Korea Keeps a Close Eye on Mongolia's Critical Minerals: Over 250 Companies Attend Mongolia-Korea Business Forum
Mongolnews, Ulaanbaatar, July 9 — According to the Presidential Press Office, South Korean President Yoon Suk-yeol is on a state visit to Mongolia at the invitation of Mongolian President U. Khürelsükh. During the visit, the Mongolia-Korea Business Forum was held at the Ulaanbaatar Hotel, with both heads of state attending.
President U. Khürelsükh called on both sides to work together to elevate cooperation between the two countries in trade, investment, manufacturing, high technology, and innovation to a new level.
The president emphasized that Mongolia will continue improving its investment environment, adhering to policies protecting investors’ rights and legitimate interests, and placing high importance on developing long-term, mutually beneficial partnerships with South Korea.
He stated that Mongolia remains committed to becoming a “trusted, reliable, and long-term partner.”
South Korean President Yoon Suk-yeol noted that the deep friendship and mutual trust between the peoples of both nations are already yielding significant results and positive outcomes across multiple fields including economy, industrial development, and people-to-people exchanges.
He urged both sides to further expand and develop a cooperative model based on shared growth and mutual benefit, emphasizing the importance of strengthening talent cultivation and technological exchange, especially while expanding joint logistics centers and cold chain infrastructure construction.
He added that cooperation between the two countries will also deepen beyond the "K-consumption goods" sectors such as food, beverages, and beauty products, extending into finance, healthcare, education, artificial intelligence, and other areas.
Meanwhile, he called for establishing a reliable partnership in the supply chain of critical minerals, along with enhanced collaboration in infrastructure investment and legal system development.
Business communities from both countries believe this business forum will enrich the economic dimension of their “strategic partnership” and mark a crucial step toward a new era of shared future growth.
The forum brought together over 250 representatives from government agencies, economic organizations, chambers of commerce, and enterprises across key sectors including critical minerals, energy, manufacturing, agri-food, trade, retail, digital technology, banking and finance, and logistics.
The Mongolian Chamber of Commerce and the Korea Chamber of Commerce and Industry signed two memoranda of understanding aimed at expanding commercial cooperation. Additionally, more than 20 cooperation agreements were signed by government agencies and businesses from both countries in areas such as critical minerals, energy, geology, trade, food, digital technology, and education.
The forum was jointly organized by Mongolia’s Ministry of Foreign Affairs, the Mongolian Chamber of Commerce, South Korea’s Ministry of Trade, Industry and Energy, the Korea Chamber of Commerce and Industry, and KOTRA (Korea Trade Investment Promotion Agency).
By 2025, bilateral trade between Mongolia and South Korea reached USD 504 million.
Mongolia primarily exports molybdenum ore and concentrates, textiles, knitted and apparel products, mechanical and electrical equipment parts, animal fats and oils, and animal hair and wool to South Korea; while it mainly imports machinery, equipment, transport vehicles, petroleum products, pharmaceuticals, food, cosmetics, and daily necessities.
From 1990 to 2025, South Korea’s cumulative direct investment in Mongolia amounted to USD 701 million, ranking 11th among foreign investors in Mongolia.
Currently, approximately 1,300 South Korean-invested enterprises are registered and operating in Mongolia, most of which are engaged in wholesale and retail trade, automobile and motorcycle repair services, and related industries.
Original article: toutiao.com/article/1870258281201732/
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