S.Korea, Mongolia discuss stabilization of mineral supply chains

The Korea Chamber of Commerce and Industry and  Mongolian National Chamber of Commerce and Industry in Seoul on Tuesday held a business forum on areas of bilateral cooperation like supply chain stabilization.

Held on the occasion of the Korea visit of Mongolian Prime Minister Luvsannamsrain Oyun-Erdene, the forum was the first business event between the two countries since 2018.

In his keynote speech, the prime minister supported Busan's bid to host the 2030 World Expo.

In the presentation session, discussion topics ranged from Mongolia's economy and business and investment environment to bilateral cooperation in mining.

"Mongolian mining is a key industry that comprises 23% of GDP, 68% of foreign direct investment and 98% of exports," said Mongolian Minister of Mining and Heavy Industry Jambal Ganbaatar. "Given the high possibility of the deposits of new minerals such as copper and uranium as well as rare earth minerals, I hope for stronger cooperation in development and supply chains with Korea."

"For the symbiotic development of both countries, bilateral cooperation is needed in agriculture and livestock, energy, manufacturing, and information and communication technology, sectors with high demand in Mongolia and that Korea has high competitiveness in," said Park Jung-ho, head of the Russia-Eurasia Team at the Korea Institute for International Economic Policy. "There is plenty of room for joint efforts in the global trends of digitalization, carbon neutrality and climate change."

Write to Jae-Fu Kim at hu@hankyung.com