Closer Mongolian ties forged

Korea will hold its first major business consultation event in Mongolia next week to help Korean investors find local partners for new business opportunities there, a local trade agency said yesterday.

The South Korea-Mongolia Economic Cooperation Partnering event will be held in Ulan Bator on Monday and will involve 15 officials from 13 South Korean firms and some 100 local business representatives, according to the Korea Trade-Investment Promotion Agency.

“Mongolia is a country of great importance to us as it is a resource-rich country with some 80 kinds of minerals, including coal, copper, gold, silver and uranium,” the agency said in a press release.

The country also has 20 to 30 oil fields with at least 100 million tons of oil reserves that can produce large amounts of oil in about 10 years, Kotra said.

The Korean delegation includes officials from Hyosung Group, the parent company of textile maker Hyosung Corporation, Korea Institute of Maritime and Fisheries Technology and renewable energy developer Eco Energy Holdings.

Kotra said companies were interested in Mongolia’s state infrastructure projects.
Source: South Korean News Agency Yonhap