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Expanding Economic Ties between Korea & Mongolia

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저작자 미상 (저작물 2267374 건)

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공표년도

창작년도

2007-05-29

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Korea and Mongolia have rapidly developed cooperative ties in several fields such as culture and economy over a relatively short period.
And with the Mongolian President in Korea‚ bilateral ties are expected to grow further.
Here's our Chang Yeojeong with facts and figures on trade between the two countries.
Mongolia contains little arable land as it is made up mostly of high plains and vast desert.
However‚ the once-nomadic country is now viewed as having an economy that successfully transformed into a free-market system‚ starting in the 1990s.
And according to trade experts‚ Mongolia recognizes Korea as its main economic partner in Northeast Asia due to geographic proximity and friendship.
That's why Mongolian President Nambaryn Enkhbayar nahm-BREEN EHNK-bah-yahr made a point to attend the 8th Joint Meeting of the Korea-Mongolia Economic Cooperation Committee.
It comes at the tail end of a state visit to Korea that included a summit on Monday with Korean President Roh Moohyun.
Though two-way trade is but a sliver of the amount‚ say‚ between Korea and the US or the European Union‚ experts say the figures have been steadily rising since 2004.
''For the first time‚ in 2006‚ Korea's export volume to Mongolia surpassed 100 million US dollars. Currently‚ Korea is mainly shipping out wireless communication products‚ cars and car parts. As for Mongolia‚ it is exporting to Korea gold‚ silver‚ textiles and also animal by-products.''
The Korea Trade-Investment Promotion Agency says Mongolia is a good market for small-scale investors‚ and currently the bulk of Korean money goes into retail sales and service businesses.
The number of Korean investment deals in Mongolia has been inching up over the past five years.
Mongolia looks to Korea's experience as a model for its own development and its government has tagged Korea as a focal point of diplomacy.
''As a result‚ Korea was the first country to establish diplomatic relations with Mongolia‚ after the country turned to an open trade economy.
Now‚ the two countries are planning to cooperate in developing natural resources and building infrastructure in Mongolia.
Chang Yeojeong‚ Arirang News.'' Reporter : sarah@arirang.co.kr

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