Korean 'Startup' Policies Supporting Economic Innovation in Mongolia

Park Young-sun, Minister of SMEs and Startups
Khaltma Battulga, President of Mongolia
One-on-one Meeting to Revitalize Startups

Minister of SMEs and Startups Park Young-sun (left) and Mongolian President Khaltma Battulga are smiling brightly during a meeting to promote startups between the two countries at the 50th World Economic Forum held in Davos, Switzerland, on the 23rd (local time).

[Asia Economy Reporter Kim Daeseop] Park Young-sun, Minister of SMEs and Startups, and Khaltma Battulga, President of Mongolia, held a meeting on the 23rd (local time) at the 50th World Economic Forum in Davos, Switzerland, to promote startup activation between the two countries.

According to the Ministry of SMEs and Startups, Minister Park Young-sun and President Battulga exchanged opinions for 40 minutes on startup activation at the Davos Forum. The meeting was held at the suggestion of President Battulga. President Battulga has a deep interest in Korea and a strong will to innovate Mongolia's economy through fostering SMEs and startups.

The Ministry of SMEs and Startups has been conducting startup cooperation projects with the Mongolian Youth Entrepreneurs Committee since last year. Namon Battulga, President Battulga's daughter, serves as the chairperson of the Mongolian Youth Entrepreneurs Committee.

In this meeting, Minister Park introduced Korea's advanced digital infrastructure, startup ecosystem, and digital economy that can lead the Fourth Industrial Revolution era. President Battulga showed a strong intention to activate his country's startups by acquiring Korea's experience.

President Battulga stated that if Korea's high technological capabilities in startups combine with Mongolia's startups, Mongolia's abundant resources such as forests and dairy farming could be transformed into high value-added products. He also made a specific proposal to export these to China.

Jin Su-woong, Director of International Cooperation Division at the Ministry of SMEs and Startups, said, "It is rare for one-on-one meetings to take place between heads of state and minister-level officials," adding, "This year marks the 30th anniversary of diplomatic relations between Korea and Mongolia, and with the minister's active sales diplomacy, we look forward to a K-startup boom in Mongolia following K-pop and K-beauty."