South Korean and Mongolian authorities officers mentioned alternatives for cooperation in inexperienced power, mineral sources and commerce, emphasizing a shared imaginative and prescient for mutual development and strategic partnership on the 2024 Korea-Mongolia Imaginative and prescient Discussion board held Tuesday in Ulaanbaatar, Mongolia.
About 250 representatives from the federal government, state-run organizations and educational and political sectors attended the occasion co-hosted by the Ahnsei Basis, Herald Company, Yonsei College and Korea College, with sponsorship from KCH Power.
In his congratulatory remarks, Batumur, advisor to Mongolia’s first deputy prime minister and minister of financial system and improvement, highlighted the potential for expanded collaboration between the 2 nations.
“South Korea has a few of Asia’s most superior renewable power applied sciences. We hope to introduce Jeju Island’s good power system to Mongolia,” he mentioned.
Batumur additionally underscored Mongolia’s efforts to strengthen commerce relations with Korea, together with pursuing an Financial Partnership Settlement.
Discussions additionally centered on advancing Mongolia’s power sector, notably in uncommon earth parts vital for applied sciences like semiconductors. Mongolia holds 16 p.c of the world’s uncommon earth reserves, however lacks the expertise for environment friendly extraction, impacting its financial viability.
In November, the 2 nations launched a joint committee and a partnership middle for uncommon metallic analysis in Mongolia.
Lee Ho-hyeon, Korea’s Deputy Minister for Power Coverage of the Ministry of Commerce, Business and Power, described Mongolia as a “essential associate” amid international provide chain uncertainties. He famous that additional tasks are being mentioned below the joint uncommon metals improvement committee.
One other key problem mentioned was each nations’ reliance on China.
Regardless of being the world’s tenth most resource-rich nation, Mongolia lacks processing expertise and exports most of its uncooked minerals to China, reimporting them at greater prices after preliminary and secondary processing there.
Korea faces related provide chain challenges, with 90 p.c of all key minerals coming from China.
“Korea is constrained in responding swiftly to danger conditions as most sources are imported after being processed in China,” Chung Joo-hwan, a secretary at Korea’s Business Ministry, mentioned, emphasizing the necessity to diversify provide chains. He highlighted the significance of the joint uncommon metals analysis middle with Mongolia in stabilizing provide chains.
The discussion board additionally addressed Mongolia’s efforts to beat continual energy shortages and transition to inexperienced power. Mongolia faces extreme air air pollution on account of coal-based heating, with 67 p.c of its carbon emissions coming from the power sector.
With a long-term aim of creating nuclear energy, the Mongolian authorities established a job pressure in 2022 and is contemplating the simultaneous improvement of small modular reactors, in accordance with Baldorj Myagmarsurengi, senior coverage specialist on the power ministry.
Enkhtuvshin Ganbaatar, head of technique and planning on the ministry, urged Korean corporations to spend money on Mongolia’s power sector, noting the numerous capital required for infrastructure tasks. “Mongolia plans to construct heating energy vegetation in 10 areas and invitations Korean corporations to take part in worldwide public tenders,” Ganbaatar mentioned.
Jamba Batsuuri, Mongolia’s minister of building, city improvement and housing, additionally referred to as for Korean involvement in broader infrastructure initiatives: “As a part of our 2050 development plan, Mongolia goals to construct a brand new metropolis and welcomes participation from Korean companies skilled in good metropolis improvement.”
