Ulaanbaatar
Business delegation accompanies president to Mongolia
PoliticsUlaanbaatar /MONTSAME/ A business delegation of 109 companies will accompany the President of Korea Park Geun-hye on her upcoming visit to Mongolia, the korea.net website reported.
This is the largest-ever business delegation from Korea to visit Mongolia alongside a Korean president. It will include 62 small- and medium-companies, making up 85 percent of the companies that are part of the delegation, and then 11 conglomerates, for a total of 73 businesses, plus another 36 other organizations and agencies.
Categorized by type of company, there will be 18 biotech and healthcare companies, 16 commodity companies and retailers, 12 machinery and equipment companies, six factory and engineering companies and four energy and the environment companies. Members of the delegation will attend a business forum and business counseling sessions, along with additional meetings with their Mongolian counterparts.
The business counseling sessions will include 48 of the Korean companies, 21 of which are from regional areas of Korea, and eight startups from the Korean government's new Centers for the Creative Economy & Innovation. Cheong Wa Dae stated that during the trip to Ulaanbaatar, diversified and expanded partnerships will be discussed and agreed upon, and that they would cover trade and investment, infrastructure, including the construction of new power plants, new energy industries, including renewable energy, medical and healthcare services, and finally, the arts and IT.
"Mongolia, in its current phase of growth and development, is seeking more electricity generation and a larger electricity grid, all while working on urban development in Ulaanbaatar. These can be great business opportunities for Korean companies," said Cheong Wa Dae on July 12.
The President's office also said that, "With its abundant sunlight and wind, the nation of Mongolia also has the cooperative potential to jointly develop renewable energy resources."
Potential cooperation concerning desertification was also mentioned in the Cheong Wa Dae briefing. Mongolia is about 40 percent desert, and the government is facing desertification in the central and southern parts of the nation. This can sometimes lead to environmental effects in Korea, too, due to the seasonal Asian Dust that can blow across the peninsula.
