Young entrepreneurs call for government support
The first Young Entrepreneurs’ Conference kicked off at the Great Hall of the State Palace on Saturday to develop and strengthen entrepreneurship in Mongolia...
The first Young Entrepreneurs’ Conference kicked off at the Great Hall of the State Palace on Saturday to develop and strengthen entrepreneurship in Mongolia.
The conference attracted Mongolian and Korean entrepreneurs, representatives from the President’s Office and Mongolian Young Entrepreneurs’ Council who hope to support young businessmen, share experience, and expand cooperation between businesses.
President of Mongolia Kh.Battulga opened the conference, expressing his great hopes for the future of entrepreneurship in the country.
“Now is the time for young Mongolian and Korean entrepreneurs to make a contribution to stimulate the Mongolian economy and keeping it on par with the rest of the ever-evolving world. Sitting back and doing nothing but criticize doesn’t suit young people. You need to realize that if you don’t change, nothing will change. The motivation to change, reform and improve is a crucial characteristic for young people. I hope you all can utilize it to the best of your power for the wellbeing and development of your nationals,” he said.
He mentioned about his negotiations with South Korean President Moon Jae-in during their meeting in Russia last year. Mongolian and South Korean have developed a close relationship and the two countries have no problem collaborating as there are over 100,000 Mongolians who can speak Korean, of which over 40,000 are working and living in South Korea, the president stated. The two state heads agreed to increase export-directed business opportunities and as the first step, decided to host the first Conference for Young Entrepreneurs.
Next, President Kh.Battulga shared about local policies on agriculture, farming and tourism to urge collaboration in these sectors. The president’s speech was followed by presentations of successful entrepreneurs.
From the Mongolian side, Founder of Taliin Ezen (Steppe Owner) LLC S.Saikhanbayar, Founder of Mega International Company B.Manlai and Project Coordinator for General Policy of Green Development and Tourism S.Ochir-Erdene shared about their experience.
Director of Mega International B.Manlai said, “Before young people start businesses, there’s a need to create a business environment. This conference is the start of this work. It is aimed to financially support young people interested in starting their business and find other opportunities to assist their activities.”
“Technology, tourism and agriculture are being highlighted at the conference. Rather than focusing on traditional matters, we strive to follow the current and future trends, and meet public expectations while making sure to conduct related studies. We must share our opportunities with each other. Financial support is critical to young businessmen. Even though we’re full of passion to know more, do better and create new things, we have insufficient support,” he underlined.
Meanwhile, Executive Director of Kakao Mobility Company John Joohwan Jung, Executive Director of South Korean Investors’ Partnership Jonghyun Kim and Founder of TMON Company Daniel Hyunsung Shin participated in the forum as guest speakers from South Korea.
“I first established TMON with four of my friends in 2010,” said Daniel Hyunsung Shin. “Back then, many people were shocked to see a group of US graduates run a food business in Seoul. It’s very hard to open a restaurant in Seoul. We used to go around restaurants, asking for discount vouchers. We opened an office and even lived there. Many people criticized us for going into the food business even though we graduated in the USA. Our business may have started in Seoul but expanded to other regions. Today, we have millions of customers.”
After underlining the importance of a good team to run a successful business, Daniel said, “I heard that young entrepreneurs face all kinds of challenges in Mongolia. Of course, there will be difficulties when trying to receive financial support from a bank. I’m sure that many good collaboration opportunities will emerge in the future.”
President Kh.Battulga opens the Young Entrepreneurs’ Conference