Ulaanbaatar: South Korea and Mongolia are set to advance their collaboration in the realm of critical minerals by establishing a ministerial-level committee on rare metals later this year. This initiative is part of a broader strategy to enhance bilateral cooperation in the supply chain for these essential resources, as announced by Seoul's industry ministry.

According to Yonhap News Agency, the decision was made during a meeting between South Korea's Industry Minister Kim Jung-kwan and Mongolia's Industry Minister Gongor Damdinnyam, which occurred on the sidelines of the Korea-Mongolia summit in Ulaanbaatar. Both ministers agreed to elevate their existing vice ministerial cooperation committee to a ministerial-level body. The inaugural session of this upgraded committee is anticipated to occur in the latter half of the year.

Furthermore, the two nations plan to update the memorandum of understanding (MOU) regarding their cooperation on the rare metal supply chain. This MOU, originally signed in February 2023, will be revised at the upcoming ministerial meeting to reflect the evolving partnership.

As the rare metals cooperation center, established under an official development assistance project, is nearing its conclusion next year, both countries have agreed to explore subsequent initiatives. These efforts aim to transform the center into a sustainable platform for ongoing cooperation.

Minister Kim emphasized the importance of transparent information sharing and enhancements in logistics and transportation infrastructure. These elements are crucial for facilitating the entry of South Korean companies into Mongolia's market. Minister Damdinnyam assured continued support to address challenges faced by South Korean firms, highlighting South Korea's role as a significant partner in resource development and processing activities.