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

ULAANBAATAR — The leaders of South Korea and Mongolia discussed expanding cooperation on critical minerals, including rare earth elements, 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 key partners in diversifying their diplomatic horizons, with Seoul’s “pragmatic diplomacy” aligning with Ulaanbaatar’s “Third Neighbor Policy.”

The presidential office said 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 discussed broadening practical cooperation in areas of mutual interest, including infrastructure, food security, health care, science and technology, and environmental challenges such as yellow dust.

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 discussion built on long-standing cooperation in transportation, petroleum and other sectors since the two countries established diplomatic relations in 1990.

The two leaders 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.

Accordingly, Lee and Khurelsukh were expected to discuss ways to reduce regional tensions and build mutual trust, while pursuing practical steps to resume dialogue with North Korea.

As of 5 p.m. Thursday, the summit was to be followed by the signing of memorandums of understanding and the adoption of a joint declaration titled "The Golden Era of Korea-Mongolia Relations."

The declaration is expected to set out a long-term vision for bilateral ties, including a goal of reaching 500,000 annual people-to-people exchanges by 2030, which marks the 40th anniversary of diplomatic relations between the two countries.

The declaration is also expected to serve as an important milestone in realizing South Korea's broader diplomatic goal of gradually expanding cooperation across a region spanning Northeast Asia and Eurasia.

On Friday, Lee will visit the memorial honoring independence activist 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.