Issue Korea-Mongolia cooperation beyond minerals: rare minerals, new cities, logistics and energy independence

Summary

The report observes that cooperation between Korea and Mongolia has concentrated on mineral resources but achieved little because of constraints in logistics and the development environment. Changes in the global strategic environment and Mongolia's national development policies are nonetheless creating new opportunities. Mongolia has prioritized mining, agriculture, energy, knowledge-based creative industries, science and technology, tourism and transport under a strategy of diversification, export-oriented industrialization and higher value added. Recently, developing rare minerals amid global supply chain concerns, building new cities and transport links to ease overcrowding in Ulaanbaatar and balance national development, and achieving energy self-sufficiency have become urgent tasks. Given priorities of supply chain stability and economic security, the authors see high potential in minerals, climate and environment, urban development, transport and logistics and the energy industry.