Koo Yoon-chul Meets with Mongolian Deputy Prime Minister: "Expanding Economic Cooperation in Key Minerals and AI"

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul is meeting with Zagdjav Mendsaikhan, Minister of Finance, in Ulaanbaatar, Mongolia on the 9th. Ministry of Economy and Finance

Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-chul met with Mongolia's top economic officials and proposed strategic cooperation in key mineral resources such as rare earth elements and in the field of artificial intelligence (AI). The initiative aims to open a new golden era of economic cooperation between the two countries by combining Mongolia’s natural resources with Korea’s advanced technology.

While accompanying President Lee Jaemyung on his state visit to Mongolia, Deputy Prime Minister Koo emphasized close cooperation in future-oriented sectors during meetings with Mongolia’s leading economic figures at the Government Palace in Ulaanbaatar on July 9 (local time).

In consecutive meetings with Jadamba Enkhbayar, Deputy Prime Minister and Minister of Economic Development of Mongolia, and Tsagtdjav Mendsaikhan, Minister of Finance, Koo stated, “If Mongolia’s abundant mineral and climate resources are combined with Korea’s technological prowess, we can usher in a new golden era of Korea-Mongolia economic cooperation.”

He then proposed, “Let us pursue mutually beneficial projects in a variety of areas, including cooperation on the supply chain of key minerals such as rare earth elements, development of renewable energy, and collaboration in artificial intelligence (AI).”

Accordingly, both sides welcomed the principled conclusion of the Korea-Mongolia Comprehensive Economic Partnership Agreement (CEPA) and agreed to expand the scope of cooperation into strategic sectors.

To support Deputy Prime Minister Koo’s proposal, the Ministry of Finance and Economy also established a practical support framework. A memorandum of understanding (MOU) was signed with the Mongolian Ministry of Finance for cooperation on the construction of Mongolia’s Second National Cancer Center. In addition, during the Economic Development Cooperation Fund (EDCF) feasibility study, both sides agreed to explore concrete ways to apply innovative medical technologies, such as AI-based diagnostic systems, in Mongolia.

Furthermore, the plan calls for accelerating bilateral trade by facilitating the signing of a USD 30 million financial agreement (indirect loan) between the Export-Import Bank of Korea and the Trade and Development Bank of Mongolia. This will supply policy funds to local companies importing Korean products and further boost trade between the two countries.

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