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S. Korea, Mongolia hold biz forum

All News 15:42 July 18, 2016

SEOUL, July 18 (Yonhap) -- South Korea's business community voiced hope Monday to expand economic partnerships with Mongolia and unite the Eurasian countries that have great potential to become a major global economic bloc.

"It is important for Eurasian countries to unite and connect to 'one continent' in order to develop Eurasia to the next level," Park Yong-maan, president of the Korea Chamber of Commerce and Industry (KCCI), said at a business forum held in the Mongolian capital of Ulaanbaatar.

Park noted that the Eurasian region has high potential to grow into a major economic bloc on par with the European Union, saying the ties between Seoul and Ulaanbaatar will open the gateway to the possibility.

More than 300 South Korean and Mongolian officials and business leaders attended the event. It included visiting South Korean President Park Geun-hye.

"(The two countries) should begin building up cooperation," the KCCI president said, noting that the countries should establish a civilian network to enhance exchange and strengthen footholds for institutional cooperation.

He said the S. Korean firms will push to increase business ties with Mongolia and other central Asian countries and come up with detailed business plans necessary for each stage of cooperation.

Seoul-based firms also emphasized the importance beefing up cooperation in infrastructure development and new industrial sectors such as renewable energy, according to the KCCI.


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