The third Korea-Mongolia Future Strategy Forum took place Friday at The Westin Josun Busan, bringing together over 150 prominent leaders to explore opportunities for collaboration in energy, health care and education.

Korea and Mongolia first established diplomatic ties in 1990, and their relationship has flourished since. Busan and Ulaanbaatar, as official cooperative cities, have been at the forefront of this bond, promoting exchanges in culture, health care and tourism. Through the forum, leaders from politics, business and academia reflected on the growing partnership between the two nations as they tackle global challenges and build a sustainable future together.

Speaking at the opening ceremony, former Mongolian President Enkhbayar Nambaryn called for greater regional cooperation. “This forum is an opportunity not only for Korea and Mongolia but also for broader partnerships across Asia, including Kazakhstan and Turkey,” he said. Enkhbayar pointed to Mongolia’s need to diversify its economy, which heavily relies on mining exports. “We know this won’t last forever. That’s why we’re eager to expand economic cooperation with Korea, especially in energy and other forward-looking sectors such as healthcare.”

In the first main session, Ganbaatar Enkhtvshin, director general of Mongolia’s Ministry of Energy, and Park Chan-kook, a research fellow at the Korea Energy Economics Institute, discussed strengthening energy and resource cooperation, focusing on Mongolia’s natural wealth and Korea’s technological expertise.

The second main session shifted to health care, with Dr. Cho Nam-joon of Singapore’s Nanyang Technological University presenting on efforts to eliminate hepatitis viruses. Luvsan Khurelbaatar, Chairman of Mongol Monos Group, highlighted the Monos Group-Daegu Haany University Silk Road Project.

Energy: A cornerstone of Korea-Mongolia collaboration

Energy and resource development were major themes during the forum’s introduction. Mongolia, known for its vast reserves of minerals like copper, rare earths and lithium, has become a key partner for Korea as it strives to secure critical materials for technology-driven industries.

“Mongolia has incredible potential in renewable energy and mining,” said Lee Ho-hyeon, director general for energy innovation policy at Korea’s Ministry of Trade, Industry, and Energy. He highlighted projects like the recently launched Korea-Mongolia Rare Metals Cooperation Center and agreements to strengthen ties in rare earth and mineral development.

Ryu Kwang-ji, chairman of Busan-based battery manufacturer Kumyang, shared similar enthusiasm. “Mongolia’s resources, such as lithium and copper, are essential for producing the best batteries in the world,” he explained. “We’re committed to working closely with Mongolia to develop products that are not only high quality but also globally competitive. Mongolia is one of the richest countries in terms of resources critical for the fourth industrial revolution.”

Fighting diseases together

Mongolian Minister of Health Togtmol Munkhsaikhan emphasized learning from Korea’s advanced medical systems. “I’m a doctor by training, and I studied in Korea, so I know firsthand how advanced Korean medical technology is,” he said. “We’re eager to invite Korean doctors to Mongolia to train our medical teams, improve our research capabilities, and fight infectious diseases more effectively.”

Busan is already taking action in this space. Busan Mayor Park Heong-joon highlighted the city’s recent launch of a telemedicine center at Mongolia’s Third State Hospital in Ulaanbaatar. “This forum provides a chance to exchange ideas and translate them into real policies,” Park said. “We see a lot of potential for health care cooperation to grow in the years ahead.”

New chapter for education

Education was another key area of common ground. Mongolia, with its large and youthful population, sees Korea as a valuable partner in expanding learning opportunities. Rep. Kim Dai-sik, a member of the Korean National Assembly's Education Committee, explained how these collaborations could help Korean universities struggling with declining enrollment. “There’s a huge demand for international education in Mongolia,” he said. “Academic exchanges between our two countries can provide mutual benefits, creating opportunities for students and institutions.”

Mongolian energy officials trained by Korea University were highlighted as an example of successful collaboration. “Six of our energy officials were trained at Korea University,” said Tsengel Tsegmid, adviser to Mongolia’s Ministry of Energy. “Two are now completing master’s programs, while the others have already graduated and are contributing to Mongolia’s energy sector. This kind of cooperation is exactly what we need to meet our country’s challenges.”

The forum’s importance was further underscored by a congratulatory message from Ban Ki-moon, former UN Secretary-General. Ban applauded the forum’s expansion into health care and resource collaboration. “This kind of cooperation is exactly what we need to address global challenges like energy security and public health,” he said. Ban, who recently became the first Korean to receive Mongolia’s Order of Genghis Khan, expressed hope for even stronger ties in the future.