Korea-Mongolia Economic Relations: How Can They Be Reinforced?

Abstract

The strategic partnership with Mongolia from the Korean perspective is important for a number of reasons. Not only can Mongolia provide food and mineral resource security to Korea, but it can also act as a logistical bridgehead for Korea to make inroads into the Northern regions in the future. This is why the Park Geun-hye administration has chosen Mongolia as one of Korea’s strategic partners in establishing Eurasian transport logistics, energy resources, and a trade network, goals pursued by the Eurasia Initiative. In this context, the purpose of this article is to review Korea-Mongolia economic relations for the past 26 years and to seek measures to reinforce economic cooperation between the two countries.