Zagal Badamgerel, known widely as Golomt Bank’s “Zagal”, went on a road trip from Ulaanbaatar to London, while carrying out market research studies in the cities he was passing through.
Zagal’s job in finance is to raise investment for projects and establish investment funds. He has been on almost every continent for business affairs.
He hit the road to London with two of his friends on October 21, 2015, in a Toyota Alphard. Earlier, he had scheduled a business trip to London by airplane, but he decided to join his friends on a road trip to London instead. “It was a sudden and extreme decision to get to London by car, as it would be the farthest trip to travel – thousands of kilometers – that I had ever made in my life,” Zagal said.
The trip was the realization of his dreams to go on a road trip through Russia before he reached 40. It is his job’s requirement to have great knowledge and ideas about the economy and the market, and the investment environment of foreign countries. So, he decided to carry out some small, personal economy-related research on investment, marketing, markets, and the development paths of the countries and people of the cities he passed through.
The first city they stayed overnight in after crossing the Mongolia-Russia border was Khyaagt. Everything, from meals and products to hotel rooms, was cheaper and higher quality in contrast with choices in Ulaanbaatar.
“I imagined the road trip might be risky, as my friends told me rumors and stories about how travelers had been robbed on the road through Russia. Luckily, no mishaps occurred for us,” Zagal said. They weren’t stopped by any bandits. The thing that impressed Zagal the most is how Russian drivers follow traffic rules, and how they participate in traffic with respect for other drivers. “We never passed a vehicle which was driving with its high beam lights on. They all use signs to express thanks by flashing emergency lights,” he said, and went on to say that Mongolia lacks traffic culture, and that Mongolian drivers should properly follow traffic rules.
They arrived in the heart of Russia after ten days of driving approximately 7,600 kilometers, going along the longest highway through the Ural Mountain Range and Siberia. “In Siberia, we noticed lots of words similar to Mongolian language on street signs, posters, billboards, and addresses that proved that Mongolia’s history is undeniably connected to that place, which made me feel proud of our ancestors and our nation,” he stressed. Zagal added that the local development and people’s attitude changed as they passed the Ural Mountains and got closer to Moscow.
During the trip, Zagal was studying Mongolia’s history with the help of two books he took on the trip. One was about the history of Mongolian businessmen who were conducting trade overseas in the beginning of the 1990s, and how they used to carry out their trade, handling pressure from Russian police. The other book was “Bat Khan”, a piece of historic literature. It helped him to understand contrasts between the present-day and ancient circumstances of the areas he traveled through, where Bat Khan was waging battles through Siberia. Passing by Russian cities, he also noticed many echoes of WWII.
“Beautiful birch trees along the road through the Ural Mountains and Siberia was the most breathtaking scenery which moved us. The fresh air there gave us energy to proceed with our trip and enjoy it,” Zagal recalled.
He said he sensed the Russians are still as kind, friendly and giving as they used to be.
Zagal gave one key piece of advice to people planning to go on a road trip to Russia. First of all, pay the 30-day insurance offered in Russia, which costs 2,800 RUB (84,000 MNT or 42 USD). Buying a Russian SIM card with data for mobile phones really helps one stay connected while traveling. A card costs approximately 60,000 MNT (30 USD) and has 4G capability for faster internet connections. Zagal shared detailed information about where to buy the SIM card he used and where to pay for insurance, on his public Facebook page.
The cost of the road trip for one person, using a car that consumes 10 liters per 100 kilometers, was about two million MNT including fuel costs, food, and hotels.
He recommends buying as much fuel as possible in Russia, as fuel is sold at lower prices in Russia, averaging 1,290 MNT per liter. Fuel prices got more expensive in Europe. He also noticed that Russia had the cheapest prices for food.
“I discovered many things during the trip,“ Zagal underlined. He met Mongolians in Poland who practiced traditional medicine, who had lived there for many years and had become very popular in Europe for their healing skills.
“Meeting them was very interesting and unique. They are the number one traditional medicine doctors in Poland, and interact with leaders and prominent people of that country. They have famous patients,” he noted, and added that he kept people posted about what he discovered through regular Facebook updates.
For those who are planning the trip, he advised that people keep some cash on hand, as at the Russian and Polish borders, officials demanded seeing 500 EUR (approximately 558 USD) to 1,000 EUR (1,1156 USD) in cash.
Every city he went through had its own unique features. In Belarus he was moved by giant and beautiful sculptures and monuments. In Scotland he visited the battlefield of the legendary thirteenth century Scottish hero William Wallace. “The most interesting place for me was Scotland, with its ancient castles and great history,” Zagal remembered. He also visited The Elephant House, the gourmet tea and coffeehouse where writer J.K. Rowling wrote much of her early “Harry Potter” novels.
