Enhanced energy cooperation between Mongolia and South Korea urged
Enhanced energy cooperation between Mongolia and South Korea is urged.
Enhanced energy cooperation between Mongolia and South Korea is urged. Enhanced economic cooperation between Mongolia and South Korea, especially in the energy and natural resources sector, will help ensure their joint development. In a report, the Korea Trade-Investment Promotion Agency, or KOTRA, insisted now was the right time for South Korea to boost its investment in the East Asian country as Mongolia is increasingly opening up its energy market in the face of a prolonged slump. The countries must boost their bilateral cooperation in the energy, natural resources, manufacturing, transportation and infrastructure sectors before anything,” the report said. In 2015, bilateral trade between the two countries came to US$300 million, while South Korea was Mongolia’s third largest trade partner in 2014. However, South Korean investment in Mongolia only accounted for 2.7 percent of the total, according to the report. “There countries still need to improve their economic compatibility, but there are many areas they can work together for joint development and co-prosperity,” it said.
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