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| From left, KT CEO Ku Hyeon-mo, BC Card CEO Choi Won-seok, Director General of Payment System Department at the Bank of Mongolia (BoM) Anar Enkhbold and Governor of BoM Lkhagvasuren Byadran pose after singing the N2N (Korea-Mongolian card payment linkage) business contract at BoM's headquarters in Ulaanbaatar, Mongolia, Thursday. Courtesy of KT |
By Kim Jae-heun
KT will expand business cooperation with the Mongolian government to secure mineral resources including rare earth elements to be imported to Korea, according to the company, Thursday.
The company signed a strategic partnership with the Mongolian government to help realize the country's digitalization. The government, which announced its New Growth Policy for the country's economic development in 2021, is pushing for digitalization of all industries.
First, KT and the Mongolian government signed a memorandum of understanding to supply mineral resources in Korea. Mongolia produces more than 80 kinds of mineral resources including copper, fluorite, gold, iron, zinc and rare earths, accounting for 16 percent of the world's reserves.
The company expects this strategic partnership will contribute not only to Mongolia's industrial development, but also to the growth of the future value industry here.
Specific measures on supplying the resources will be provided after the discussion.
KT CEO Ku Hyeon-mo was also tapped as the chief technology officer of the Mongolian government. Ku became the first foreign businessman to take the honor.
"KT's growth strategy and know-how in its expert business fields built over the past three years will lead the development of domestic and foreign businesses and make it the first year of global growth," Ku said.
With Ku's appointment, KT will form a working group for the Mongolian government's digital transformation plan and lay the foundation for mutual cooperation.
The company's affiliates have inked business deals with local authorities in charge of all industries including finance, medical care, digital conversion and media.
KT also signed an agreement with Hanaro Medical Foundation and Mongolia's Ministry of Health and Social Welfare to establish an ICT-based health examination center in the East Asian country.
BC Card will carry out an online card payment project with the Mongolian Central Bank and talk over the establishment of integrated national payment and purchase systems. KT is the parent company of BC Card.
The Ministry of Labour and Social Protection of Mongolia is reviewing the introduction of Korean-style electronic vouchers.
KT's media subsidiary, KT Studio Genie, will sign a business agreement for culture and tourism development, exchange programs with the Ministry of Environment and Tourism of Mongolia, and review the production of Mongolian-related content.
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