▲ President Lee Jae Myung speaks during his summit with Mongolian President Ukhnaa Khurelsukh in Ulaanbaatar on July 9, 2026. (Yonhap)

S Korea-Mongolia-biz forum

Lee highlights 'limitless potential' for cooperation with Mongolia, calls for critical minerals partnership

By Park Boram

ULAANBAATAR, July 9 (Yonhap) -- President Lee Jae Myung called for joint efforts to expand economic cooperation with Mongolia, including in critical minerals, saying the two countries have "limitless potential" for cooperation.

Lee made the remarks at a South Korea-Mongolia business forum in Ulaanbaatar, aimed at exploring opportunities for bilateral cooperation.

The forum was attended by Mongolian President Ukhnaa Khurelsukh, as well as business leaders from both countries.

"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," Lee said.

Lee, in particular, called for a joint partnership in strengthening supply chains for critical minerals and other raw materials.

"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 president said.

The Republic of Korea is the official name of South Korea.

Lee also referred to the two countries' agreement in principle to conclude a Comprehensive Economic Partnership Agreement, which lays the foundation for broader economic cooperation.

The envisioned trade deal "will mark a new turning point in bilateral economic cooperation," the president said, adding that "if the business leaders here today join forces, cooperation between our two nations will deliver infinite opportunities and possibilities, much like a boundless ocean."

Lee is visiting Mongolia on a three-day state visit, marking the first such visit by a South Korean president in 15 years.

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