Source: Government of the Republic of Korea
Sain baina uu! (How are you?)
Your Excellency President Khurelsukh Ukhnaa, distinguished business leaders from the Republic of Korea and Mongolia,
It is a great pleasure to be here with you.
Ulaanbaatar, the capital of Mongolia, has long served as a bridge between Northeast Asia and Eurasia. It is meaningful for me to be able to meet all the business leaders here today. You are the ones who will spearhead exchanges and future cooperation between our two countries.
When I think of Mongolia, the first words that come to mind are “close” and “similar.”
Our two nations share a remarkable affinity.
From languages with similar sentence structures, to traditions of honoring elders and extending warm hospitality to guests, and even to traditional games such as ssireum and gonggi that bear a striking resemblance to one another, our peoples are connected by many shared cultural bonds.
Above all, as I look around this room today, I can hardly tell our Korean and Mongolian guests apart – so much so that I feel as if I were attending an event in Korea.
This emotional bond has naturally fostered mutual interest and affection between our peoples, at an everyday level.
Did you know that these days, young Koreans call Ulaanbaatar “Mongtan,” a portmanteau of Mongolia and Dongtan, a rising affluent satellite city of Seoul?
That speaks volumes about how easily one can find Korean convenience stores and hypermarkets here in Ulaanbaatar and how Korean cosmetics have become some of the most beloved products among Mongolian consumers. Seoul, for its part, is also home to a vibrant Mongolian community in the Dongdaemun district that is popular with many Koreans.
Recently, Mongolian athletes were featured in the Korean competition show Physical: Asia, on Netflix. Showcasing their mental toughness and physical prowess, they drew great interest and became a sensation in both countries.
In this way, the deep friendship and trust that have permeated our peoples’ daily lives are leading to meaningful achievements in a wide range of areas, including the economy, industry and people-to-people exchanges.
Bilateral trade, which stood at US$2.7 million when our two countries established diplomatic ties in 1990, reached approximately US$700 million last year, growing by an impressive 260-fold.
Today, some 60,000 Mongolian nationals reside in Korea, and more than 360,000 people visit one another’s country each year.
Notably, the fact that one in ten Mongolians has worked in Korea makes me think that the peoples of our two countries have become indispensable and cherished partners.
Distinguished business leaders from Korea and Mongolia,
I would like to outline the future direction of our cooperation, which will be built on the achievements of our long-standing exchanges and partnership.
First, let’s further expand win-win models like Mongtan. Simply put, Mongtan is a model of mutually beneficial cooperation: A Korean retail company provides its technology and expertise, while a Mongolian company makes a direct investment, operates the business and gains its own expertise.
To build on these achievements, it is essential to expand infrastructure, such as joint logistics centers and cold chains, while also strengthening workforce development and technology exchanges.
I hope that the cooperation MOU our two governments signed today will serve as a solid foundation for expanding this mutually beneficial model.
Having started with hypermarkets and convenience stores, the Mongtan model will now be applied more broadly – to K-consumer goods such as food, beverages and cosmetics, as well as to a wide range of other sectors, including finance, healthcare, education and artificial intelligence.
Second, let’s join forces as trusted partners in the critical-mineral supply chain sector.
Mongolia is richly endowed with critical minerals – including copper, molybdenum, tungsten and rare earth elements – while the Republic of Korea possesses advanced technology, capital and logistics capabilities. Together, our two countries can create powerful synergies in the supply chain sector.
The Korea–Mongolia Rare Metals Cooperation Center, which opened in Ulaanbaatar last December, can serve as a key platform for cooperation and exchanges between businesses from both countries.
Moreover, I hope that, through the Korea–Mongolia Rare Metals Cooperation Joint Committee, which is operated by our two governments, we can create a successful example of supply chain cooperation.
Third, let’s also build a foundation for joint growth in infrastructure investment and legal and institutional frameworks.
Harnessing its abundant natural resources, Mongolia has been achieving fast annual growth of over 5 percent.
As a result, there is a significantly growing demand for infrastructure in such areas as transportation, logistics and energy.
With world-class construction and engineering technology and extensive experience in infrastructure development, the Republic of Korea is the optimal partner for helping Mongolia’s cities and industries to grow.
Korean companies are already participating in Mongolia’s first urban railway project and smart city development initiatives, jointly creating the blueprint for Mongolia’s future.
In order to help further expand this cooperation, we must establish an institutional framework that enables businesses to trade and invest freely.
The Korea–Mongolia Comprehensive Economic Partnership Agreement (CEPA), which our two countries have reached an agreement in principle on this occasion, will mark a new turning point in bilateral economic cooperation.
I am confident that lowering barriers to trade in goods and services and to investment will usher in a more stable and predictable environment, allowing businesses from both countries to expand into new markets and seize new opportunities.
In particular, as trade and investment become even more vibrant across a wide range of sectors – including consumer goods, automobiles and pharmaceuticals – we will be able to realize our vision of shared growth sooner.
Distinguished business leaders from both countries,
The national flags of both Korea and Mongolia feature the Taegeuk symbol, which represents the harmony and balance of the universe.
Though the Yin and Yang within the Taegeuk embody opposing forces, their true strength emerges when they come into harmony.
I believe the same is true of our bilateral relationship today. Korea and Mongolia each possess distinct strengths in such fields as resources, technology, the workforce and capital. Therefore, we have a limitless potential for cooperation.
I have heard a Mongolian saying that goes, “The strength of many is like a boundless ocean.”
If the business leaders here today join forces, cooperation between our two nations will deliver infinite opportunities and possibilities, much like a boundless ocean.
I am confident that this gathering will serve as a meaningful starting point for ushering in a new golden age of relations between our two countries.
Bayarlalaa! Thank you.