Prime Minister of Mongolia Khurelsukh Ukhnaa is paying an official visit to the Republic of Korea at the invitation of his counterpart Lee Nak-yeon between January 15 and 17.
Within the frames of his visit, Prime Minister paid a courtesy call on Moon Jae-in, the President of South Korea, to discuss the agreement on USD 700 million soft-loan of International Monetary Fund’s Extended Fund Facility Program.
At the meeting, Prime Minister Khurelsukh Ukhnaa informed that USD 500 million of the loan will be used for financing projects on air pollution reduction.
With an interest rate of 0.2 percent, the loan is expected to have a maturity date of 30 years.
During the second day of Prime Minister U. Khurelsukh’s official visit to South Korea, Mongolian Finance Minister Ch. Khurelbaatar and South Korea's Second Vice Minister of Strategy and Finance, Kim Yong-jin, signed an agreement on receipt of a loan from the Korea Economic Development Co-operation Fund from 2017 to 2019.
The 500 million USD soft loan will be spent on air pollution reduction measures. A new memorandum on cooperation between the Mongolian Ministry of Labor and Social Welfare and the South Korean Ministry of Employment and Labor was signed by Labor Minister S. Chinzorig and Minister of Employment and Labor Kim Young-joo.
Mongolian Foreign Minister D. Tsogbaatar provided some details about the agreements signed. He said that South Korea will send air pollution specialists to Mongolia in March to conduct research. When the research is complete, the Korean side will decide which areas they will invest in to combat air pollution. The minister noted that the renewed memorandum on labor includes some changes to the previous agreement signed. Minister D. Tsogbaatar stated that the two nations are considering upgrading comprehensive partnership relations to strategic partnership, which could facilitate increased cooperation in many sectors.
In the following days, PM is scheduled to attend the Mongolia- South Korea Business Forum and meet with the National Assembly of South Korea and some members of the Government to exchange views on bilateral ties and cooperation. Furthermore, the Ministry of Labor and Social Protection will sign several documents with its counterpart.
Additionally, the bilateral trade between Mongolia and South Korea reached USD 209 million in 2017. Mongolia’s export to South Korea totalled USD 12 million, while the jumped to USD 198 million and trade turnover grew by 1.4 percent.
Prime Minister of Mongolia Khurelsukh Ukhnaa is paying an official visit to the Republic of Korea at the invitation of his counterpart Lee Nak-yeon between January 15 and 17.
Within the frames of his visit, Prime Minister paid a courtesy call on Moon Jae-in, the President of South Korea, to discuss the agreement on USD 700 million soft-loan of International Monetary Fund’s Extended Fund Facility Program.
At the meeting, Prime Minister Khurelsukh Ukhnaa informed that USD 500 million of the loan will be used for financing projects on air pollution reduction.
With an interest rate of 0.2 percent, the loan is expected to have a maturity date of 30 years.
During the second day of Prime Minister U. Khurelsukh’s official visit to South Korea, Mongolian Finance Minister Ch. Khurelbaatar and South Korea's Second Vice Minister of Strategy and Finance, Kim Yong-jin, signed an agreement on receipt of a loan from the Korea Economic Development Co-operation Fund from 2017 to 2019.
The 500 million USD soft loan will be spent on air pollution reduction measures. A new memorandum on cooperation between the Mongolian Ministry of Labor and Social Welfare and the South Korean Ministry of Employment and Labor was signed by Labor Minister S. Chinzorig and Minister of Employment and Labor Kim Young-joo.
Mongolian Foreign Minister D. Tsogbaatar provided some details about the agreements signed. He said that South Korea will send air pollution specialists to Mongolia in March to conduct research. When the research is complete, the Korean side will decide which areas they will invest in to combat air pollution. The minister noted that the renewed memorandum on labor includes some changes to the previous agreement signed. Minister D. Tsogbaatar stated that the two nations are considering upgrading comprehensive partnership relations to strategic partnership, which could facilitate increased cooperation in many sectors.
In the following days, PM is scheduled to attend the Mongolia- South Korea Business Forum and meet with the National Assembly of South Korea and some members of the Government to exchange views on bilateral ties and cooperation. Furthermore, the Ministry of Labor and Social Protection will sign several documents with its counterpart.
Additionally, the bilateral trade between Mongolia and South Korea reached USD 209 million in 2017. Mongolia’s export to South Korea totalled USD 12 million, while the jumped to USD 198 million and trade turnover grew by 1.4 percent.