The National Development and Innovation Committee of Mongolia and the Embassy
of the Republic of Korea in Ulaanbaatar have together organized a business meeting under the topic "Current economic conditions of Mongolia, future trends and investment conditions" on June 15, 2012.
Delegations from South Korean companies, such as KEPCO, KAL, Samsung, Halla Construction and Hyundai, have participated in the meeting, where they familiarized with the necessary sectors for investment in Mongolia and with projects and programs as well. The Head of the National Development and Innovation Committee Ch.Khashchuluun said, “Mongolia was previously a country that had an agriculture based economy, now it has become a mining based economy
country. The feature of a mining based economy is that it guides a large amount of money. However, we need to allot this monetary capital into the development of other sectors. But we cannot develop by ourselves. Thus, we need to import and implement foreign investment
and experience. In its region, South Korea is one of the leading countries in economic and technological development. In this reference, it is one of the immediate countries that we need to establish partnership relations.” Also, he mentioned that during this competition, in order to attract delegating investors of large South Korean companies, it was important for the Mongolian side to provide completely detailed and precise information on the possible opportunities. He was also concerned about the weak development of roads, transportation
and infrastructure, and the low levels of competency indicators.
The Ambassador Extraordinary and Plenipotentiary from the Republic of Korea to Mongolia Lee Tae-ro said, “Our country knows no more than rumors about the rapid economic development of Mongolia. I have been appointed as the new ambassador to Mongolia three months ago. Starting that day, I have started to familiarize with your social and economic conditions. However today, Mongolia is developing in front of my eyes. Thus, the purpose of this meeting lies in attracting the investment of the world-known South Korean companies in the further future of Mongolia. This meeting is the milestone for South Korean investors to familiarize with Mongolian economy