President Ts. Elbegdorj participated in the World Economic Forum (WEF) Annual Meeting, 2010 held January 27-31 in Davos, Switzerland.

‘Improve the State of the World: Rethink, Redesign, Rebuild’ was the slogan for the 2010 WEF event. French President, Nicolas Sarkozy delivered a speech to advance his ideas that concern a new system of world economics.

President Elbegdorj conferrs with members of the World Economic Forum in Davos, Switzerland

Attended by state heads of some 40 countries, and roughly 2,500 participants including leaders of world’s biggest companies, corporations and investors, the WEF fostered the exchange of views to approach global economics. Additionally, some 200 sub-meetings were held on related issues.

On January 29, President Ts.Elbegdorj attended a sub-meeting of leaders of world mining and metallurgical field, within the scope of the WEF. It was chaired by Dr Robin Niblett, Director of Chatham House (the Royal Institute of International Affairs). President Elbegdorj discussed mining sector development and goals for Mongolia which attracted much attention and became a main agenda item at the meeting. Mongolia’s experience of successfully establishing the biggest investment agreement attracted significant attention.

Simon Crean, Australian Minister for Trade, urged participants to visit Mongolia and get au fait with development of the mining sector.

The same day, Mongolia’s Foreign Minister G. Zandanshatar, who accompanied the President to the WEF, attended a meeting concerning ‘model agreements for investment in mining sector’. At this meeting, he introduced Mongolia’s experience for the establishment of the Oyu Tolgoi Investment Agreement and initiatives of Mongolia’s President to create a model agreement. Participants of the meeting unanimously agreed that agreements to establish the mining sector must be internationally accepted. Minister G.Zandanshatar also proposed organizing a regional meeting in Mongolia within the scope of the Presidential initiative.

Minister G. Zandanshatar also attended a meeting ‘New models of cooperation for economic development’ held on January 30. He underlined the importance of public and private partnership in effectively using official assistance rendered by foreign partners. He also officially presented an official document of Honorary Consul to U.Schwarzenbach, who was appointed as an Honorary Consul of Mongolia to Switzerland along with the attendance of the Mayor of St Moritz City and other officials.

On January 30, state heads convened for discussion on climate change. Mongolia joined Copenhagen’s pledges and sent its list of measures to be taken in response to climate change. At the meeting, President Elbegdorj appealed the countries to work more actively on climate change. The President also held a meeting with Mexican President Felipe Calderon to share views on climatic changes.

On January 31, President Elbegdorj met the Prince Andrew, Duke of York, during the World Economic Forum. The pair shared views on development of Mongolia.

“I am very confident that Mongolia will rapidly develop in a short time. I see Ulaanbaatar city expanding every time I visit. But problems concerning ger areas and smoke still exist for Mongolians. These make me worry too,” said HRH Prince Andrew. The latter said he is ready to help Mongolia make effective steps and decisions and reported that he plans to pay a visit to Mongolia in the near future.

The President thanked the Prince Andrew, Duke of York, for his friendly relations with Mongolians and then presented him the Golden Gerege award for his significant contribution to publicize Mongolia abroad.

The same day, D. Nally, President of Price WaterhouseCoopers Company (PwC), and M. Kubena, Director of the Company in charge of East European affairs, met with President Elbegdorj.

Price WaterhouseCoopers Company is one of the world’s largest professional services firms and the largest of the Big Four auditing firms. It was formed in 1998 from a merger between Price Waterhouse and Coopers and Lybrand, both formed in London, and has about 174 thousand employees. This company recently opened a branch in Ulaanbaatar to make an audit on the Oyu Tolgoi investment contract at an order of the Mongolian Government. According to Mr Nally, they will also give recommendations to the government on macroeconomic issues.

The President held a meeting that day with Mr. Lawrence H. Summers, Director of the White House’s National Economic Council for President B. Obama. During the meeting, the sides exchanged views on the issues considered at the WEF. The former President of Harvard University Lawrence H. Summers is recognized as one of the top three economists in the USA.

President Elbegdorj also met with Bill Gates, founder of the Microsoft Corporation. The latter said he and his family are realizing charity initiatives and are investing in the social, health and educational sectors. At the WEF, Mr. Gates pledged USD 10 billion in investments to protect the health of children and women living in poor countries. President Elbegdorj asked him to direct educational and social activities for Mongolia; to help Mongolian students study at leading universities, and to work in the biggest companies.

The President also met the Microsoft Corporation’s Senior Vice President, Orlando Ayala. The sides shared views for letting Mongolian students directly use related programs; establishing relations between Microsoft and Mongolia’s IT universities and institutes; translate Word 2007 office program into Mongolian language in accordance with a memorandum inked between Mongolia’s Information Communications Technology Agency and Microsoft. They discussed Mongolians working for outstanding IT companies and the President thanked Microsoft for employing Mongolians.

Afterwards, the President was invited to attend the club of alumni of Harvard University. Klaus Schwab, a founder and Executive chairman of the WEF, a graduate of Harvard University, and other alumni gathered in Davos. Harvard’s president, Catherine Drew Gilpin Faust, said she is proud of the alumni who became state heads, and invited Elbegdorj to visit Harvard again.

The same day, L. Orgil, Ambassador of Mongolia to Switzerland, gave a banquet in connection with the presence of the Mongolian President in Davos. There were some 100 guests present such as businessmen and investors that cooperate with, and carry out activities in Mongolia. Leaders of France’s ‘Areva’ Group and India’s ‘Middle’ Company expressed their willingness to cooperate with Mongolia.

On February 1, President Elbegdorj has met with George Soros at the WEF. During the meeting, the sides touched upon issues on transparency in mining sector, appropriate profit spending and a model agreement on investment. A special mining team sent by George Soros worked in Mongolia in January, 2010. Mr Soros said he is satisfied with the results the group has achieved. Some of the assistance to Mongolia since its establishment of democracy are projects and programs that are carried out through the Open Society Institute, said the President.

The same day, President Elbegdorj invited Klaus Schwab, Founder and Executive Chairman, World Economic Forum to visit Mongolia. At the meeting, President Elbegdorj proposed organizing a regular regional meeting of Davos in Ulaanbaatar.

During the WEF, President Elbegdorj met Koch-Weser, Vice Chairman of the Deutsche Bank Group. Mr. Koch-Weser announced that Deutsche Bank intends to become a strategic partner with Mongolia.

The Mongolian President expressed his thanks to Deutsche Bank for investing in Mongolia and providing financial advice. He also requested help for training Mongolian professionals in the banking and financial sector, and the bond trading sphere in particular.

The World Economic Forum (WEF) Annual Meeting 2010, ended on January 31 in Davos. Within the scope of the forum, several discussions were held in the areas of economics, financial and business issues, climate change, food and water safety, mining, humanity, education, women’s, and health issues.

By invitation, Mongolian President, Ts.Elbegdorj gave lectures at a submeeting on water issues, at a meeting of metallurgical and mining leaders, and attended meetings regarding energy and strengthening the international system of economic leaders.

After attending the WEF, President Elbegdorj left for the Kingdom of Belgium to visit the European Union (EU).

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