Shaking Hands with Mongolia

President Lee Myung-bak¡¯s global diplomacy reached the wild lands of Mongolia. Recently Mongolian President Tsakhia Elbegdorj shook hands with the South Korean leader, issued a joint statement, and adopted an action plan for bilateral cooperation. The two leaders agreed on Monday to significantly cooperate on the issues of energy and raw resources, and to elevate their relations to a comprehensive partnership. It is a symbolic commitment between the two nations to bolster ties in all areas.

Talks in Ulan Bator went smoothly as the two leaders easily reached an agreement. President Lee¡¯s three-day visit to the Mongolian capital was part of a three-nation tour of Central Asia. The region is recognized for its rich resources and business opportunities. For countless decades, the area had strategic significance for it can be a bridge connecting Asia with Europe.

A comprehensive partnership allows both parties to share an understanding of all fields in each nation. As the two leaders agreed to expand and develop cooperative relations, high-level talks will be conducted and foreign ministers will sit down every year to discuss bilateral relations and issues of mutual interest.

Specifically, the two countries agreed to develop mineral resources. A joint resource and energy commission will be set up as early as next year to further explore Mongolia¡¯s potentials in the energy market. Mongolia, considered the world¡¯s seventh-largest nation in terms of natural resources and energy holds lucrative possibilities.

In regards to economic relations, the two leaders decided to expand cooperation to bolster a market economy. Areas such as mineral resources, infrastructure, energy, construction, health care, agriculture, environment and human resources development will be strengthened with South Korea¡¯s support.

With concerns over security issues, Mongolia welcomed the nuclear envoys of South and North Korea and expressed its full support for Seoul¡¯s efforts to denuclearize North Korea and resume inter-Korean dialogue. The two leaders jointly stated concerns over Pyongyang¡¯s ongoing uranium enrichment program and agreed that denuclearization of North Korea will play a significant role for peace and stability.

Currently South Korea is positively considering Mongolia¡¯s ascension to the Asia-Pacific Economic Cooperation forum after Mongolia showed its willingness to join the East Asia Summit.

The bilateral trade resulted in a trade volume of $230 million last year. After the two nations established relations in 1990, South Korea has become Mongolia¡¯s fourth-largest partner. There has been an 85-fold increase in trade volume from 1990 which was $2.71 million. President Elbegdorj stated his gratitude for South Korea¡¯s continuous support and efforts to strengthen democracy and national development.