This study aims to explore a collaborative framework for sustained and resilient economic cooperation between Korea and Mongolia in the medium- to long-term. The collaborative areas considered in this study, expected to have high synergy in bilateral economic cooperation, encompass △mining, △digital, △climate change adaptation, and △healthcare sectors. The study gathers available data for each sector to objectively assess Mongolia’s current situation. Simultaneously, through extensive literature analysis, the study meticulously examines the Mongolian government’s strategies and detailed policies for the development of each sector. This process facilitated the derivation of medium- to long-term cooperation directions between Korea and Mongolia in each respective area.

To achieve the research objective, a systematic examination of Mongolia’s medium- to long-term foreign trade strategy was examined. The key principle underlying Mongolia’s medium- to long-term foreign trade strategy can be summarized as the so-called “establishment of balanced external relations.” Mongolia prioritizes balanced cooperation between nations in terms of economic security, with a primary focus on attracting balanced investments, particularly in the energy and mineral sectors.

The fundamental direction of this trade strategy is equally applicable to external cooperation in the mining sector. Mongolia possesses abundant mineral resources including Korea’s key minerals such as molybdenum, tungsten, copper, and lithium. However, the reality is that most of the major minerals are exported to neighboring China. This situation directly contradicts Mongolia’s external trade strategy aimed at achieving balance. Due to limitations in technological capabilities and manufacturing facilities, Mongolia is compelled to export significant quantities of key minerals in an unprocessed form. The geographical constraint of being a landlocked country further restricts the marketability of exports to neighboring countries. Consequently, it is imperative to enhance the value-added of mineral resources to promote exports to so-called ‘third neighboring countries,’ in order to establish a balanced trade relationship.

Therefore, it can be deemed crucial for bilateral cooperation in the high-value-added processing of key minerals such as lithium and tungsten. The export to Korea currently heavily relies on land and sea transportation through China. However, the potential for high-value- added aviation transport exists for rare ores like lithium and tungsten. Additionally, Mongolia has actively engaged in lithium exploration since 2020, and the yet-to-be-discovered substantial lithium deposits enhance the bright prospects for future collaboration between the two countries. Moreover, the Mongolian government, leveraging incentives for foreign investment, seeks to facilitate large-scale mine development and technology transfer, presenting a high likelihood of collaboration in the development of transportation, logistics, and customs infrastructure projects.

For the purpose of formulating a direction for collaboration in the digital industry, this study conducts an in-depth examination of Mongolia’s digital industry status and reviewed the government’s digital development strategy. The contribution of Mongolia’s ICT industry to the country’s GDP remains below 3%. The critical issue lies in the relatively low number of individuals with higher education among Mongolia’s ICT industry workforce. This is a problem associated with the delayed improvement in labor productivity in Mongolia’s ICT industry. It is crucial for Mongolia’s future, especially in establishing an e-government system and advancing the ICT industry, to urgently address the serious need for workforce development. In expanding cooperation in the digital field between the two countries, the insufficient presence of local ICT professionals in Mongolia poses a significant obstacle, particularly as Korean companies need to enter the Mongolian market as a priority.

Considering these realities, it is deemed challenging to rapidly expand bilateral cooperation in the digital industry in the short-term. Instead, a long-term perspective suggests prioritizing the active utilization of ODA to contribute to local ICT infrastructure enhancement and human resource development. This, in turn, can serve as a foundation for expanding cooperation between the two sides by fostering exchanges among businesses and experts. Through the Knowledge Sharing Program (KSP) initiatives, such as legal advice in the ICT sector, policy consultation, and research advisory services, it is crucial to facilitate collaboration among companies, secure infrastructure for enhanced cooperation, and promote information sharing. Given Mongolia’s recent interest in ‘e-local government’ and ‘electronic customs systems,’ collaborative efforts could involve providing policy advice related to these areas and sharing South Korea’s experiences in addressing various side effects arising from the introduction of digital, electronic, and AI systems.

This study also identifies the direction of cooperation in addressing climate change. To achieve this, we carefully examines Mongolia’s key policies for climate change adaptation and identifies areas where cooperation between Korea and Mongolia demonstrates high synergy. Notably, Mongolia has established a national greenhouse gas reduction target (NDC) focusing on reducing emissions in the energy and agriculture sectors. In addition, Mongolia is addressing current challenges such as air pollution and waste management in connection with climate change issues. Therefore, collaboration between Korea and Mongolia in climate change adaptation is deemed promising, focusing on areas that consider current issues related to climate change based on Mongolia’s NDC and the Green Growth Plan for Vision 2050. These areas can be categorized into five sectors: energy, agriculture, forestry, air pollution, and waste.

Finally, this study examines a direction for economic cooperation between Korea and Mongolia in the health and medical sector. To achieve this, we conduct an objective analysis of Mongolia’s current health and medical status, carefully examining the Mongolian government’s policies for the development of this field as well. Mongolia has faced various health and medical crises amid rapid urbanization and industrialization. Increasing rates of chronic diseases among Mongolian citizens, exacerbated by air pollution and unhealthy dietary habits, along with escalating mental health issues among youth in the midst of rapid social changes, pose significant societal burdens. Ongoing challenges, including the persistence of tuberculosis and the inadequacy of response capabilities to new infectious diseases such as COVID-19, threaten Mongolia’s health security.

In response, Mongolia has actively pursued the improvement of vulnerable health and medical services and infrastructure, echoing the slogan that "health is a national asset." This presents an opportunity for the expansion and substantial strengthening of health and medical cooperation between Korea and Mongolia. Considering Mongolia’s commitment to introducing advanced medical technology and expanding eHealth services in its ‘Vision 2050,’ there is a need to contemplate progressive and practical avenues for collaboration, particularly in the industry of smart healthcare or digital healthcare, which involves the integration of ICT, medical services, and medical devices, creating new opportunities in the emerging sector.