South Korea and Mongolia Aim for $1 Billion Trade Target

The South Korean government announced on July 9 that it will work with Mongolia to achieve a trade volume of $1 billion by 2030.

During a summit with Mongolian President Ukhnaagiin Khurelsukh, South Korean President Lee Jae-myung agreed to expand economic, trade, and investment cooperation, strengthen collaboration in supply chains and key minerals, and reached a principled agreement on a Comprehensive Economic Partnership Agreement (CEPA).

In a joint press conference held at the government office in Ulaanbaatar, President Lee stated, "Mongolia is a key partner in our pragmatic diplomacy centered on national interests, and South Korea is Mongolia's most trusted strategic cooperation partner. Through this summit, the leaders confirmed a shared vision of opening a golden era in Korea-Mongolia relations and adopted a joint declaration outlining the direction for the development of these relations." This marks the first state visit by a South Korean president to Mongolia in 15 years.

The two countries also agreed to broaden their mutually beneficial and sustainable cooperation across various sectors, including AI and digital transformation, advanced science and technology, logistics and infrastructure, agriculture and livestock, health and medical care, and development cooperation.

President Lee emphasized that health and medical cooperation is an area where citizens of both countries can directly feel the benefits, committing to contribute to improving the health and quality of life of the Mongolian people through related initiatives, including the construction of a second national cancer center.

Additionally, the two nations agreed to further expand cultural and human exchanges, which serve as a foundation for friendly relations. The leaders expressed their commitment to enhancing exchanges among citizens in areas such as tourism, education, employment, and cultural interactions, working together to improve the welfare of their people and deepen mutual understanding based on a 'roadmap for enhancing human exchanges.'

To pass on their shared historical ties and experiences to future generations, they agreed to expand cooperation. President Lee noted, "By honoring and inheriting the historical assets of friendship between our countries, including the contributions of Lee Tae-jun, who dedicated himself to the advancement of modern medicine in Mongolia, we will further solidify the friendship and trust between our peoples."

Furthermore, the two leaders concurred on the importance of expanding cooperation between their countries for stability and development in the Northeast Asian region. They plan to enhance collaboration in international organizations and multilateral forums, including closely working together in the election processes of international bodies such as the International Court of Justice (ICJ).

Later, during a speech at the Korea-Mongolia Business Forum held at a hotel in Ulaanbaatar, President Lee urged active cooperation among business leaders from both countries. He referred to the term 'Mongtan,' a combination of South Korea's Dongtan New Town and Mongolia, stating, "If we define Mongtan in one word, it is a 'model of mutual cooperation.' I hope the memorandums of understanding (MOUs) signed by our governments will serve as a solid foundation to expand this win-win model."

On this day, the two governments signed over 20 MOUs covering areas such as distribution logistics, the construction of Mongolia's second national cancer center, and mutual recognition and exchange of driving licenses for short-term visitors.