Promotion of the Korea-Mongolia Rare Metal Cooperation Center... Supply Chain Collaboration

Signing Ceremony of the 'Basic Agreement on Climate Change Cooperation' at the Foreign Ministers' Meeting

[Asia Economy Reporter Yoo In-ho] South Korea and Mongolia have agreed to actively promote mutually beneficial cooperation in economic security areas, including supply chains.

On the 29th, after a meeting with Mongolian Foreign Minister Batmunkh Battsengel at the Ministry of Foreign Affairs building in Ulaanbaatar, Mongolia, South Korean Foreign Minister Park Jin said at a joint press conference, "Mongolia, a resource-rich country ranked in the top 10 worldwide, is a key partner that can contribute to stabilizing South Korea's supply chain." He emphasized, "We will actively pursue cooperation plans so that Mongolia's abundant minerals and resources, such as rare earth elements for advanced semiconductors and displays, and rare metals for batteries, can combine with South Korea's infrastructure and technology to create a synergistic effect."

Minister Battsengel also stated at the press conference, "We discussed directions to combine Mongolia's resources with South Korea's know-how and advanced technology."

During the talks, the two countries agreed to promptly promote the establishment of a 'Rare Metal Cooperation Center.' This center, expected to materialize as early as next year, will be developed with Mongolia providing the site and South Korea constructing the facility using Official Development Assistance (ODA) funds. In a situation where concerns about China's weaponization of resources exist, strengthening economic security cooperation with Mongolia can significantly help stabilize supply chains.

The two countries also initialed the 'Korea-Mongolia Basic Agreement on Climate Change Cooperation.' This agreement aims to strengthen overall cooperation in policies, research, technology exchange, and private investment to respond to climate change between the two countries. Minister Park said it is expected to contribute to achieving greenhouse gas reduction targets and improving air quality in both countries.

Additionally, they agreed to participate in Mongolia's 'One Billion Trees Planting Campaign' and to promote the third phase of the Korea-Mongolia Greenbelt Afforestation Project, actively contributing to Mongolia's forestation and desertification prevention. This effort is intended to reduce yellow dust and fine dust.

Furthermore, they agreed to accelerate negotiations on the Korea-Mongolia Economic Partnership Agreement (EPA) and the revision of the Investment Protection Agreement. Minister Park also requested Mongolia's support for the 2030 Busan Expo bid, to which the Mongolian side responded that they would actively consider it in a positive direction.

This content was produced with the assistance of AI translation services.