President Lee Jae-myung, on a state visit to Mongolia, attended the "Korea-Mongolia Business Forum" on the 9th and proposed accelerating economic cooperation between the two countries in areas including critical minerals. He particularly stressed cooperation in the critical minerals supply chain, saying, "If Mongolia, which holds abundant critical minerals, cooperates with the Republic of Korea, which possesses technology and capital, we can create synergy."
Lee made the remarks in a congratulatory address at a forum held at a hotel in Ulaanbaatar, attended by Mongolian President Ukhnaa Khurelsukh and business leaders from both countries. "The two countries have clear strengths in different fields, so the potential for cooperation is boundless," he said. Lee first noted, "These days, among young Koreans, Ulaanbaatar is called 'Mongtan,' a combination of Korea's Dongtan New City and Mongolia." He added, "Korean convenience stores and marts can be easily found here, and there is also a Mongolian town in Seoul's Dongdaemun that Koreans enjoy visiting."
He continued, "Let us further spread mutually beneficial models like 'Mongtan,'" explaining, "As a mutually beneficial cooperation model, Korean distribution companies provide technology and experience, while Mongolian companies operate businesses through direct investment and accumulate experience." He also stressed, "To spread such achievements, expanding infrastructure such as joint logistics centers and cold chains, along with workforce training and expanded technology exchange, is essential." He emphasized, "The Mongtan model that started in distribution will spread to various fields such as K-consumer goods, finance, healthcare, education, and artificial intelligence."
In particular, Lee stressed, "Let us join forces as reliable partners in the critical minerals supply chain." He explained, "If Mongolia, a resource-rich nation holding abundant critical minerals such as copper, molybdenum, tungsten, and rare earths, cooperates with the Republic of Korea, which has advanced technology, capital, and logistics, we can demonstrate clear synergy in the supply chain."
He also said, "Let us build a foundation for joint growth in infrastructure investment and in the legal and institutional fields," noting, "For cooperation to expand further, we must establish an institutional foundation where companies can freely trade and invest." He added, "The Korea-Mongolia Comprehensive Economic Partnership Agreement (CEPA), which the two countries declared to have reached in principle this time, will become a new turning point in economic cooperation between the two countries."
Korean business leaders who attended the forum included LS Holdings Chairman Koo Ja-eun, POSCO Holdings Chairman Chang In-hwa, SK Vice Chairman Lee Hyung-hee, LG CNS President Hyun Shin-kyun, GS Retail CEO Huh Seo-hong, E-mart CEO Han Chae-yang, BGF Retail Vice Chairman Hong Jung-kook, Hanwha Investment & Securities CEO Chang Byung-ho, and KakaoBank CEO Yun Ho-young. From Mongolia, MCS Group Chairman Odjargal and Tavan Bogd Group Chairman Batsaikhan were present, with about 300 business leaders from both countries attending the event.
At the event, 21 memorandums of understanding (MOUs) were signed to strengthen cooperation in critical minerals and energy, consumer goods and distribution, and digital sectors. The Korea Institute of Geoscience and Mineral Resources agreed to form a joint research team with the Mongolian National Geological Survey in the minerals and energy fields and to expand mutual exchanges between experts from both countries.
With the Mineral Resources and Petroleum Authority, the two sides agreed to pursue cooperation in developing critical mineral exploration, extraction, and processing technologies, as well as advanced analysis and processing technologies. In addition, POSCO International agreed to undertake joint exploration and research of critical minerals with the Chinggis Khaan sovereign wealth fund.
In the consumer goods distribution sector, Namyang Dairy Products signed an MOU with Mongolia's Maximus Distribution to expand food distribution in the Mongolian market, agreeing to cooperate on exports to Mongolia worth about 10 billion won over the next three years.
