KT Group signs MOUs with Mongolian firms to explore joint opportunities

South Korea's KT Group has signed multiple memorandums of understanding (MOUs) with the Mongolian government and economic delegation to explore potential opportunities in digital transformation (DX) businesses, mineral resources and digital finance-related ventures.

As per the agreements, KT and LS Cable & System Ltd. will work with Monnis Group, which holds a license to mine rare earth in Mongolia, to import mineral resources into Korea.

BC Card, an affiliate of KT Group, has signed an agreement with Mongolian food distributor Cosmo Group for collaboration in the digital voucher business.

Additionally, Aero Mongolia, an airline company under Monnis Group, has partnered with BC Card for cooperation in Asian route-oriented payment networks.

The Mongolian government and economic delegation, led by Prime Minister Luvsannamsrain Oyun-Erdene, is on a five-day visit to South Korea, during which they visited the Yongsan Internet Data Center and participated in the Korea-Mongolia Business Forum.

Moon Sung-wook, head of KT's global business division, expressed his commitment to contributing to the development of both South Korea and Mongolia by connecting with other industries in the two countries.

Write to Seung-Woo Lee at leeswoo@hankyung.com