South Korea, Mongolia to Boost Critical Mineral Cooperation, Work for Korean Peninsula Peace

South Korean President Lee Jae-myung concluded a state visit to Mongolia, marked by agreements to strengthen economic ties and cooperate on regional peace.

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We will expand economic, trade, and investment cooperation between the two countries and strengthen cooperation in supply chains and critical minerals.

During a summit in Ulaanbaatar, President Lee and Mongolian President Oyun-Erdene Luvsannamsrai pledged to enhance economic, trade, and investment cooperation. A key focus was expanding collaboration in supply chains and critical minerals, particularly rare earths, which Mongolia possesses in abundance. The leaders aim to boost bilateral trade to $1 billion by 2030, leveraging the "in-principle" agreement on a Comprehensive Economic Partnership Agreement (CEPA).

President Lee highlighted Mongolia's rich mineral resources, including copper, lithium, and rare earths, positioning it as a valuable partner for South Korea's technological and logistical strengths. He expressed hope that the "Rare Metals Committee" operated by both governments would serve as a model for successful supply chain cooperation.

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By leveraging the in-principle agreement on the Comprehensive Economic Partnership Agreement (CEPA), we will work together to achieve a bilateral trade volume of $1 billion by 2030.

Beyond economic matters, the two leaders affirmed their commitment to peace on the Korean Peninsula. President Lee briefed President Oyun-Erdene on South Korea's peace initiatives, receiving the Mongolian president's strong endorsement for the importance of peace and stability in the region. Given Mongolia's historical relationship with North Korea, Seoul likely sought Ulaanbaatar's assistance in facilitating dialogue.

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If Mongolia, rich in abundant core minerals such as copper, molybdenum, tungsten, and rare earths, and South Korea, with developed technology, capital, and logistics, cooperate, we can achieve definite synergy in the supply chain field.

The visit, the first state visit by a South Korean president to Mongolia in 15 years, culminated in the adoption of a joint declaration envisioning a "golden age" for bilateral relations. Additionally, the two countries signed 21 Memoranda of Understanding (MOUs) covering areas such as scientific and technological cooperation.

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I briefed President Oyun-Erdene on our government's vision for peace and cooperation on the Korean Peninsula, and he expressed strong agreement on the importance of peace and stability in the Korean Peninsula and Northeast Asia.