President Lee Jae Myung and first lady Kim Hye-kyung pose for a photo with flower girls at a luncheon with the Korean diaspora at a hotel in Ulaanbaatar, Mongolia, on Friday (local time). [Yonhap]
President Lee Jae Myung and first lady Kim Hye-kyung pose for a photo with flower girls at a luncheon with the Korean diaspora at a hotel in Ulaanbaatar, Mongolia, on Friday (local time). [Yonhap]

First state visit in 15 years; joint declaration deepens strategic partnership

CEPA concluded in principle; $1 billion trade target set for 2030

Lee to attend Naadam Festival as guest of honor Saturday before farewell lunch

President Lee Jae Myung, on a state visit to Mongolia, described the two countries as "true friends" and pledged to expand practical cooperation in critical minerals supply chains, trade and investment, and healthcare. The two sides used the occasion — the first state visit by a South Korean president to Mongolia in 15 years — to declare a "golden era of Korea-Mongolia cooperation" and elevate their strategic partnership.

Lee and first lady Kim Hye-kyung attended a state banquet Friday hosted by Mongolian President Ukhnaagiin Khurelsukh in Ulaanbaatar.

Speaking at the banquet, Lee said South Korea and Mongolia "regard each other not as distant neighbors but as close friends, sharing deep trust and a special bond," and pledged to "continuously expand cooperation that citizens of both countries can feel in their daily lives."

Lee also invoked the Mongolian word "anda," meaning a true friend. He said South Korea would be Mongolia's "anda" — a partner in its new leap forward and development.

Drawing laughter from the audience, Lee quipped that he had heard Mongolians have such sharp eyesight they can read license plates beyond the horizon, then added: "Korea is second to none when it comes to recognizing true friends and partners to share the future with."

Khurelsukh welcomed the joint declaration on future cooperation and the sector-specific agreements signed at the summit, saying he looked forward to further growth in the bilateral relationship. He noted that both countries share a proverb meaning "you only truly know a person once you've met them," underscoring the long-accumulated trust and friendship between the two nations.

The centerpiece achievement of the state visit was the conclusion in principle of a Comprehensive Economic Partnership Agreement. The Korea-Mongolia CEPA covers not only trade in goods and services but also supply chains, industry, infrastructure and environmental cooperation. Once formally signed and ratified, it will make Mongolia the second country — after Japan — to conclude a bilateral free trade-style agreement with South Korea.

Building on the CEPA, the two countries set a target of expanding bilateral trade to $1 billion by 2030. The plan calls for improving Mongolian market access for South Korean consumer goods such as cosmetics and food products, while strengthening the foundation for securing a stable supply of Mongolia's rare metals and critical minerals.

Mongolia holds deposits of copper, molybdenum and fluorspar as well as rare earth elements used in electric vehicles, robots and wind power generation. South Korea needs to reduce its heavy dependence on critical mineral imports from China and other single sources, while Mongolia needs mineral exploration and processing technology and overseas market access — making the two countries' interests well aligned.

The two sides agreed to conduct joint research on mineral exploration, analysis, and ore-dressing and smelting technology through the existing Korea-Mongolia Rare Metals Center, and to support South Korean companies entering Mongolia's mineral development sector. Cooperation will also extend to AI, digital transformation, energy transition, and retail and logistics.

In healthcare, the two countries agreed to review establishing a second national cancer center in Mongolia and to expand medical personnel training and medical technology exchanges. Including agriculture, science and technology, and cultural and people-to-people exchanges, a total of 21 cooperation documents were signed on the sidelines of the summit.

The two sides also agreed to strengthen strategic communication in diplomacy and security. Mongolia, which has maintained traditionally friendly ties with North Korea, said it would cooperate with South Korea's efforts to promote peace on the Korean Peninsula and create conditions for inter-Korean dialogue.

About 40 business leaders attended the state banquet, including Koo Ja-eun, chairman of LS Group; Jang In-hwa, chairman of Posco Holdings; Lee Hyung-hee, vice chairman of SK Group; Hyun Shin-kyun, president of LG CNS; Heo Seo-hong, chief executive of GS Retail; Han Chae-yang, chief executive of E-mart; and Yoon Ho-young, chief executive of Kakao Bank. The business delegation explored opportunities in minerals and energy, information and communications technology, finance, and retail.

At the banquet, Mongolian singer Gantugs performed the Korean song "Gajoksajin" ("Family Photo"). A video montage shown on stage traced Lee's life — from childhood and his wedding to his time as Seongnam mayor and Gyeonggi Province governor, through the 21st presidential election and the current state visit.

Lee presented Khurelsukh with a traditional Korean archery set and a smartwatch. The archery set was crafted in the traditional manner using water buffalo horn and bamboo, chosen to reflect the shared archery heritage of both countries.

For Khurelsukh's wife, Luvsan-Oidov Bolorchuluun, Lee brought a jade-colored mother-of-pearl lacquer box decorated with butterfly and arabesque motifs. The butterfly symbolizes happiness and prosperity, while the vine pattern represents longevity.

Saturday marks the final day of the state visit, with Lee attending the opening ceremony of the Naadam Festival — Mongolia's largest national holiday — as the official guest of honor. It is the first time a South Korean head of state has been invited to Naadam in that role.

Lee is scheduled to watch traditional events including wrestling, horse racing and archery alongside Khurelsukh, and will also try his hand at Mongolian-style archery. The two leaders and their spouses will then share a farewell lunch before the state visit concludes.


hong@heraldcorp.com