South Korean President Lee Jae Myung signs 21 MOUs, pushes CEPA with Mongolia

President Lee Jae Myung made a state visit to Mongolia, the first by a South Korean president in 15 years, and held a summit with President Ukhnaagiin Khurelsukh. The leaders declared a “golden era” of bilateral ties and outlined a shared vision for cooperation.

During the visit the two sides signed 21 agreements and memoranda of understanding covering artificial intelligence, digital communications, cybersecurity, energy transition, clean‑energy projects, logistics, finance, health, and forest‑restoration initiatives. A Comprehensive Economic Partnership Agreement (CEPA) was advanced to principle, aiming for $1 billion in trade by 2030 and the removal of 2‑5 % import tariffs on Mongolian rare‑earths and other minerals, opening the market for Korean firms.

The president also visited the I Tae‑jun memorial, attended a business forum, toured Ulaanbaatar’s “Seoul Street” and took part in the Naadam Festival. He highlighted Mongolia’s role as a diplomatic bridge to North Korea and stressed the importance of secure supply chains for critical minerals.

Overall, the trip combined diplomatic, economic and cultural engagements to deepen South Korea‑Mongolia strategic partnership.