MNCCI AND BUSAN CHAMBER OF COMMERCE AND INDUSTRY ELEVATE BILATERAL COOPERATION TO A NEW LEVEL

The President of Mongolian National Chamber of Commerce and Industry, B. Lkhagvajav, together with CEO Ts. MagnaiBaatar, paid an visit to the Busan Chamber of Commerce and Industry to further strengthen and elevate the partnership first established between the two chambers in 2005.

During the visit, President B. Lkhagvajav and Chairman Yang Jae-yong signed a Memorandum of Understanding aimed at expanding bilateral business cooperation, promoting trade and investment, and enhancing exchanges between the private sectors of Mongolia and the Republic of Korea.

This agreement opens new opportunities for Mongolian businesses to cooperate not only with Seoul but also with Busan — one of the Republic of Korea’s fastest-growing economic hubs and a leading center for chemical industries, maritime transport, logistics, and manufacturing. According to recent statistics, Busan contributes approximately 4.6% of South Korea’s national GDP, highlighting its strategic economic importance.

The two chambers agreed to actively cooperate in supporting small and medium-sized enterprises, facilitating business information exchange, organizing joint business forums and reciprocal visits, and strengthening export-import collaboration between the two countries.

Both sides also emphasized that the upcoming fifth round of negotiations on the Mongolia–Korea Economic Partnership Agreement could become an important foundation for expanding bilateral economic and business cooperation in the years ahead. The parties also expressed their sincere appreciation to Consul Ts. Jadambaa and the entire team of the Consulate of Mongolia in Busan for their valuable support and active cooperation in successfully organizing the event.