{"slug": "seoul-eyes-advancing-ties-with-mongolia-in-emerging-areas-finance-minister", "title": "Seoul eyes advancing ties with Mongolia in emerging areas: finance minister", "summary": "South Korean Finance Minister Koo Yun-cheol met with Mongolian counterpart Jadamba Enkhbayar in Ulaanbaatar, proposing expanded cooperation in supply chains, renewable energy, and artificial intelligence. The two sides agreed to elevate bilateral relations and signed an MOU for a $230 million cancer center project.", "body_md": "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.\n\nDeputy 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.\n\n\"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.\n\n\"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.\n\nDuring 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.\n\nIn response, Enkhbayar described South Korea as a partner in Mongolia's economic development and called for the establishment of a strong strategic partnership.\n\nThe 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.\n\nA CEPA is a type of free trade agreement that covers a broad range of economic cooperation and exchanges in addition to market opening.\n\nOn 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.\n\nUnder the MOU, the two sides plan to promptly conduct a feasibility study on the new medical facility and bolster bilateral cooperation. (Yonhap)", "url": "https://wpnews.pro/news/seoul-eyes-advancing-ties-with-mongolia-in-emerging-areas-finance-minister", "canonical_source": "https://www.koreaherald.com/article/10804781", "published_at": "2026-07-10 02:11:36+00:00", "updated_at": "2026-07-10 02:43:04.286408+00:00", "lang": "en", "topics": ["artificial-intelligence", "ai-policy"], "entities": ["Koo Yun-cheol", "Jadamba Enkhbayar", "Lee Jae Myung", "South Korea", "Mongolia", "Ministry of Finance and Economy"], "alternates": {"html": "https://wpnews.pro/news/seoul-eyes-advancing-ties-with-mongolia-in-emerging-areas-finance-minister", "markdown": "https://wpnews.pro/news/seoul-eyes-advancing-ties-with-mongolia-in-emerging-areas-finance-minister.md", "text": "https://wpnews.pro/news/seoul-eyes-advancing-ties-with-mongolia-in-emerging-areas-finance-minister.txt", "jsonld": "https://wpnews.pro/news/seoul-eyes-advancing-ties-with-mongolia-in-emerging-areas-finance-minister.jsonld"}}