Ulaanbaatar
Mongolia and South Korea to cooperate in transit freight
EconomyUlaanbaatar /MONTSAME/ Chairman of Ulaanbaatar Railway joint venture L.Purevbaatar and the president of Korea Railroad Corporation (Korail) Choi Yeon-hye signed a Memorandum of Understanding on November 4.
The officials noted that signing of this document is of great importance in penetrating the “third markets” such as the Republic of Korea and Japan with our mining products.
This year, the UB Railway commenced a work to open access for Mongolia to international waters through Rajin port of North Korea. Mongolia will be able to deliver its copper concentrate and other mining products to international consumers other than China.
In the first nine months of 2015, railways of Mongolia carried 14 million tons of freight and two million and 165 thousand passengers. Transit freight made up 11.2 percent of the total amount of railway freight carrying, while domestic freight covered 47.6 percent, import freight –12.2 percent and export –29.1 percent, shows the statistics.
As for the railways revenue, it reached 283.7 billion MNT in the first nine months of this year, representing a decrease of 8.6 percent or 26.6 billion Togrog against the same period of 2014.
