Koo Yun-cheol Meets Mongolian First Deputy PM to Expand Cooperation in Critical Minerals and AI

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol has met with Mongolia's economic leadership to agree on strengthening cooperation in fields such as critical minerals and artificial intelligence (AI).

Koo, who is accompanying President Lee Jae-myung on his state visit to Mongolia, held consecutive meetings with J. Enkhbayar, First Deputy Prime Minister and Minister of Economy and Development of Mongolia, and Minister of Finance J. Mendsaikhan at the Government Palace on July 9 (local time).

Both sides shared the view that there is significant potential for cooperation in future-oriented areas, including the application of AI technology, the construction of data centers, supply chain cooperation for critical minerals, renewable energy development, and healthcare.

"If we combine Mongolia's abundant mineral and climate resources with South Korea's excellent technological capabilities, we can open a new golden age of Korea-Mongolia economic cooperation," Koo emphasized.

He added, "Let us pursue mutually beneficial cooperation projects, such as supply chain collaboration for critical minerals like rare earths, renewable energy development, and AI cooperation."

First Deputy Prime Minister Enkhbayar stated, "South Korea is an 'important third neighbor' and a 'partner in economic development,'" adding, "Let us build a solid strategic partnership based on the high cultural similarities and active human exchanges between the two countries."

The two sides welcomed the agreement in principle on the Korea-Mongolia Comprehensive Economic Partnership Agreement (CEPA). Based on this, they decided to expand the scope of cooperation beyond trade and investment to strategic areas such as the development and utilization of critical minerals and the construction of AI and digital infrastructure.

Minister of Finance Mendsaikhan also said, "We have a high interest in South Korea's economic development experience and technological prowess," adding, "We look forward to more South Korean companies entering Mongolia, focusing on areas where both countries can create synergy, such as AI and renewable energy."

The Ministry of Economy and Finance also signed a Memorandum of Understanding (MOU) with the Mongolian Ministry of Finance for "cooperation in the construction of Mongolia's Second National Cancer Center."

This MOU is intended to expedite a feasibility study for the construction of the Second National Cancer Center, a project for which Mongolia has requested support from the Economic Development Cooperation Fund (EDCF).

Mongolia has one of the highest cancer incidence and mortality rates in the world.

The Ministry of Economy and Finance plans to decide on the approval of the loan after concretizing plans to apply innovative medical technologies, such as AI-based diagnostic systems, to Mongolia during the feasibility study process.

To strengthen Mongolia's cancer prevention and response capabilities, the two sides agreed to cooperate through other development cooperation projects, such as the Knowledge Sharing Program (KSP), in addition to the EDCF.

The Ministry of Economy and Finance also supported the signing of an MOU between the Export-Import Bank of Korea and the Trade and Development Bank of Mongolia for the provision of 30 million dollars in on-lending facilities.

Through this, the ministry expects that South Korean policy funds will be indirectly supplied to local Mongolian companies importing Korean products, further accelerating the export of Korean food, beverages, and cosmetics to Mongolia.

"We will support the seamless implementation of the economic achievements from the summit and work with the Mongolian government to actively discover mutually beneficial cooperation projects that can contribute to the common prosperity of both countries," the ministry stated.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.