KT, Mongolia to bolster ties on resource development, IT

South Korean telecommunications giant KT Corp. said Wednesday it has signed a partnership deal with the Mongolian government and the central Asian country’s business delegation to strengthen strategic cooperation in exploiting mineral resources and realizing digital transformation in the finance sector.

Key officials of the Mongolian government and the country’s business delegation visited KT's headquarters in Jongno, central Seoul, a day earlier to sign the memorandum of understanding with the telecommunications firm. It was part of Mongolian authorities’ five-day visit to the country to seek ways to strengthen political and economic ties with Korea, according to the officials.

KT signed a deal with LS Cable & System, the world's third-largest wire and cable maker by sales, and Monnis Group, a Mongolian industrial holding conglomerate, to develop the world's leading suppliers of mineral resources. Under the trilateral agreement, the three sides will lay out a plan for rare earth elements supply to Korea and conduct feasibility reviews on the business.

On the same day, KT’s financial business unit BC Card also signed partnership deals with Mongolia’s food retail giant Cosmo Trade and Aero Mongolia, respectively, to enhance cooperation in the digital voucher business and payment network services centering on Asian routes, the KT officials said.

The telecom giant also invited Mongolian officials to its internet data center in Yongsan, Seoul, and showcased trial payments with Mongolian T-Cards here to check the progress and status of business contracts and agreements signed in Mongolia last month. The agreement between BC Card and the Bank of Mongolia allowed Mongolian visitors here to use the cards conveniently.

Before the recent partnership deals, KT signed agreements with the Mongolian government, the Central Bank of Mongolia and Monnis Group in various industries such as resources, finance, health care, digitalization and media. The company’s CEO Ku Hyeon-mo was also appointed as Mongolia’s chief technology officer, becoming the first foreign businessperson to take the honor.

"We will do our best to contribute to the development of Mongolia, alongside the development of Korea through cooperation with other domestic industries," said Moon Sung-uk, senior vice president and head of global business at KT.