The Ministry of Trade, Industry and Energy of South Korea announced on Tuesday that it will launch an official development assistance (ODA) project in Mongolia to set up a cooperative supply chain of rare metals. Second Vice Industry Minister Kang Kyung-sung discussed the matter with Mongolian Mining Minister Ganbaatar Jambal in Seoul.
The ODA program, worth 9 billion won (US$6.9 million), is intended to provide Mongolia with technological support to process rare metals. Mongolia will contribute 1 billion won worth of land and buildings for the project. It is expected that this will aid Mongolia in its economic development and promote the industrial ecosystem for rare metals, while also allowing South Korea to secure and stabilize the supply chain of rare metals.
Furthermore, the project will foster industrial ties between the two countries and give South Korean companies the opportunity to enter the Mongolian market. The first meeting of the rare metal committee will be held in Mongolia in November.
This undated file photo shows the headquarters of the Ministry of Trade, Industry and Energy in the central city of Sejong. (Yonhap)
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