SEOUL, Dec. 16 (Korea Bizwire) – South Korea and Mongolia agreed Wednesday to open a direct air route linking South Korea’s second-largest port city of Busan and Ulaanbaatar in March next year.
The deal was reached during talks between South Korean Prime Minister Hwang Kyo-ahn and his Mongolian counterpart, Chimediin Saikhanbileg, in the capital city of the Central Asian country, according to Hwang’s office.
Hwang arrived here on Tuesday for a two-day visit to discuss enhancing bilateral ties and to boost cooperation in trade and infrastructure.
Currently, a local carrier flies six weekly flights from Incheon, west of Seoul, to Ulaanbaatar. However, calls have grown to expand the air routes.
The two sides also agreed to smoothly proceed with a 1.5 trillion won (US$1.34 billion) project to build and operate a combined heat and power plant in the suburbs of Ulaanbaatar.
A consortium that includes a unit of South Korea’s top steelmaker POSCO plans to start building the power plant with an annual generating capacity of 450 megawatts in 2015 and have it completed by 2019.
Hwang’s visit also reaffirmed the two countries’ cooperation in the joint exploration and development of uranium ore and rare earth elements, officials said.
Mongolia is believed to have the world’s 10th largest deposits of energy and resources.