Mongolia calls for S. Korea's help in economic development plan

SEJONG, March 8 (Yonhap) -- A senior Mongolian official called for South Korean assistance Friday to draw up Mongolia's economic development plan and build a new city near the capital, Ulaanbaatar, South Korea's finance ministry said.

Narantsogt Sanjaa, State Secretary of the Mongolian Finance Ministry, made the comments in a meeting with Lee Ho-seung, the first vice minister of economy and finance, in central Seoul.

Narantsogt also expressed gratitude to Seoul for its Knowledge Sharing Program, the Ministry of Economy and Finance said.

Mongolia is pushing to build a new city near one of its airports and hopes to get South Korea's assistance in the project.

South Korea set aside 1.14 trillion won (US$1 billion) for its Economic Development Cooperation Fund (EDCF) in 2019.

Mongolia's economy expanded 6.9 percent in 2018. In September of last year, the Asian Development Bank revised its growth outlook for Mongolia's economy to 6.1 percent in 2019, up from its April estimate of 4.3 percent.

Separately, South Korea has expanded its financial assistance in its EDCF to help improve air quality in Mongolia, the ministry here said without elaborating on the details.

South Korea has turned into a donor country, having been a recipient of U.N. aid, in just half a century, a transformation that has inspired many developing nations to follow in the footsteps of the Asian country in advancing their economies.

entropy@yna.co.kr
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