Participants of the 2nd Korea-Mongolia Vision Forum pose for a group photo at Novotel in Ulaanbaatar, Aug. 27. Park Hae-mook/The Korea Herald

From rare minerals and smart city projects to cultural collaborations, South Korea and Mongolia have ample avenues to build mutually beneficial partnerships, leaders of the two countries stressed at a recent forum in Ulaanbaatar.

At the Korea-Mongolia Vision Forum, held at the Novotel in the Mongolian capital on Aug. 27, 26 speakers from politics, business, civil society and academia engaged with an audience of about 250, exploring ways to enhance bilateral cooperation and promote private-sector exchanges.

“South Korea, along its 60 years of national development, has accumulated invaluable experiences and know-how, while Mongolia possesses significant untapped potential. I hope this forum serves as a platform to identify win-win strategies (for both nations) and leads to tangible results,” said Kim Sook, co-president of Korea-Mongolia Vision Forum and former Korean ambassador to the United Nations, in his opening remarks.

Gombojav Zandanshatar, chief of staff to Mongolian President Ukhnaa Khurelsukh, highlighted the timeliness of the forum, noting that it was held during a period when the new government is discussing economic development plans with the parliament.

"The attendance of key Mongolian ministers and parliamentarians during the parliamentary session underscores the importance of this event," he said in his congratulatory speech.

The Korea-Mongolia Vision Forum, in its second edition since launching in November, was co-hosted by Herald Media Group, Ahnsei Foundation, Yonsei University's Graduate School of International Studies and Korea University's Global Energy Technology Policy Professionals Program. It was sponsored by KCH Energy.

The forum, featuring seven hours of official programs, attracted around 100 Mongolian government officials and 150 Korean representatives from various sectors.

Sessions on "strategies for critical mineral cooperation" and "future energy cooperation" explored possible joint efforts between the two countries. Mongolia is one of the world's leading suppliers of mineral resources, with its deposits of rare earth elements estimated to account for about 16 percent of global reserves. For South Korea, a stable supply of these rare earth minerals is crucial for various high-value industries of the future.

The evening program highlighted cultural and people-to-people exchanges. The “Korea-Mongolia Friendship Night" featured a joint Korean-Mongolian film production, “The Road to the South,” a traditional Mongolian cultural performance, and a Korean installation art exhibition.

Alongside the forum’s official program, participants had opportunities to build rapport and exchange ideas during a breakfast meeting with Zandanshatar and a business networking event the evening before, which attracted over 150 attendees and featured presentations from three speakers.

Organizers said this was the largest joint event ever held between the two countries, reflecting a growing interest from both sides in building closer ties.

Korea and Mongolia are eyeing a potential Economic Partnership Agreement, with the second round of negotiations having been concluded in May.

Bilateral trade, as of the end of 2022, stood at around $470 million, with S. Korea being Mongolia’s fourth largest trading partner.

The Korea-Mongolia Vision Forum, which first took place in Seoul last November, is scheduled to hold its third event this November in Busan.

By Lee Sun-young (milaya@heraldcorp.com)