Lee attends Mongolia's Naadam festival as guest of honor, tries archery

President Lee Jae Myung, on a state visit to Mongolia, attended the Naadam festival — the country's most important national holiday — as the official guest of honor on Saturday.

Mongolian President Ukhnaagiin Khurelsukh was also present at the event.

Lee and first lady Kim Hye-kyung visited the archery venue, one of the three traditional disciplines of the Naadam festival, as well as the shagai — a traditional Mongolian ankle-bone shooting game — arena, where they experienced Mongolian culture firsthand.

The couple then attended a farewell luncheon hosted by President Khurelsukh, wrapping up their two-night, three-day state visit to Mongolia before departing for home.

During the visit, Lee and Khurelsukh adopted a joint declaration at their summit embodying the vision of a "golden era" in Korea-Mongolia relations.

In the economic and trade sphere, the two countries welcomed the conclusion in principle of a Comprehensive Economic Partnership Agreement, agreeing that the deal would significantly contribute to expanding and deepening their mutually beneficial economic cooperation.

The two sides also set a goal of elevating trade and investment cooperation to a new level, targeting bilateral trade volume of $1 billion within five years.

Mongolia is one of the world's most resource-rich nations, with minerals — including copper, coal and iron ore — accounting for 82.1 percent of its exports. Supply chain cooperation combining Mongolia's critical minerals, particularly copper, molybdenum and rare earth elements, with South Korean technology and capital emerged as a key agenda item for the visit.

The two countries agreed to develop complementary and mutually beneficial economic cooperation drawing on Mongolia's abundant critical mineral resources and South Korea's advanced technology.

Healthcare cooperation was also a significant agenda item. Khurelsukh lived in South Korea for a period after resigning from the National Assembly in 2012 to seek medical treatment for his wife, a personal connection that influenced the two countries' agreement to develop the health and medical sector as a major area of cooperation.

The two sides also agreed to cooperate through a feasibility study funded by South Korea's Economic Development Cooperation Fund to support Mongolia's plan to build a second national cancer center — one equipped with cutting-edge medical systems and technology, including AI, to meet international standards.