Korea, Mongolia agree to expand mutual cooperation

Korea, Mongolia agree to expand mutual cooperation. May. 20, 2016 07:54. by 장택동 기자will71@donga.com. Korean President Park Geun-hye and Mongolian President Tsakhiagiin Elbegdorj have agreed to expand bilateral cooperation and exchanges during the summit held in the presidential office of Cheong Wa Dae on Thursday.

Airlines between Incheon and Ulaanbaatar are now operating six flights a week, and the routes' load factor stands at 90 percent in the high season. Due to the opposition of the Mongolian government, there has been no increase in flights since 2003, a Cheong Wa Dae official said.

The two countries have signed a memorandum of understanding (MOU) to bolster cooperation in various areas, including urban development, land and housing. The MOU would help expand bilateral cooperation between public companies related to urban development and help Korean companies enter Mongolia’s construction market, including export of Korea’s “smart city” model to Mongolia.

In particular, President Park made a request for a support to help a Korean company in finalizing the contract on Mongolia’s 5th Power Plant construction project. This project is estimated at 1.55 billion U.S. dollars.