Q&A with Mongolia's deputy prime minister on its green energy push

HONG KONG: Mongolia has much untapped potential in several sectors such as clean energy and critical minerals, said its Deputy Prime Minister Togmid Dorjkhand, as he seeks potential investment collaborations in Hong Kong. 

Last year, Mongolia's economy grew 4.9 per cent and the nation is targeting a growth of 7.4 per cent this year.

On the sidelines of the Milken Institute Global Investors’ Symposium in Hong Kong on Monday (Mar 24), Mr Dorjkhand answers questions from CNA's May Wong about the nation’s renewable energy industry and concerns about regional trade. 

Q. Mongolia is positioning itself as an emerging provider of minerals to attract foreign investors and boost renewable energy development. Why is Mongolia actively pursuing an energy push?

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We are a country of renewable energy and we have (the resources).  At this moment, we are having discussions on how to invest in the energy sector in Mongolia. 

At the same time, artificial intelligence is taking place. Every country is putting in efforts into that and investing a lot. AI has actually increased the demand for energy by having data centres. (Mongolia) has a lot of energy at very cheap (prices). 

(Mongolia) is next to China, and China has a lot of demand for minerals. We have a lot of minerals including copper, gold mining and iron ore, etc. 

Now, this is the time we are actually opening up our energy sector and that's why we are (encouraging) businesses (to invest) in energy, which is profitable and at the same time, (there’s) no risk.

Q. Hong Kong is encouraging foreign investors to come and expand their activities. Why do you believe that Hong Kong still has opportunities to offer?

Hong Kong is geographically a very good hub and also, pretty often, doing business is quite easy. 

Also, the Chinese market is next to Hong Kong as well. So it's also pretty amazing for the investors’ side. 

So now, (with) the trade war going on … I think that Asia Pacific (and the) East Asian regions need to get together to face the challenges. 

Hong Kong and Singapore would be good destinations.

Q. Some investors are concerned about the tariff war between China and the United States. What concerns do Mongolian corporations have when it comes to doing business in Hong Kong?

A lot of Asian investors seem to be leaving the US. It’s a good opportunity for the region to get more investments. 

If the uncertainties increase, then definitely there’ll be challenges to trade and invest.

So, the most important thing is having a stable and smooth way of doing business. 

What we need in the region is to have a very close relationship among governments (so that) the business community can do business more smoothly (and) easily. 

That's why Hong Kong, Singapore, China, Japan, South Korea and Mongolia in this region, we have to tie together to (become) closer, have a lot of discussions and have platforms to get together. 

This is the way we have to overcome challenges – better cooperation, more discussions, more openness in the region.