In strictly objective terms, Mongolia is far from a major global player. Its population of about 3.3 million is roughly similar to Puerto Rico. Its annual gross domestic product in 2021 was just over US$15 billion, around 130th among all countries and territories.

Yet the vast, landlocked nation is also rich in natural resources and has positioned itself as a neutral party in regional disputes, two things that have not escaped the notice of South Korea in recent years.