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LS Group Chairman Koo Ja-eun delivers a welcoming address on July 9 (local time) at the Korea-Mongolia Business Forum held at a hotel in Ulaanbaatar, attended by President Lee Jae-myung and Mongolian President Ukhnaagiin Khürelsükh. / Courtesy of Yonhap News Agency

Leading business leaders representing South Korea and Mongolia gathered in one place to deeply discuss measures for expanding economic cooperation between the two countries.

The Korea Chamber of Commerce and Industry (KCCI) announced on July 9 that it co-hosted the "Korea-Mongolia Business Forum" at a hotel in Ulaanbaatar, Mongolia, alongside the Korea Trade-Investment Promotion Agency (KOTRA) and the Mongolian National Chamber of Commerce and Industry.

President Lee Jae-myung and Mongolian President Ukhnaagiin Khürelsükh both attended the forum on this day, reaffirming the strong commitment to economic cooperation between the two nations. The venue was graced by around 300 government and business figures from both countries who will join the process of Mongolia's industrial advancement and economic diversification.

From the South Korean side, major business leaders and heads of institutions accompanied the economic delegation, including LS Group Chairman Koo Ja-eun, who served as the head of the economic delegation, and POSCO Holdings Chairman Chang In-hwa. From the Mongolian side, government officials and key economic figures also attended, showing a strong willingness to cooperate.

South Korea and Mongolia have consistently maintained complementary cooperation, primarily centered on the mineral resources sector. Held under the theme of "joint growth partnership through future industry cooperation," this forum established three major sectors—critical minerals, distribution and consumer goods, and digital—as new action items.

In the critical minerals sector, a new cooperation model extending beyond simple mineral purchasing to "ODA-joint exploration" was presented. POSCO International agreed to embark on joint exploration and research of critical minerals with the Chinggis Khaan National Wealth Fund, while the Korea Institute of Geoscience and Mineral Resources (KIGAM) also signed a memorandum of understanding (MOU) for geological surveys with relevant Mongolian agencies.

The expansion of the distribution and consumer goods ecosystem is also gaining traction. E-mart plans to support 380 South Korean companies in pioneering export channels in collaboration with Sky Hypermarket of Mongolia. Namyang Dairy Products will pursue K-food export cooperation worth 10 billion won over three years with a local distributor, and GS Retail unveiled its vision for spreading the K-lifestyle within the Mongolian market. Cooperation in future growth engine sectors, such as digital finance and talent nurturing, took concrete shape as well. KakaoBank is pushing forward with digital finance cooperation with MCS Holding of Mongolia, while Megazone Cloud decided to join forces with Huree University of Mongolia to nurture IT talent based on artificial intelligence (AI) and cloud computing.

Through this forum, the two countries achieved tangible results, signing a total of 21 MOUs and contracts spanning critical mineral exploration, K-food exports, and digital finance cooperation. Prior to the main event, a representative product exhibition was held during a pre-reception under the theme of "Premium K-Lifestyle in Ulaanbaatar," which the presidents of both nations toured in person.

Koo Ja-eun, head of the economic delegation, stated in his welcoming address, "Now is the time to expand the scope of our cooperation into future growth sectors based on existing cooperative achievements. I hope that substantial results felt by the citizens of both nations will be derived based on the Korea-Mongolia joint growth partnership."

Yoon Chul-min, head of the international trade division at the KCCI, also added, "We will continuously provide support so that this goes beyond simple exchange and leads to the industrial advancement of Mongolia and the creation of new opportunities for South Korean companies."

                                                                                                          Son Kang-hoon