In the frameworks of an official visit of the Mongolian Prime Minister Khurelsukh Ukhnaa to the Republic of Korea, a Mongolia-South Korea business forum was held on January 16 in Seoul.
Opening remarks were made by the Prime Minister, relevant Ministers and authorities of the Chambers of Commerce and Industry of the two countries.
“Businessmen are carrying the main burden of the country’s development. We will support businessmen, strengthening the mutual trust,” the Premier emphasized in his remarks.
Kim Jun-dong, Executive Vice Chairman of the Korea Chamber of Commerce and Industry (KCCI), pointed out that South Korea has potential to collaborate with Mongolia that is wealthy of natural resources.
B.Lkhagvajav, Chairman of the Board and President of the Mongolian National Chamber of Commerce and Industry (MNCCI), expressed his satisfaction with boosting of the ties of Mongolian businessmen with the Republic of Korea and launching of cooperation.
Participants of the business forum expressed their interest in collaborating in creation of innovation, high-creativity and value-added productions, in mega projects and programs and in the fields of energy, agriculture and services.
As of 2017, the bilateral trade turnover reached USD 209 million, of which the Mongolia’s export was USD 12 million, while the import—USD 198 million. Trade increased by 1.4 percent overall.
Since the two countries established the diplomatic relations in 1990, South Korea has made investment of USD 512 million to Mongolia. As of present, about 2,400 Korea-funded entities are doing business in the fields of retail and wholesale, catering, mining and real estate in Mongolia.