ULAANBAATOR, Mongolia, May 8 (UPI) -- The presidents of South Korea and Mongolia agreed Monday in Ulaanbaatar to jointly develop Mongolia's natural resources including copper, oil and coal.
South Korean President Roh Moo-hyun, in Mongolia for a three-day visit, signed a declaration with his counterpart Nambaryn Enkhbayar to bolster mutually beneficial ties, the Korea Herald reported.
The aim is to utilize South Korea's technology and capital to develop Mongolia's rich natural reserves.
South Korea will offer business consulting services, telecommunications expertise and technology to build an efficient logistics system, the report said. The government will also consider subsidies and affordable loans to help Mongolia's long-term economic development.
In return, Mongolia offers South Korea access to cheap natural resources.
Following the summit, business representatives from both sides signed deals on copper mines, highway construction and other projects.
The two leaders also agreed to step up cooperation on regional security issues, particularly on the Korean peninsula. Roh and Enkhbayar hope to engage North Korea to resolve the standoff over Pyongyang's nuclear program.
Mongolia has friendly ties with both North and South Korea.
