Translation in Mongolia 101 – Mongolian Translation Challenges Addressed
August 14, 2009
When it comes to Mongolian translation, people typically have five main questions.
The questions are: how do I find a reliable translator; how much should I pay; how do I know my translation is accurate; how can I get an official translation; and do I have to execute my business documents in Mongolian language?
Mongolian translation overview
Translation is much more of an art that an exact science. Put ten translators in a room and each one will have a different take on how something should be worded. All translations are definitely not created equal; they drastically differ in quality depending on the translator’s skills, experience and knowledge of the particular topic of translation. What should you or your business be on the lookout for when looking for a translator? Listed below are the top five things people typically want to know about Mongolian translation.
1. How do I find a reliable Mongolian translator?
This is perhaps the biggest issue many people face when needing to have something translated, especially if it is an important document like a contract or agreement. There is, unfortunately, no sure-fire way of knowing if a translator is going to suit your needs. It takes time to find a good, reliable translator who you can count on to do a good job every time. Word-of-mouth referrals and suggestions from others are obviously good start in finding a translator. Once several prospective translators have been found it would be a wise to ask for a list of past clients and samples of translations. It probably wouldn’t be a bad idea to have a couple of translators translate the same document and compare the translations. This is a search into which it is worth putting some time and effort.
Of course translators can be found through your favorite search engine, but for local Mongolian translators this probably will not lead to very many solid results. Translation companies can also be found scattered throughout the city, with several located on Peace Avenue, near the State Department Store. Read the rest of this entry »
Light At the End of the Tunnel for Oyu Tolgoi?
August 13, 2009
There has been an update in the Mongolian media on the latest in the on-going saga that is the Oyu Tolgoi Investment Agreement.
According to news outlets in Mongolia the Cabinet and National Security Council have approved the latest changes that have been forged during the last round of negotiations. These include:
- Project investment reduced to US4 billion from a previous US5 billion;
- Mongolia’s investment for its 34% shares will be US816 million, half the amount of previous discussions;
- There will be a prepayment loan to the Government of Mongolia in the amount of US250 million, with 5% annual interest rate, which is a lower interest rate than in previous negotiations; and
- No exemption from Customs Tax or refund of VAT already paid by the companies. Read the rest of this entry »
Perseid Meteor Shower to Light Up East Asian Skies
August 12, 2009
The annual Perseid meteor shower will be at its peak tonight, during the wee hours of August 13. According to the Sky and Telescope publication the showers will be at their peak at 1800 GMT (2 am Mongolian time), with dozens of meteors falling through the atmosphere.
The meteor shower is a result of the Earth making its annual passage through space debris left behind by the comet Swift-Tuttle from our close encounter with it in 1992. The most intense meteor showers occurred during the early 1990s just after the passing of the comet, with hundreds of meteors an hour visible.
The meteor shower gets its name from the constellation Perseus. As the debris rains down it looks as if it’s originating from the constellation.
Source: World News Australia, www.sbs.com.au/news.Mongolian Currency Law – Transactions MUST Be in Tugrugs
ULAANBAATAR, MONGOLIA – New Mongolian currency law takes effect on August 9, 2009. Starting on this date, all Mongolian businesses and agencies must do business in tugrugs (often referred as tugriks), the Mongolian official currency, and not in foreign denominated or foreign currency based rates.
The Government of Mongolia passed the law in July 2009 to better control the currency fluctuations as a response to the sudden devaluation of the tugrug in March 2009. Mongolian government is taking the currency measures seriously and have passed severe penalties for the offense. It is well advised for companies to follow the government’s new law.
Sudden Drop in Tugrug’s Exchange Rate
As the saying goes, any port in a storm will do. As the economic downturn seemed to hit its peak around at the end of 2008 and during the first few months of 2009 the Mongolian tugrug grew increasingly weak against foreign currency. While the exchange rate had been hovering around 1170 tugrugs to the US dollar for several years, it suddenly spiked to over 1700 tugrugs per dollar in March. As a result individuals and businesses began to conduct more and more business in US dollars, British pounds or other convertible currencies.
Doing Business in Mongolia: What to Expect
August 4, 2009
Foreign Expectations of Doing Business
Often foreign businessmen come into Mongolia with the expectations that doing business in Mongolia is going to the similar to working in the US, Europe, or Australia, or at the very least like China or Russia. While there are definitely similarities between Mongolia and the rest of the world, doing business here is usually very different from what many foreigners expect.
Companies often expect Mongolia to be similar to China or Russia because of the proximity to these countries. There are definite similarities, especially bureaucratically, to the old Soviet system, and there are hints of Chinese business practices, in no small part due to the amount of Chinese investment in Mongolia. Despite this, Mongolians maintain their own brand of doing business that is a blend of past influences mixed with future ambitions.
Many people lose sight of the fact that Mongolians have only really been doing business in a fully capitalist system for 20 years. The West has been practicing capitalism for centuries, making it very easy for those of us who have grown up in capitalist societies to forget about the newcomers. Capitalism is ingrained in most of us who grew up in the West and therefore we perhaps have fewer problems with capitalist business models than those who grew up in different systems.
Oyu Tolgoi Finally Moving Forward?
July 27, 2009 Ulaanbaatar, Mongolia
Government Given the Go-ahead to Negotiate
The current business environment in Mongolia is very exciting; in no small part due to recent developments in the Rio Tinto/Ivanhoe Mines negotiations. After over five years of negotiating the Oyu Tolgoi (OT) Investment Agreement with Mongolian officials, the Parliament last week (July 16) passed a resolution giving the Government the right to conclude the Investment Agreement. This marks the furthest the negotiations have reached since they began. While obstacles remain, most notably the 68% Windfall Profits tax on gold and copper, most remain quietly optimistic the Investment Agreement is on the verge of moving forward. Finally!
The OT site is located in the South Gobi region of Mongolia, 80 km north of the Mongolian-Chinese border. It is claimed by investors to be the largest copper-gold development project in the world, with an estimated 35 year life-span with yield estimates of 440,000 tons of copper and 320,000 ounces of gold. The over USD7 billion that will be invested over the life of the mine makes it one of the largest, if not the largest, development projects in Mongolian history.
Naadam in Mongolia
June 30, 2009
If busloads of tourists abound, then it’s probably summer in Mongolia. Along with wonderfully long days and superb weather, summertime in Mongolia also brings with it the Naadam celebration. Naadam, or the Three Games of Men, is a three-day national Mongolian holiday that takes place each 11th, 12th, and 13th of July. Originally intended for men, the games have gone coed now feature women in both horse races and archery, although the wrestling remains the sole domain of the men.
For those familiar with the festival it generally conjures thought of scantily-clad Mongolian men wrestling, children deftly navigating their steeds bareback across the steppe, and archers accurately aiming for targets well over 50 meters away.