South Korea To Help Mongolia Achieve Maritine Transportation Capability

SEOUL, Aug 24 (Bernama) -- South Korea plans to help Mongolia to build up maritime transportation capability in exchange for gaining access to the landlocked country's abundant natural resources, Yonhap news agency said Tuesday.

The Ministry of Land, Transport and Maritime Affairs said Seoul aims to train sailors, share commercial maritime management systems and allow Mongolian ships to use its port facilities.

The move will be carried out alongside current efforts to enhance overall logistics networking in Northeast Asia that can create new business opportunities for local companies.

South Korea possess the world's fifth-largest commercial shipping fleet, while Mongolia is considered one of the top 10 producers of various natural resources such as coal, copper, molybdenum and uranium.

"Under the scheme, Mongolian natural resources can be moved by rail and ship to South Korea where they will be shipped out to other countries," a ministry official said.

He added this relationship could be a win-win arrangement since Mongolia can diversify where it sells its natural resources and create an indigenous maritime transportation industry that can lead to more jobs vital for sustained economic growth.

For South Korea, closer cooperation with Mongolia can allow it to gain access to natural resources and win orders for vessels and ship-related financial services down the road.

The ministry, in addition, said that Seoul also can assist Mongolia secure the use of foreign ports in China and Russia so it can better export its resources.

Source:BERNAMA, News Wire service of Malaysia



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