture. in English in advance of your planned visit. Informal conversation is generally expected b efore getting down to business. The peak summer holiday months of July and Mongolian executives often enjoy being invit August are difficult to arrange meetings as ed out for lunch or dinner to get to know over most Mongolians take holidays. seas contacts in a less formal setting. Most businesses have at least 10 person who The giving of small inexpensive gifts is custo can speak English and translate. mary at the conclusion of an agreement. Business Meeting Etiquette Appointments are necessary and should be made 1 to 2 weeks in advance, preferably by e-mail or telephone. Punctuality is import ant and you should ensure that you arrive on time. If you are likel y to be late then contact your counterparts in advance and advise t hem that this is the case •Business cards are an important part of Mongol business.
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