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.
President urges Korea, Mongolia to join forces for critical mineral supply chain
President Lee Jae Myung gives a congratulatory speech at the Korea-Mongolia Business Forum in Ulaanbaatar, Thursday. Yonhap
By Yi Whan-woo
Lee calls on creation of more shared growth model at bilateral business forum
ULAANBAATAR — President Lee Jae Myung urged Korea and Mongolia to join hands to build a resilient supply chain for critical minerals, stressing that Mongolia's abundant natural resources and Korea's industrial know-how could create strong synergy.
In his congratulatory speech at the Korea-Mongolia Business Forum on the sidelines of the bilateral summit in Ulaanbaatar, Lee called on the two countries to create more models of shared growth by expanding cooperation beyond retail and consumer goods.
“Let us join forces as reliable partners in critical mineral supply chains,” the president said during the forum attended by about 300 entrepreneurs from the two countries.
Business representatives from major Korean companies, including LS Holdings, POSCO Holdings, SK Group, LG CNS, GS Retail, Emart, BGF Retail and Hanwha Investment & Securities, attended the forum.
Mongolia was represented by officials from MCS Group, Tavan Bogd Group and other leading companies.
Lee pointed to Mongolia's abundant reserves of critical minerals such as copper, molybdenum, tungsten and rare earth elements, as well as Korea's strengths in technology, capital and logistics, saying the two countries could "create powerful synergy in supply chains by working together."
To advance that goal, Lee proposed making full use of the bilateral rare metals committee, jointly operated by the two governments, as well as the rare metals cooperation center, which opened in Ulaanbaatar in December 2025.
As for models of shared growth, the president pointed to the Mongolian capital where Korean retail companies provide technology and expertise, while Mongolian companies operate the business through direct investment and build their own experience.
He said the successful model will be expanded into Korean consumer goods such as food, beverages and cosmetics, as well as finance, health care, education and artificial intelligence (AI).
The president also urged to capitalize on Mongolia’s economic growth to lay the foundation for shared growth through infrastructure investment and stronger institutional frameworks.
Mongolia's economy has been growing by more than 5 percent annually, driven by its abundant natural resources, resulting in higher demand for infrastructure, including transportation, logistics and energy.
“With world-class construction and engineering capabilities and extensive experience in infrastructure development, Korea is an ideal partner for Mongolia's urban and industrial development," Lee said.
The president noted some Korean companies already have been taking part in Mongolia’s first urban railway project and smart city development initiatives.
“For this cooperation to expand further, the two countries need to establish an institutional framework that enables businesses to trade and invest more freely,” he said.
In particular, the president viewed the Korea-Mongolia Comprehensive Economic Partnership Agreement, for which the two countries announced their agreement in principle, will mark a new turning point in bilateral economic cooperation.