Ministry of Trade Industry and Resources

1. Korea–Mongolia Ministerial Meeting on Industry and Mineral Resources

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Mongolian Minister of Industry and Mineral Resources Gongor Damdinnyam in Ulaanbaatar on July 10, 2026, during President Lee Jae Myung’s state visit to Mongolia. The ministers discussed ways to advance Korea–Mongolia cooperation on critical minerals.

The ministers agreed that the Korea–Mongolia Rare Metals Cooperation Joint Committee and the Korea–Mongolia Rare Metals Cooperation Center, established under the rare metals supply chain cooperation MoU signed in February 2023, have supported information sharing and business cooperation between the two countries. They agreed to expand cooperation in mineral resources technology, workforce development, and business exchanges through the Cooperation Center to strengthen critical mineral supply chains and develop a mutually beneficial model for shared growth. The ministers also noted tangible progress, including the supply of Mongolian tungsten concentrate to Korea, and agreed to strengthen supply chain links.

To build on the momentum from the state visit, the ministers agreed to upgrade the Korea–Mongolia Rare Metals Cooperation Joint Committee from a vice minister-level body to a ministerial consultative body co-chaired by the two ministers. They agreed to convene the upgraded Committee in the second half of 2026 and revise the MoU at the meeting to reflect the needs of Korean companies and relevant institutions and strengthen the institutional framework for bilateral mineral resources cooperation.

With the ODA project for the Korea–Mongolia Rare Metals Cooperation Center scheduled to end in 2027, the ministers agreed to identify follow-up projects in joint research, workforce development, and business exchanges to sustain the Center as a long-term cooperation platform. They also agreed that the two governments would support cooperation between businesses and research institutions so that cooperation MoUs reached during the state visit—from critical mineral exploration and research to supply chain cooperation—lead to tangible results.

At the meeting, Minister Kim emphasized that transparent information sharing and better logistics and transportation are essential to expanding Korean business activity in Mongolia and ensuring mutual benefits. Minister Damdinnyam said Korea is a key partner in developing Mongolia’s mineral resources and enhancing their value. He added that Mongolia would continue working to address difficulties faced by Korean companies.

MOTIR will work with Mongolia to hold the upgraded Committee meeting in the second half of 2026 and continue consultations to deliver tangible results from bilateral mineral resources cooperation.

2. Roundtable with Mineral Resources Companies and Institutions

Before the ministerial meeting, Minister Kim met with representatives of companies and institutions accompanying the presidential delegation to discuss cooperation with Mongolia on mineral resources. Participants included POSCO Holdings, POSCO International, LS, Hanwha Investment & Securities, the Korea Institute of Geoscience and Mineral Resources (KIGAM), the Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR), and the Korea Trade-Investment Promotion Agency (KOTRA).

Participants stressed the need to first address the information, logistics, and regulatory challenges Korean companies face when entering Mongolia. Minister Kim said the government would use the ministerial meeting and the Joint Committee to address these issues and improve the business environment. He also called on Korean companies to help ensure that the Korea-Mongolia Rare Metals Cooperation Center’s ODA project, which ends in 2027, serves not only as a platform for technical cooperation but also for business exchanges in mineral resources.

3. Visit to a Korean Retail Store in Mongolia and Roundtable with Distribution and Consumer Goods Companies

Minister Kim attended the opening of No Brand’s first store in Mongolia and expressed hope that food and household goods would serve as a bridge between the cultures and lifestyles of Korea and Mongolia.

The store carries approximately 4,900 products, including around 2,100 Korean products, and is expected to provide a new outlet for Korean food and household goods in Mongolia. In April 2026, MOTIR selected E-Mart for its overseas expansion support program and has since provided support across the process, including logistics and marketing.

Minister Kim then met with Korean retailers operating in Mongolia, including E-Mart, GS Retail, and BGF Retail, as well as consumer goods companies, to discuss expanding their presence in the market.

After the companies raised concerns over logistics, tariffs, customs clearance, and marketing, Minister Kim said that MOTIR would address these issues through the Korea–Mongolia MoU on distribution and logistics cooperation and the bilateral policy meeting.

With Korea and Mongolia having reached agreement in principle on the Comprehensive Economic Partnership Agreement (CEPA), which will eliminate tariffs on key consumer goods such as processed foods and cosmetics, MOTIR plans to support the joint overseas expansion of leading retailers and Korean small and medium-sized enterprises (SMEs) as part of Korea’s efforts to become one of the world’s five leading exporters. MOTIR also plans to establish the “Mongolia K-Distribution and Consumer Goods Carrier” to develop successful models for Korean SME products entering Mongolia and expand consumer goods exports through retail distribution.