S. Korea, Mongolia upgrade rare metals cooperation committee to ministerial level

South Korea and Mongolia have agreed to elevate their joint rare metals cooperation committee from a vice-ministerial body to a ministerial-level consultative forum, with both ministers serving as co-chairs, and to convene the upgraded committee in the second half of this year.

The Ministry of Trade, Industry and Energy said Minister Kim Jung-kwan reached the agreement during a meeting Friday in Ulaanbaatar with Mongolian Minister of Industry and Mineral Resources Gantulga Damdinjav, held on the sidelines of President Lee Jae-myung's state visit to Mongolia.

The two sides agreed to use the committee meeting later this year as an opportunity to revise the Korea-Mongolia rare metals supply chain cooperation MOU signed in February 2023, further expanding the scope of supply chain cooperation.

They also agreed to identify follow-on projects to transform the Rare Metals Cooperation Center — an official development assistance initiative set to conclude next year — into a sustainable cooperation platform.

The government said it will actively support MOUs on critical mineral exploration, research and investment that the Korea Institute of Geoscience and Mineral Resources, Posco International and Hanwha Investment signed with Mongolian counterparts and sovereign wealth funds on the sidelines of the summit.

At the ministerial meeting, Kim stressed transparent information sharing and improvements to logistics and transportation conditions as prerequisites for boosting South Korean companies' entry into the Mongolian market. Damdinjav pledged continued support in resolving difficulties faced by Korean firms, noting that South Korea is a key partner for resource development and value-added processing.

Kim also held a roundtable with representatives from Posco Holdings, Posco International, LS, Hanwha Investment, the Korea Institute of Geoscience and Mineral Resources, the Korea Mine Rehabilitation and Mineral Resources Corporation, and KOTRA — all of which accompanied the presidential delegation — to hear their concerns and urge a more active role in the Mongolian market.

Kim also attended the opening ceremony of No Brand's first store in Mongolia, then met with retail and consumer goods companies operating in the country — including E-mart, GS Retail and BGF Retail — to discuss strategies for expanding their presence.