South Korea will seek to expand mutually beneficial economic exchanges with Mongolia by pursuing projects in a wide range of areas, from supply chains to artificial intelligence, the finance minister said Friday.
Deputy Prime Minister and Finance Minister Koo Yun-cheol made the remark during a meeting with his Mongolian counterpart, Jadamba Enkhbayar, in Ulaanbaatar on Thursday on the occasion of President Lee Jae Myung's state visit to Mongolia, according to the Ministry of Finance and Economy.
"When Mongolia's rich mineral resources and climate assets are combined with South Korea's advanced technologies, economic cooperation between Seoul and Ulaanbaatar can usher in a new golden era," Koo was quoted as saying by the ministry.
"We call for pursuing various mutually beneficial projects, including cooperation on supply chains for key minerals, such as rare earths, renewable energy development and AI," Koo added.
During the meeting, the two sides agreed on the need to further elevate bilateral relations by expanding cooperation in future-oriented areas and to establish a hotline between the two deputy prime ministers.
In response, Enkhbayar described South Korea as a partner in Mongolia's economic development and called for the establishment of a strong strategic partnership.
The two officials also welcomed the agreement in principle on a comprehensive economic partnership agreement reached the previous day, vowing to expand strategic ties based on the deal.
A CEPA is a type of free trade agreement that covers a broad range of economic cooperation and exchanges in addition to market opening.
On the sidelines of the event, Seoul also signed a memorandum of understanding with the Mongolian finance ministry to cooperate on building Mongolia's second national cancer center under an Economic Development Cooperation Fund project estimated at $230 million.
Under the MOU, the two sides plan to promptly conduct a feasibility study on the new medical facility and bolster bilateral cooperation. (Yonhap)