Leading business figures representing Korea and Mongolia gathered to discuss ways to expand economic cooperation between the two nations.
The Korea Trade-Investment Promotion Agency (KOTRA), together with the Korea Chamber of Commerce and Industry and the Mongolian National Chamber of Commerce and Industry, held the "Korea-Mongolia Business Forum" at the Ulaanbaatar Hotel on the 9th, KOTRA said.
The forum drew about 300 political and business figures from both countries, including Mongolian President Ukhnaagiin Khurelsukh. From the Korean side, major business leaders in attendance included economic delegation head Koo Ja-eun, Chairman of LS; Chang In-hwa, Chairman of POSCO Holdings; Lee Hyung-hee, Vice Chairman of the Seoul Chamber of Commerce and Industry and SK Vice Chairman; Hyun Shin-kyun, President of LG CNS; Chang Byung-ho, CEO of Hanwha Investment & Securities; Lee Kye-in, CEO of POSCO International; Huh Suh-hong, CEO of GS Retail; Han Chae-yang, CEO of E-Mart; Yun Ho-young, CEO of KakaoBank; Hong Jung-kook, Vice Chairman of BGF Retail; Lee Joo-wan, Chairman of Megazone Cloud; Kim Jung-hoon, Vice President of Kolon Industries' FnC Division; Kim Seung-eon, President of Namyang Dairy Products; and Son Young-il, President of Dohwa Engineering.
In his welcoming remarks, Koo said, "Korea-Mongolia economic cooperation has developed centered on mineral resource development and distribution and consumer goods markets." He stressed, "Now is the time to broaden the scope of cooperation into future growth sectors, building on the achievements of existing cooperation." He added, "I hope that based on the Korea-Mongolia joint growth partnership, tangible results that the people of both nations can feel will be produced."
The forum's theme was "Joint Growth Partnership Through Future Industry Cooperation," with a focus on key minerals, distribution and consumer goods, and digital sectors. Kwon Soon-jin, head of the mineral resources division at the Korea Mine Rehabilitation and Mineral Resources Corporation, said in his presentation, "Mongolia, which is pursuing the advancement of its value chain based on abundant resource potential, is Korea's strategic cooperation partner." He proposed pursuing a cooperation model that extends beyond simple mineral purchases to "ODA-joint exploration."
Lee Sung-hwa, head of the new growth division at GS Retail, presented "Localization of the Korean-Style Distribution Model and Expansion of the K-Consumer Goods Ecosystem," laying out a vision to spread the K-lifestyle in the Mongolian market as well as to promote the overseas expansion of Mongolian products. Yun shared the experience of Korean internet-only banks and the inclusive finance model, and introduced the roadmap for ongoing cooperation projects, including alternative credit scoring using non-financial data and the establishment of an AI finance ecosystem.
The forum also produced tangible results in the form of 21 memorandums of understanding (MOUs) and $7 million in on-site contracts. POSCO International agreed with the Chinggis Khaan sovereign wealth fund to conduct joint exploration and research on key minerals, while the Korea Institute of Geoscience and Mineral Resources signed an MOU with a related Mongolian institution on joint research on key minerals and geological surveys.
E-Mart will support the export sales channels of 380 Korean companies through a promotion with Skymart Hypermarket to mark the 10th anniversary of E-Mart Mongolia's opening. Namyang Dairy Products also pledged 10 billion won worth of K-food export cooperation with Maximus Distribution over three years. KakaoBank is pursuing Korea-Mongolia digital finance cooperation with MCS Holdings, while Megazone Cloud agreed to work with Mongolia's Huree University on cultivating AI and cloud-based IT talent.
