Prime Minister S.Bayar held an official meeting with Prime Minister Han Seung-soo in the afternoon of October 15 2008.
The trade circulation was 2.7 million US$ when established diplomatic relations, but it reaches 190 million US$ now and South Korea takes third place with its investment in Mongolia.

Major South Korean companies established consortium and expressed their interest to invest in Mongolia. Prime Minister S.Bayar appreciates their interest and promised to consider their interest after reforming legal environment of mineral sector. He also added that “there are many other deposits rich in copper, wolfram, silver, iron ore and we are interested in enabling multiple-sided involvements in these projects”. S.Bayar said that “We think that we can establish good cooperation with Republic of Korea in many sectors such as road, transport, communication and information. Especially, Mongolia can join in the project of connecting Korean peninsula with Europe through China and Mongolia via railway. Also we can jointly renovate the public transportation with your involvement. Not only buying auto bus, we are interested in complex cooperation of innovating traffic system, central park for maintenance and security system for traffic”.
Prime Minister Han Seung-soo appreciated S.Bayar’s proposals and said that Republic of Korea will consider Mongolia to take part in the project of connecting Korean Peninsula with Europe via railway. Prime Minister Han Seung-soo also proposed to closely consider the interest of consortium of South Korean companies and to include South Korean contractors in building Power Station #5
After the meeting, there was signature ceremony of “Agreement of Mongolia-Republic of Korea on showing assistance in the civil and trade cases” and “Memorandum of Understanding on Cooperation in the Energy Sector”, signed by the Ministry of Mineral Resource and Energy and “Heating Line” Corporation of Republic of Korea.
Also Ministers for Labor signed on Memorandum of Understanding on Sending Workforce between Ministries of Labor of Mongolia and Republic of Korea”.

 

Source: Daily Business News Mongolia