South Korea, Mongolia To Firm Up Bilateral Ties

(RTTNews) - South Korea and Mongolia have agreed to ramp up bilateral cooperation in resources and energy sector while enhancing their ties to a "comprehensive partnership," the official Yonhap news agency reported on Monday.

The two sides agreed on the symbolic commitment at summit-level talks between visiting South Korean President Lee Myung-bak and his Mongolian counterpart Tsakhia Elbegdorj in the capital Ulan Bator.
Lee who addressed a joint news conference after talks with Elbegdorj lauded Mongolia's democratization and vaulting economic growth. Referring to the Central Asian country's huge mineral resources, the South Korean leader described it as a nation with unlimited potential.
"In today's summit, President Elbegdorj and I agreed to elevate the relations between the two countries to a comprehensive partnership and strengthen high-level cooperation between the two countries, including summit talks. Endowed with the world's 10th largest reserves of resources, Mongolia is considered a country of limitless potential," he said.
A memorandum of understanding (MOU) was signed by the two sides seeking greater cooperation in natural resource development, electricity, renewable energy and other areas. Also, two MOUs on joint explorations for uranium ore and other earth materials as well as on bilateral cooperation in the medical sector were signed on the occasion. It was also agreed to set up a joint panel to discuss resources and energy cooperation.
Besides, the two countries signed agreements for increasing South Korean investments in Mongolia's infrastructure and construction sectors, expanding air travel links and simplification of travel procedures for bilateral visits.

The Mongolian leader on his part hailed South Korea's support for efforts to strengthen democracy and development in his country.
A joint statement issued following summit-level talks, unveiled an action plan for bilateral cooperation. Lee also called on Mongolian Prime Minister Sukhbaatar Batbold and Parliament Speaker Damdin Demberel.
Bilateral trade between the two countries, which established formal diplomatic ties in 1990, was worth $230 million in 2010, making South Korea, Mongolia's fourth-largest trading partner. 

Source:www.rttnews.com