South Korean President Lee Jae Myung concluded a three-day visit to Mongolia, agreeing to expand cooperation in critical minerals and aiming for $1 billion in bilateral trade by 2030. Lee also attended the NATO summit in Ankara.
The expanded cooperation in critical minerals and defense procurement signals South Korea's strategic efforts to strengthen supply chains and international partnerships amidst evolving geopolitical landscapes.
South Korean President Lee Jae Myung concluded a three-day state visit to Mongolia, during which he and Mongolian President Ukhnaa Khurelsukh agreed to expand cooperation in critical minerals and other economic and cultural areas. The leaders declared the start of a "golden era" in South Korea-Mongolia cooperation and set a target of $1 billion in bilateral trade by 2030. This was the first state visit by a South Korean president to Mongolia in 15 years.
Prior to his visit to Mongolia, Lee attended the North Atlantic Treaty Organization (NATO) summit in Ankara, his first appearance at the annual gathering since taking office. His participation facilitated the launch of negotiations on a South Korea-NATO procurement framework agreement, as Lee sought to expand bilateral defense cooperation beyond arms exports to joint defense production and development.
Lee returned to Seoul on Saturday, where he is expected to accelerate the implementation of his policy agenda in the second year of his five-year term, including investments in a semiconductor production cluster and other advanced industrial facilities.