KT Strengthens Cooperation with Mongolian Government on 'Digital Mongolia' Project

Review of Cooperation Status in DX Projects with Mongolian Prime Minister
KT, LS Cable & System, Monnis Group Sign MOU for Mongolian Mineral Development

[Asia Economy Reporter Lim Hye-seon] On the 14th, KT announced on the 15th that it held a meeting to review the status of digital transformation (DX) business cooperation and signed a Memorandum of Understanding (MOU) for cooperation in mineral resources and digital finance projects in Mongolia with the Mongolian government and economic delegation visiting Korea at the KT East building in Gwanghwamun.

The event was attended by key figures from both sides, including KT CEO Koo Hyun-mo, LS Cable President Koo Bon-gyu, and Mongolian Prime Minister Oyun-Erdene Luvsannamsrai.

KT signed a total of three MOUs related to Mongolian mineral development and finance with LS Cable, Mongolia’s Monnis Group, Aero Mongolia, and COSMO Group.

KT CEO Koo Hyun-mo (top row, right), Mongolia's Minister of Economic Development and Deputy Prime Minister C. Khurelbaatar (top row, left), (front row from left) KT Global Business Director Moon Sung-wook, Monnis Group President Chuluunbaatar Baz, and LS Cable President Koo Bon-gyu are posing for a commemorative photo after signing a tripartite MOU for mineral development in Mongolia.

First, KT, LS Cable, and Monnis Group signed a tripartite MOU for Mongolian mineral development. The three companies plan to establish project plans and conduct feasibility studies for importing Mongolian rare earth resources. They are also considering forming a multilateral consortium through cooperation with various partners to promote this project. The signing ceremony was attended by KT’s Head of Global Business Division Moon Sung-wook, LS Cable President Koo Bon-gyu, and Monnis Group President Chuluunbaatar (CHULUUNBAATAR Baz).

BC Card signed an MOU for digital voucher business cooperation with Mongolia’s major food distribution company COSMO Group, and another MOU for payment network cooperation focused on Asian routes with Aero Mongolia, an airline under Monnis Group. The MOU signing was attended by BC Card President Choi Won-seok, COSMO Group Chairman Batbaasan Bekh-Ochir, and Aero Mongolia President Chuluunbaatar (also President of Monnis Group).

KT invited the Mongolian government and economic delegations visiting Korea to tour the Yongsan Internet Data Center (IDC) and conducted a domestic pilot payment using the Mongolian T-Card, reviewing the progress and status of business contracts and MOUs signed in Mongolia.

In particular, the domestic pilot payment of the T-Card was conducted as part of the ‘N2N (Korea-Mongolia card payment linkage) business contract’ signed on the 26th of last month in Ulaanbaatar, Mongolia, between BC Card and the Bank of Mongolia. Approximately 70% of Mongolian citizens use the T-Card, which will allow about 100,000 Mongolians visiting Korea annually to conveniently use it domestically.

Additionally, KT signed business contracts and MOUs last month with the Mongolian government, the Bank of Mongolia, Monnis Group, and others across various industries including resources, finance, healthcare, digital, and media.

Meanwhile, KT held a ‘Business Round Table’ and business forum to discover business opportunities for Mongolia’s development, including digitalization, and the advancement of other Korean industries. The Business Round Table, held at the Lotte Hotel in Sogong-dong, was attended by over 50 companies and institutions related to six sectors: minerals, infrastructure, finance, healthcare, tourism, and agriculture and livestock, discussing business cooperation plans with the Mongolian government.

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