President Lee Jae-myung declared a "Korea-Mongolia Golden Era" aimed at elevating the future-oriented strategic partnership between the two countries to a new level. The two sides reached an agreement in principle on a Comprehensive Economic Partnership Agreement (CEPA) to stabilize the critical minerals supply chain and agreed to expand their trade volume, currently at around $700 million a year, to $1 billion by 2030. Lee also expressed gratitude for Mongolia's constructive role in advancing peace on the Korean Peninsula, urging both sides to "continue cooperating to promote peace and cooperation on the Korean Peninsula."
Having completed his schedule at the North Atlantic Treaty Organization (NATO) summit, Lee arrived in Ulaanbaatar, Mongolia, on the 9th and began a three-day, two-night state visit. It marks the first state visit to Mongolia by a Korean president in 15 years, since the Lee Myung-bak administration in 2011.
In his summit with Mongolian President Ukhnaagiin Khurelsukh, Lee said, "For more than 30 years since the establishment of Korea-Mongolia diplomatic relations, the two countries have cooperated across various fields including politics, economy, society and culture based on long-standing friendship and trust." He added, "I hope today's first meeting with President Khurelsukh will serve as a starting point marking a new leap in the Korea-Mongolia strategic partnership, and a historic occasion to open the 'Golden Era of Korea-Mongolia relations' together." In response, Khurelsukh said, "The Republic of Korea is Mongolia's third neighbor and an important strategic partner."
The key achievement of this summit is the agreement in principle on the CEPA. The two countries had pursued a CEPA since 2023 to institutionally support trade and investment, but negotiations were temporarily suspended due to Mongolia's concerns over market opening and differences over goods and rules-of-origin regulations. However, as the importance of cooperation on critical minerals supply chains has recently grown, negotiations regained momentum, reaching a broad agreement and leaving only details to be finalized. For Korea, this establishes an institutional foundation to secure a stable supply of critical minerals, including rare earths essential for advanced industries.
In a joint press statement, Lee said, "We will expand economic, trade and investment cooperation and strengthen cooperation in supply chains and critical minerals." He added, "We will join forces to achieve $1 billion in Korea-Mongolia trade by 2030."
In particular, in the critical minerals sector, the plan is to pursue the establishment of a "win-win supply chain cooperation model" that goes beyond simple participation in mine development. In a written interview with Mongolia's state news agency Montsame, released the same day, Lee explained, "We can create a business model that participates together across the entire cycle of the critical minerals supply chain, from exploration to smelting, linkage with high-value-added industries, recycling and workforce development."
The two countries also signed a total of 21 memorandums of understanding (MOUs) that day in fields including economy, industry, culture and education. Key agreements include cooperation between the Korea National Diplomatic Academy of the Ministry of Foreign Affairs and Mongolia's Ministry of Foreign Affairs, distribution and logistics cooperation, energy transition cooperation, and the mutual recognition and exchange of driving privileges and driver's licenses for short-term visitors.
The MOU on mutual recognition of driver's licenses is also tied to the joint goal of "500,000 people-to-people exchanges by 2030." Last year, mutual visitors between the two countries totaled about 360,000. The two countries agreed to invigorate exchanges across various fields, including tourism, study abroad, employment and cultural exchange, to expand this figure to 500,000 by 2030, the 40th anniversary of their diplomatic relations.
Lee also conveyed his thanks after Khurelsukh expressed support for the Korean government's efforts toward peace on the Korean Peninsula. Lee said, "Today I explained our government's vision for peace and cooperation on the Korean Peninsula, and President Khurelsukh deeply sympathized with the importance of peace and stability on the Korean Peninsula and in Northeast Asia." He added, "I again express my gratitude for President Khurelsukh's stated intention to continue supporting our government's efforts to establish peace on the Korean Peninsula."
Meanwhile, in a congratulatory address at the Korea-Mongolia Business Forum held the same day, Lee emphasized the expansion of a win-win cooperation model between the two countries and the strengthening of cooperation in critical minerals and infrastructure. The forum was attended by about 300 people, including POSCO Holdings Chairman Chang In-hwa and LS Holdings Chairman Koo Ja-eun, as well as business figures and government officials in the fields of critical minerals, distribution and consumer goods, and digital.
At the event, in the presence of ministers from both countries, the Korea Institute of Geoscience and Mineral Resources and Mongolia's National Geological Survey signed a "Geoscience Cooperation MOU" to pursue cooperation on the exploration of and joint research on critical minerals such as nickel and copper, while POSCO International and the Chinggis Khaan National Wealth Fund signed an MOU on the joint development of mineral resources.
