Prime Minister Uchral Nyam-Osor met with Prime Minister of South Korea Kim Min-seok on June 23 on the sidelines of the Summer Davos Forum in Dalian, China.

The two prime ministers noted that the Mongolia–South Korea Strategic Partnership continues to expand across social and economic sectors and discussed plans for cooperation this year, the progress of ongoing joint projects and programs, and future areas of collaboration.

Recalling their meeting during the Mongolia–Korea Joint Forum on Critical Minerals and Mining Investment held in Seoul last year, the two sides noted with satisfaction that the Joint Critical Minerals Research Laboratory, agreed upon during that meeting, has since been established.

The parties also welcomed the fifth round of negotiations on a Mongolia–Korea Economic Partnership Agreement, held in Ulaanbaatar this June, and reaffirmed their commitment to working together toward a mutually beneficial agreement that would boost bilateral trade and investment.

Prime Minister Uchral highlighted the government's efforts to support the private sector, improve the business environment, and reduce regulatory barriers under the “Four Paths to Freedom: Four Liberations” policy framework. He also emphasized Mongolia’s goal of expanding cooperation in the banking and financial sectors.

In this regard, he noted that the proposed Law on Business Freedom, currently submitted to Parliament, would allow foreign banks to operate in Mongolia. As a result, several major South Korean financial institutions, including Kakao Bank, could potentially enter the Mongolian market.

The two sides also agreed to seek a prompt resolution to the stalled project to construct thermal power plants in 10 aimag centers, which was launched in 2019 under bilateral energy-sector cooperation.

Reviewing cooperation in the health sector, the prime ministers discussed launching new projects and programs aimed at introducing advanced South Korean medical practices and improving the quality and accessibility of healthcare services in Mongolia. They also explored opportunities for cooperation in advanced information technologies and digital transformation.

Noting the growing number of travelers between the two countries, both sides exchanged views on measures to further facilitate people-to-people travel.

The prime ministers also reaffirmed their commitment to continuing cooperation within the framework of the United Nations and other international organizations.

Published Date:2026-06-26