SINGAPORE – Singapore will help Mongolia develop affordable and sustainable social housing and reform its social security system under two agreements signed Thursday (July 7th).
Mongolian Prime Minister Oyun-Erdene Luvsannamsrai witnessed the signing of the two MoUs between his government and the Singapore Cooperation Enterprise (SCE) at the Fullerton Hotel.
He is in Singapore until Saturday at the invitation of Prime Minister Lee Hsien Loong.
As part of the Memorandum of Understanding on Public Housing, signed by Mongolian Minister of Construction and Urban Development, Mr. Munkhbaatar Begzjav, and SCE Managing Director, Kong Wy Mun, Singapore will share its policies and experiences in of housing to help the development of public housing in Mongolia.
SCE, in partnership with the Temasek Foundation, launched a training program for 60 Mongolian government officials in areas such as public housing policy reforms.
SCE was established by the Department of Trade and Industry and the Department of Foreign Affairs in 2006 to spearhead public sector collaborations with foreign governments that would build long-term partnerships and create opportunities for Singapore’s private sector .
The Memorandum of Understanding on Social Security Reform, signed by Mongolian Minister of Labor and Social Welfare, Ms. Ariunzaya Ayush, and Mr. Kong will help jointly develop a provident fund system for Mongolia to better manage its pension funds, administer social insurance and social services.
The SCE said the Mongolian parliament decided to switch from a pension fund scheme to a model like Singapore’s Central Provident Fund when it saw the merits.
In his remarks, Kong said SCE is looking to deepen its collaboration with the Mongolian government in other areas such as digital transformation, urban development, food security and corporate governance.
Earlier Thursday, Mr. Oyun-Erdene presented the Temasek Foundation with the Order of Altan Gadas (Order of the Polar Star) in recognition of its programs and work for Mongolia. The State Award is the highest civilian honor that Mongolia can award to a foreign citizen.
Over the years, the Temasek Foundation – a non-profit organization under the philanthropic arm of the Singaporean investment company Temasek – has partnered with ministries and public institutions in Mongolia in areas such as education, nursing and public administration. More than 1,000 leaders and specialists have completed programs, and another 500 are currently in ongoing programs.
Receiving the award on behalf of the foundation, its deputy chief executive, Benedict Cheong, said the foundation has traditionally focused on technical and vocational education, but will change as needs change in Mongolia. The programs will cover areas such as climate change, digital inclusion, urban management and resilience.