Korea and Mongolia to Strengthen Cooperation in Critical Minerals and Future Industries
President Yoon Suk Yeol recently visited Ulaanbaatar, Mongolia, and held a luncheon meeting with local Korean residents. During this event, President Yoon reaffirmed that Korea and Mongolia share a "Strategic Partnership," cooperating closely across various fields. The two countries have maintained friendly relations in various areas, including economy and culture, for a long time.
One of the most significant topics discussed during this meeting was cooperation in the fields of critical minerals and energy. Mongolia is a resource-rich nation, while Korea possesses world-class advanced technological capabilities. Consequently, the two countries have decided to join forces to establish a stable supply chain for critical minerals essential for semiconductor and battery manufacturing.
Furthermore, cooperation is expected to expand significantly in the fields of advanced industries and digital transformation. President Yoon mentioned that combining Korea’s superior digital technology with Mongolia’s growth potential could create significant synergy. This cooperation is expected to play a crucial role not only in the economic growth of both nations but also in enhancing the competitiveness of future industries.
Finally, President Yoon encouraged the efforts of the Korean compatriots living in Mongolia who serve as a bridge between the two nations and promised continued government support. As the scope of cooperation between Korea and Mongolia broadens through this visit, the economic and strategic relationship between the two countries is expected to advance to the next level.