Korea-Mongolia rare metals cooperation committee upgraded to ministerial level, agreement reached to strengthen supply chains
South Korea and Mongolia have agreed to upgrade the rare metals cooperation committee to the ministerial level. The two countries will pursue stabilization of key mineral supply chains, stronger linkage of Mongolian tungsten concentrate to domestic supply, a ministerial-level meeting in the second half of the year, and revisions to the MOU.
South Korea and Mongolia have agreed to elevate the rare metals cooperation committee to a ministerial-level consultative body. As a measure to improve the stability of key mineral supply chains, investor interest is expected.
Minister of Trade, Industry and Energy Kim Jung-kwan and Mongolia's Minister of Industry and Mineral Resources Gankhuyag Damdinyam 7month 10day in Ulaanbaatar and discussed ways to cooperate on key minerals between the two countries.
The two sides agreed to expand cooperation in technology, personnel, and business exchanges centered on the Korea-Mongolia Rare Metals Cooperation Center. They said they are paying attention to tangible results in which tungsten concentrate produced in Mongolia is supplied domestically.
It was agreed to upgrade the cooperation committee, which had been operating at the vice-ministerial level, to the ministerial level and to hold a ministerial meeting in the second half of this year. In line with the meeting, it was also agreed to revise the MOU to reflect the needs of our companies and related institutions.
Considering that the Official Development Assistance (ODA) project of the Rare Metals Cooperation Center is set to end that year, it was agreed to identify follow-up projects to transform it from a one-off project into a sustainable cooperation platform.2027. It was agreed to identify follow-up projects to transform it from a one-off project into a sustainable cooperation platform.
Minister Kim stressed that transparent information sharing and improvements in logistics and transportation conditions are important to revitalize the entry of Korean companies into Mongolia and for mutual benefit between the two countries. The two sides agreed to expand cooperation and proceed with follow-up procedures.
Sources: 뉴시스 경제
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