Zagal fondly recalled the help of a 66-year-old Scottish man who drove him from Edinburgh to the heart of Scotland. “I really appreciated Jim for showing me Scotland. He made me realize that a great heart and good deeds sees returns,” he said. “Jim worked in Mongolia as a project coordinator for ICC tower by Tsast Construction. When he was in Mongolia, Mongolians warmly welcomed him, leaving him with a great impression of Mongolia and its people. We Mongolians are a mirror of our country. If we spread good deeds, we will be receiving them in return someday.”
Zagal studied the universities of the cities he visited and their features. “Every country I passed through had great universities with a high quality education system,” he mentioned. “Mongolia is sandwiched between two economic giants with great territory: Russia and China. So, I think our new generation should learn the languages of those countries in the first place, and of course, English, the global language.”
When he was in Poland, he visited Wroclaw, a city with a population of 650,000, 150,000 of which are students. Wroclaw is a city with pleasant living conditions, and food and accommodations at reasonable prices. He was told by German people that the education system of Finnish and Norwegian universities are praised. When he was in England, he found that Scottish schools and universities are some of the most prestigious universities in the world.
The difference between going on a road trip and flying somewhere, as he noticed, is that you will see – on the spot – exactly what happens there. “On a road trip you will witness everything about a place, for example, how the economic crisis impacts the lives of people in the country, what citizens are doing to survive the crisis, what measures the government is taking, whether it is helping people’s lives, etc.”
“Mongolians are spread throughout the world. They are everywhere, in every corner of the world. I’ve met many Mongolians who have spent most of their lives in foreign countries. They head overseas to earn some money to buy an apartment, or to collect capital for their startup business. Eventually, they get adjusted to the place they moved to and start living there permanently. I have met various Mongolian families. The children of some Mongolian immigrants barely speak the mother language, Mongolian, but there are also responsible families who speak perfect Mongolian, even though they’ve lived overseas most of their lives.”
Born in Ulaanbaatar, and growing up in the 40K district of downtown, Zagal inherited his interest in travel from his grandfather. “My grandfather was a traveler. He owned a Russian Moskovitch automobile, which was one of the few brands of vehicles available in Mongolia at that time, and drove it to the countryside to conduct studies on herbs, roots, and berries. He was curious about plants and animals. So am I.”
His grandfather taught him to read before he entered first grade. “Learning writing and reading helped me to become a leader when I entered first grade. Later, I learned that preparation for something leads a person to better results,” he said.
During his years at School No. 1, he discovered a passion for math, and he dreamed of becoming a mathematician and engineer. However, his path turned when he met the young, 23-year-old CEO of the Mongolian Stock Exchange, current President of Mongol Bank N.Zoljargal.
“I had no concept of what a stock exchange was, but the well dressed, intelligent people in white collars working at the stock exchange always made me curious. Luckily, one day, N.Zoljargal came with his team to Zagal’s school. They taught the students about finances, capitalism, and stocks, and announced that the stock exchange was hiring smart youth with language and math skills. After meeting him, I changed my mind about becoming an engineer and decided to become an economist, a financial worker,” he shared.
After graduating from the Institute of Finance and Economics, he was hired at Golomt Bank. “I started from the bottom. First, I was an accountant at Golomt Bank, then promoted to senior trader, and involved in setting the selling and purchase prices of foreign currencies. Then, in 2010, I was promoted to the position of Vice President and Director of the Investment Banking Division at Golomt Bank,” he said.
With the intention of establishing an investment fund, he plans to make trips to countries he hasn’t visited in order to meet new people and discover opportunities for a better future for Mongolia.
His next destinations are in Asia, China, Korea and Japan, and Southeast Asian countries in particular. “I have determined the strategic goals of Mongolia’s development for myself. We should study our two neighbors well. If Mongolia has a relationship on good terms with Russia, the doors will open for us to develop relations with European countries. If we have good relations with China, opportunities will open for us to establish relations with Southeast Asian countries.
He has also planned trips to Australia and New Zealand. His trip plans also includes India, a market a with population of 1.2 billion. Canada and South America are also on his list of places he wants to visit and carry out market research. He also plans to make a visit to Central Asia’s ‘stan’ countries and witness their economy and markets.
Zagal wants to study Eastern European countries, as well as Western Europe, discovering why an apartment in Spain, a country with 365 days of sunshine and pleasant weather, is so much cheaper than an apartment in Mongolia.
Our conversation with Zagal was exciting and interesting. There were lots of things to learn from him, we got to know a lot about him. He lives by the principles of never settling down. Be hungry, be foolish, be adventurous, be humane, and be kind and humble, which we think he truly is.
For more information regarding his road trip, learn about Zagal through his Facebook account, Zagal Badamgerel.
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