Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Korea, Mongolia discuss critical minerals, Korean Peninsula on president's state visit
President Lee Jae Myung shakes hands with Mongolian counterpart Khurelsukh Ukhnaa at the Government Palace in Ulaanbaatar ahead of their summit, Thursday. Yonhap
By Yi Whan-woo
2 leaders declare 'golden era' for long-term complementary partnership
ULAANBAATAR — The leaders of South Korea and Mongolia agreed to expand cooperation on critical minerals to build a resilient and complementary partnership in trade and supply chains during their summit in Ulaanbaatar, Thursday.
President Lee Jae Myung also exchanged views with Mongolian President Khurelsukh Ukhnaa on promoting peace and prosperity on the Korean Peninsula by leveraging Mongolia's decades-long friendly ties with North Korea.
The bilateral summit took place on the first day of Lee’s three-day state visit to Mongolia — the first by a Korean head of state in 15 years and just one year after Lee took office in June 2025.
According to Cheong Wa Dae, the timing reflected the two countries’ view of each other as important partners in diversifying their diplomatic horizons, with Seoul’s “pragmatic diplomacy” aligning with Ulaanbaatar’s “Third Neighbor Policy.”
“Mongolia is a key partner in Korea’s pragmatic, national interest-focused diplomacy, and Korea is Mongolia’s most trusted partner for strategic cooperation. I hope that this message is clearly conveyed to the peoples of both our countries,” Lee said in joint statement with Khurelsukh after their summit.
He described the summit's most significant achievement as reaffirming a shared vision for the future direction of bilateral relations, reflected in the joint declaration titled "The Golden Era of Korea–Mongolia Relations.”
“I look forward to Korea and Mongolia advancing our partnership through this joint declaration in ways that enhance the livelihoods of our peoples and contribute to regional peace and prosperity,” Lee added.
The critical minerals were high on the agenda, as resource-rich Mongolia offers Korea an opportunity to diversify and strengthen its supply chains amid heightened risks from destabilized global networks.
Lee and Khurelsukh also agreed on broadening practical cooperation in areas of mutual interest, including infrastructure, food security, health care, science and technology, and environmental challenges such as yellow dust.
The agreement built on long-standing cooperation in transportation, petroleum and other sectors since the two countries established diplomatic relations in 1990.
President Lee Jae Myung and first lady Kim Hea Kyung receive aaruul, a traditional Mongolian dried milk curd, from Mongolian greeters upon their arrival at Chinggis Khaan International Airport in Ulaanbaatar, Thursday. Yonhap
The two countries will work together to increase bilateral trade to $1 billion by 2030, with their agreement in principle on CEPA serving as a key step toward that goal
Lee and Khurelsukh further explored ways to facilitate mutual visits and bolster people-to-people exchanges, as interest in K-culture continues to grow in Mongolia and the country looks to South Korea's experience in rapid industrialization and democratization as a development model.
On the Korean Peninsula, Cheong Wa Dae described Mongolia’s position as “unique,” noting that the country was the second after the Soviet Union to establish diplomatic ties with North Korea during the Cold War, while it has consistently supported South Korea’s efforts to promote peace on the peninsula.
Lee thanked Khurelsukh “for reaffirming his steadfast support for our government’s efforts to achieve denuclearization of the Korean Peninsula and establish lasting peace.”
The summit was to followed by the signing of memorandums of understanding (MOUs)
The MOUs, totaling 21, covered a broad spectrum of cooperation, including enhanced consular collaboration, construction of Mongolia's second national cancer center, the sharing of know-how for the country's new administrative capital, the green energy transition, forest restoration to combat desertification, and digital innovation in central banking.
They also covered management of the memorial park honoring Korean independence activist Lee Tae-jun (1883-1921), expanded cultural cooperation to include creative industries such as OTT platforms, gaming and webtoons, mutual recognition of driver's licenses, and the preservation of cultural and natural heritage.
On Friday, Lee will visit the memorial honoring Lee Tae-jun, before holding a luncheon meeting with members of the Korean community in Mongolia.
On Saturday, Lee and Khurelsukh will attend the opening ceremony of the Naadam, a traditional festival, as guests of honor. The festival, Mongolia's largest national celebration, commemorates the country's spirit of freedom and independence.
Lee will be the first South Korean president to be invited as a guest of honor.