The goal of today’s South Korea-Mongolia Economic
Cooperation Partnering Meeting in Ulaanbaatar, the first major business
consultation event between the two countries, is to help Korean investors find
local partners for new business opportunities. According to the Korea
Trade-Investment Promotion Agency, 15 officials from 13 South Korean firms are
meeting with some 100 local business representatives.

“Mongolia is a country of great importance to us as it is
a resource-rich country with some 80 kinds of minerals, including coal, copper,
gold, silver and uranium,” the agency said in a press release. The country also
has 20 to 30 oil fields with at least 100 million tons of oil reserves that can
produce large amounts of oil in about 10 years, it said.

The Korean delegation includes officials from Hyosung
Group, the parent company of textile maker Hyosung Corporation, Korea Institute
of Maritime and Fisheries Technology and renewable energy developer Eco Energy
Holdings.