President Lee Pays State Visit to Resource-Rich Mongolia... "Participation in All Stages of Critical Minerals Business"

President Lee Jaemyung Embarks on 2-Night, 3-Day State Visit to Mongolia on July 9

"We Should Build a Win-Win Supply Chain Model Beyond Mine Development"

Proposes All-Stage Cooperation from Exploration to Refining and Processing

On July 9 (local time), President Lee Jaemyung proposed that the two countries expand their cooperation on critical minerals to encompass all stages of the value chain, during his state visit to Mongolia. The plan aims to secure supply chains essential for high-tech industries such as semiconductors through enhanced cooperation on critical minerals.

During his state visit, President Lee gave an interview to Montsame, Mongolia’s national news agency, where he stated, “We need to create a win-win supply chain cooperation model that goes beyond mere participation in mine development and adds more value.” He suggested building a model in which both countries participate together in all business stages of the critical mineral supply chain, including exploration, refining and processing, advanced technology, recycling, and talent development.

Yonhap News Agency

President Lee also remarked, “If Mongolia, with its abundant mineral resources and development potential, and the Republic of Korea, with its capabilities in mining exploration, technology development, and industrial innovation, work together, we can become key partners in the supply chain.” He expressed hope that “Korea will secure a stable supply chain of critical minerals, and Mongolia will benefit from industrial advancement, value creation, and enhanced technological capabilities.”

Mongolia is known for its abundant reserves, being recognized as one of the world’s top 10 resource-rich nations. In particular, it holds deposits of various rare metals such as rare earth elements and molybdenum, which are essential for advanced industries. For this reason, Korea has been conducting joint exploration with Mongolia for several years.

On the first day of his state visit, President Lee announced that he would propose to Mongolian President Ukhnaagiin Khurelsukh during their summit to expand the annual scale of people-to-people exchanges between the two countries to 500,000 by 2030, marking the 40th anniversary of diplomatic relations. To this end, he said that both sides should pursue the conclusion of a mutual recognition agreement for driver’s licenses and a consular agreement, as well as expand air routes and increase the number of flights.

Immediately after the summit, the two leaders are scheduled to announce the outcomes directly through an agreement and memorandum of understanding (MOU) exchange ceremony and a joint press statement. A joint declaration titled “The Golden Era of Korea-Mongolia Relations,” outlining the future vision of bilateral ties, will also be announced. President Lee stated, “I hope this will serve as an opportunity to elevate the strategic partnership to a new level and become the foundation for a new golden era in our bilateral relationship.”

In addition, President Lee will work to build partnerships for peace on the Korean Peninsula. He noted, “Unfortunately, inter-Korean and North Korea-U.S. dialogues have remained in a long-term stalemate,” and emphasized that “Mongolia is a trusted partner for peace and has channels of communication with North Korea, so it can play an important role in building trust in the region.”

Meanwhile, President Lee will attend the Korea-Mongolia Business Forum on the same day to discuss economic cooperation with business leaders from both countries. On July 10, his itinerary includes a visit to the Memorial Hall of independence activist Lee Taejun, meetings with the Speaker of the Mongolian Parliament and the Prime Minister, and attendance at the state banquet hosted by the president. On July 11, he will conclude his visit by attending the opening ceremony of Naadam, Mongolia’s largest festival, as the guest of honor.

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