Mongolia's Prime Minister S.Bayar is paying an official visit to the Republic of Korea October 15-17 at the invitation of Hang Seung-Soo, the Premier of the Republic of Korea.
Mongolian Premier held official negotiations with his Korean counterpart Hang Seung-Soo. The two dignitaries unanimously noted that successful development of bilateral cooperation in all levels--since the establishment of the diplomatic relations in 1990, also regularization of mutual high level visits and a progress are made in the economic and inter-people collaboration.

"Trade turnover between the two countries was USD 2.7 million when the diplomatic relations were established. By the end of 2007, this number reached USD 190 million, thus Korea became the fourth largest trade partner of Mongolia. Korea is also listed a third among foreign countries by volume of investments to Mongolia. There is a wide range of possibilities of deepening the bilateral relations and cooperation not only in economics but also in education, cultural, environment and infrastructure sectors," the two Premiers underlined.
Mr. Hang Seung-Soo said, "Mongolia is wealthy in mineral resources. The Republic of Korea has outstanding technology, great knowledge and rich experience. We can achieve a considerable success if we combine these advantages". The Premier Bayar agreed with this.
In order to promote bilateral relationship in all directions in long terms on mutually beneficial conditions, the Mongolian Government Head proposed to work out and sign a Middle-term program, study and implement an issue of concluding an agreement on free trade and to create a permanent structure of the governments and private sectors of the two countries for the purpose of increasing investment. He also suggested setting up a joint working group within the official development aid, make a conclusion to projects and programs realized, and release a recommendation focused on further cooperation.
Mr. Bayar appreciated Korean largest companies' willingness to invest in Tavan tolgoi deposit and said he is pleased to exchange views on definite issues by studying their suggestions after renewal of legal environment. "There are a number of mineral resources deposits such as copper, gold, silver, wolfram etc. We are giving more importance to ensuring multilateral participation in attracting foreign investments in it," he stated.
"We consider that Mongolia has a possibility to cooperate with Korea in construction, roads, transportation, communication sectors. For example, there may be a project when Mongolia participates in running rail network to Europe from Korean peninsula through China. Moreover, a renovation of the public transport can be implemented in cooperation with Korean side. By doing so, not only buses might be purchased but also a repairing-maintenance center may be created and safety traffic movement system installed," S.Bayar added.
Mongolia's Premier emphasized an importance of cooperating in making Mongolia's Tavan tolgoi military training center into a center of North-east Asian region within the defense sector collaboration and fighting crimes, legal violence, terrorist acts, human trafficking and drugs trade.
The two sides unanimously agreed to organize a Year of the Republic of Korea in Mongolia in 2010 and a Year of Mongolia in the Republic of Korea in 2011 on the occasion of the 20th anniversary of Mongolian-Korean diplomatic relations.                
At the end of the talks, Mr. Bayar invited Mr. Hang Seung-Soo to visit Mongolia at his convenient time.
After the negotiations, an agreement on rendering mutual legal assistance to civil and commerce cases between Mongolia and the Republic of Korea; a Memorandum on cooperation in energy sector between the Mongolian Ministry of Mineral Resources and Energy and the Korea District Heating Corporation; and a Mutual Understanding memorandum on sending labor forces between Mongolian and Korean Labor ministries were signed.

 

Source: Montsame