Ulaanbaatar: South Korea will seek to expand mutually beneficial economic exchanges with Mongolia by pursuing projects in a wide range of areas, from supply chains to artificial intelligence (AI), the finance minister said Friday. Deputy Prime Minister and Finance Minister Koo Yun-cheol made the remark during a meeting with his Mongolian counterpart, Jadamba Enkhbayar, in Ulaanbaatar on Thursday on the occasion of President Lee Jae Myung's state visit to Mongolia.

According to Yonhap News Agency, the Ministry of Finance and Economy reported Koo's statement emphasizing the potential of combining Mongolia's mineral resources and climate assets with South Korea's advanced technologies to enhance economic cooperation between the two nations. He highlighted the potential for pursuing projects involving supply chains for key minerals like rare earths, renewable energy development, and AI.

During the meeting, both sides concurred on the importance of elevating bilateral relations by expanding cooperation in future-oriented areas and agreed to establish a hotline between the two deputy prime ministers. Enkhbayar acknowledged South Korea as a partner in Mongolia's economic development and advocated for the establishment of a strong strategic partnership.

The officials also noted the agreement in principle on a comprehensive economic partnership agreement (CEPA) reached the previous day. They committed to expanding strategic ties based on this deal, which is a type of free trade agreement encompassing a broad range of economic cooperation and exchanges beyond market opening.

Additionally, on the sidelines of the event, South Korea signed a memorandum of understanding (MOU) with the Mongolian finance ministry to collaborate on building Mongolia's second national cancer center. This project is part of an Economic Development Cooperation Fund (EDCF) initiative estimated at US$230 million. The MOU outlines plans to conduct a feasibility study on the new medical facility and strengthen bilateral cooperation.