President Lee Jae Myung delivers remarks at the Korea-Mongolia Business Forum held at a hotel in Ulaanbaatar, Mongolia, on Thursday (local time). [Yonhap]
President Lee Jae Myung delivers remarks at the Korea-Mongolia Business Forum held at a hotel in Ulaanbaatar, Mongolia, on Thursday (local time). [Yonhap]

President Lee Jae Myung called on South Korea and Mongolia to join forces as "reliable partners in the critical minerals supply chain" during a state visit to the country on Thursday (local time).

Lee made the remarks at the Korea-Mongolia Business Forum held that afternoon at a hotel in Ulaanbaatar, which he attended alongside Mongolian President Ukhnaagiin Khurelsukh. "If resource-rich Mongolia and South Korea — with its advanced technology, capital and logistics — work together, I believe we can generate clear synergies in the supply chain," he said. The forum was organized to mark the first South Korean presidential state visit to Mongolia in 15 years.

He went on to say that a rare metals cooperation center that opened in Ulaanbaatar last December would serve as "a key conduit for cooperation and exchange between companies of the two countries." He expressed hope that the two governments could build on their joint Rare Metals Committee to produce "one success story after another in supply chain cooperation."

Mongolia holds 16 percent of the world's known rare earth reserves — a critical material in semiconductor manufacturing — and ranks fourth globally in coal reserves and second in copper. Its iron ore reserves alone reach 1.5 billion tons, making it one of the world's most resource-abundant nations and an important partner for South Korea as it seeks to diversify its critical minerals supply sources.

Lee also outlined three directions for future bilateral cooperation.

He called for wider adoption of what he described as a "Mongtan" model — a portmanteau of Dongtan and Mongolia — saying it represented "a mutually beneficial cooperation model." Under the arrangement, South Korean retail companies provide technology and expertise while Mongolian firms operate businesses through direct investment and build experience. "To expand these results further, it is essential to scale up infrastructure such as shared logistics centers and cold chains, alongside workforce development and greater technology exchange," Lee said.

He also proposed building a foundation for joint growth in infrastructure investment and legal and institutional frameworks.

"For cooperation between the two countries to expand, we need an institutional foundation that allows companies to trade and invest freely," Lee said. He added that the Korea-Mongolia Comprehensive Economic Partnership Agreement, whose conclusion in principle the two sides declared during the visit, "will mark a new turning point in bilateral economic cooperation," enabling companies on both sides to pursue business opportunities "in a more stable and predictable environment."

At the forum, business leaders from both countries gave presentations on economic cooperation and critical minerals and explored concrete avenues for collaboration. A total of 21 private-sector memorandums of understanding were signed in the presence of South Korea's Minister of Trade, Industry and Energy and the relevant Mongolian minister.

Key MOUs included a geological sciences cooperation agreement between the Korea Institute of Geoscience and Mineral Resources and Mongolia's National Geological Survey covering exploration and joint research on critical minerals such as nickel and copper, and a Korea-Mongolia K-Food industry cooperation MOU between Namyang Dairy Products and Mongolian distributor Maximus under which the two sides will pursue 10 billion won ($9.1 million) worth of K-Food exports over the next three years.

South Korean business leaders attending the forum included LS Holdings Chairman Koo Ja-eun, Posco Holdings Chairman Jang In-hwa, SK Group Vice Chairman Lee Hyung-hee, LG CNS President Hyun Shin-kyun, GS Retail CEO Heo Seo-hong, E-mart CEO Han Chae-yang, BGF Retail Vice Chairman Hong Jeong-guk, Hanwha Investment Securities CEO Jang Byeong-ho and Kakao Bank CEO Yoon Ho-young. From Mongolia, MCS Group Chairman Odjargal and Tavan Bogd Group Chairman Batarsaikhan were among those present. About 300 business leaders from both countries attended in all.


sang@heraldcorp.com