South Korea plans to help Mongolia build up maritime
transportation capability in exchange for gaining access to the landlocked
country”s abundant natural resources.

The Ministry of Land, Transport and Maritime Affairs has said Seoul aims to
train sailors, share commercial maritime management systems and allow Mongolian
ships to use its port facilities.

The move will be carried out alongside current efforts to enhance overall
logistics networking in Northeast Asia that can create new business
opportunities for local companies.

South Korea possess the world”s fifth-largest commercial shipping fleet, while
Mongolia is considered one of the top 10 producers of various natural resources
such as coal, copper, molybdenum and uranium. “Under the scheme, Mongolian
natural resources can be moved by rail and ship to South Korea where they will
be shipped out to other countries,” a ministry official said.

He added this relationship could be a win-win arrangement since Mongolia can
diversify where it sells its natural resources and create an indigenous
maritime transportation industry that can lead to more jobs vital for sustained
economic growth. For South Korea, closer cooperation with Mongolia can allow it
to gain access to natural resources and win orders for vessels and ship-related
financial services down the road.

The ministry, in addition, said that Seoul also can assist Mongolia secure the
use of foreign ports in China and Russia so it can better export its resources.