Mongolia is positioned as the tenth-largest custodian of valuable natural resources globally. (Image courtesy of Pixabay)
SEOUL, Sept. 12 (Korea Bizwire) – South Korea’s industry ministry said Tuesday it plans to launch an official development assistance (ODA) project in Mongolia to establish a mutually beneficial supply chain of rare metals.
Second Vice Industry Minister Kang Kyung-sung met Mongolian Mining Minister Ganbaatar Jambal in Seoul to seek ways to expand ties in the segment, according to the Ministry of Trade, Industry and Energy.
The latest meeting came in line with South Korea’s efforts to seek a partnership with Mongolia, a country that ranks as the world’s 10th-largest repository of valuable natural resources.
The ODA program, worth 9 billion won (US$6.9 million), will run through December 2027 to provide technology support to help Mongolia process rare metals.
Mongolia will offer 1 billion won worth of land and buildings for the project.
Through these efforts, the industry ministry said Mongolia will be able to build grounds for its economic development and vitalize the industrial ecosystem for rare metals.
“(The ODA) will help South Korea secure and stabilize the supply chain of rare metals,” it said in a statement.
The project will help the two countries expand industrial ties and pave the way for South Korean firms to enter the Mongolian market, it added.
The two countries will hold the first meeting of the rare metal committee in Mongolia in November, the ministry added.
(Yonhap)
