Building strategic cooperation with Mongolia

If Korea and Mongolia work hand in hand to navigate this challenging journey together, a bright future is ahead for both countries.

Kim Hyun-jaeThe author is president of the Korea Energy Economics Institute. Mongolia is a country of vast nature and endless land. The expansive land retained its purity, and precious resources that could help secure humanity’s future lie deep within the country. More than 80 percent of Mongolia’s land is grassland, but beneath the tranquil surface lies abundant strategic resources, such as key minerals and uranium, that will drive the country’s clean energy industry.

These resources are vital during the transition period to clean energy. As the world looks to new technologies and energy sources, Mongolia is a treasure trove of such resources. Like its vast grasslands, Mongolia’s resource reserves hold endless possibilities.

Cooperation with Mongolia will offer an important opportunity for Korea. Korea needs to secure key minerals and energy sources to lead the way in building a clean energy system. Korea’s clean energy industry — including renewable energy, batteries and nuclear power — is not sustainable without a stable resource supply chain. Thanks to its abundant resources, Mongolia can be an important partner for Korea’s energy and high-tech industries.

However, for this cooperation to be successful, a strategic approach is needed for Korea to go beyond simple resource development.

First, it is crucial to conduct an accurate research on Mongolia’s resource reserves. As the country’s resources have not yet been fully explored, Korea should actively promote exploration projects with Mongolia to lay the foundation for joint resource development.

Second, we need to build an energy cooperation relationship with Mongolia with a long-term perspective. Rather than just securing resources in the short term, Korea needs to form a continuous and stable cooperation structure with Mongolia to maintain its energy security and industrial competitiveness in the long term.

This will help ensure a stable resource supply chain for Korea not only in the nuclear industry but also in the clean energy and technology industries. France’s successful uranium development program over the last decade — and President Emmanuel Macron’s recent visit to Mongolia — are good examples to study. Korea should follow suit and strengthen its cooperation with Mongolia through a long-term, strategic approach.

Third, Korea must go beyond bilateral cooperation with Mongolia and establish a multilateral cooperation system. Working together with other countries and international organizations interested in developing energy resources in Mongolia will help ensure the stability and efficiency of resource development. This could be an important strategy for Korea to get an edge in the global resource competition.

Finally, beyond resource development and utilization, intangible cooperation is also important. The two countries can strengthen their clean energy transition and energy security through various intangible cooperations, such as technical cooperation, policy exchange and human resource development.

By promoting technology development and joint research utilizing Mongolia’s abundant renewable energy resources, both countries can promote innovation in the clean energy industry and lead the transition. Furthermore, they can also build a long-term partnership by sharing knowledge and experiences in energy policy and training human resources in both countries. This will go beyond just securing resources and help ensure a sustainable future for both countries.

Exchanges such as the Korea-Mongolia Future Strategy Forum — which held its second event successfully in Ulaanbaatar last month — play an important role in laying the groundwork for such cooperation and provides opportunities to further strengthen mutual understanding and trust. Through such dialogue and cooperation, Korea and Mongolia can move forward together toward the common goal of energy security and establishing clean energy systems.

Through cooperation with Mongolia, Korea has the opportunity to strengthen its resource supply chain and increase its competitiveness in the future energy market. As Mongolia’s resources are more than just natural resources, they can be important assets for Korea’s future industries. We are at a critical juncture in the process of building a new future for energy security and clean energy. If Korea and Mongolia work hand in hand to navigate this challenging journey together, a bright future is ahead for both countries.

Translation by the Korea JoongAng Daily staff.