South Korea and Mongolia officially launched the “Korea-Mongolia Rare Metals Cooperation Committee” and the “Korea-Mongolia Rare Metals Cooperation Center Project” in Ulaanbaatar on Nov. 20. This initiative, led by South Korea’s Ministry of Foreign Affairs and Ministry of Trade, Industry and Energy, is aimed at strengthening cooperation in the rare metals sector. The committee discussed strategies to enhance the supply chain for rare metals and other critical minerals.

This collaboration follows the “Korea-Mongolia Rare Metals Supply Chain Cooperation Memorandum of Understanding” signed in February. The discussions also touched on the challenges faced by South Korean companies in Mongolia and the importance of diversifying strategies in the global critical mineral supply chain. Additionally, the meeting acknowledged Mongolia’s support for Busan’s 2030 World Expo bid.

Why It Matters

Establishing the “Korea-Mongolia Rare Metals Cooperation Committee” and the “Korea-Mongolia Rare Metals Cooperation Center Project” marks deepening bilateral relations between Seoul and Ulaanbaatar, particularly in the strategic arena of rare metals and mineral resources. This initiative, underpinned by South Korea’s Official Development Assistance and Mongolia’s rich mineral reserves, aims to create a mutually beneficial supply chain.

This move aligns with South Korea’s strategy to diversify its mineral resource supply chains amid global competition and geopolitical risks. Additionally, this cooperation aligns with the trilateral consultative body involving the U.S., further integrating Mongolia into a larger network of resource diplomacy and supply chain security. Further, the inclusion of Mongolia’s vision to leverage Busan as a key trade corridor signifies that bilateral ties also encompass trade, infrastructure and logistics.