• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»Mongolia to Strengthen Tourism and Creative Industry Ties With South Korea
Finance

Mongolia to Strengthen Tourism and Creative Industry Ties With South Korea

April 15, 2024No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Mongolia to Strengthen Tourism and Creative Industry Ties With South Korea
Share
Facebook Twitter LinkedIn Pinterest Email

Mongolian Prime Minister Oyun-Erdene Luvsannamsrai’s latest visit to South Korea at the beginning of April shed light on Ulaanbaatar and Seoul’s growing economic and cultural cooperation. Oyun-Erdene’s visit envisaged several economic initiatives Seoul could participate in, ranging from collaboration between large corporations to increasing tourism and promoting the Korean creative industry to enter Mongolia.

Mongolia and South Korea have shared deep cultural ties for decades. Since its launch in the 1990s, Korean pop culture, soap operas, and music industries have been a major inspiration for Mongolia’s creative and production industry. While this served as a foundation for cultural ties between Mongolia and South Korea, given contemporary Mongolia’s economic environment, Ulaanbaatar is seeking deeper cultural ties that promote and diversify its economic opportunities. These endeavors include combining tourism with innovative collaboration such as filming and entertainment production. 

Since establishing their strategic partnership in 2021, Ulaanbaatar and Seoul have aimed to expand areas of bilateral cooperation, particularly pertaining to business-based economic growth. Korean businesses are seeking diverse investment opportunities in sectors such as medicine and biotech, agriculture, communications, and technology. Between 1990 and 2017, bilateral trade grew from $2 million to $200 million. The two governments are now aiming to boost economic ties via increasing investments and tourism. 

While South Korea has become a leading destination for Mongolian tourists, the Mongolian government hopes to attract more Korean tourists and businesses. As of 2023, 40,000 Mongolians are living in South Korea, either studying, working, or traveling back and forth, and around 1,500 businesses in Mongolia are funded by South Korean capital. Around 3,500 South Koreans currently reside in Mongolia. 

See also  Thai Cabinet Approves Second Draft of Contentious Casino Bill

During Oyun-Erdene’s meeting with South Korean Prime Minister Han Duck-soo, he highlighted the 60 percent increase in Korean tourism to Mongolia in 2023. With the hope of increasing this number, Mongolia invited Korean talents, productions, filming, and other creative industries to explore what the country has to offer. These endeavors, in return, should boost Mongolia’s non-mining economic sectors, which includes tourism. According to Montsame, the Mongolian news agency, in 2023, the tourism industry generated “$1.2 billion in revenue.”  

In promoting Mongolia’s attraction to the tourism industry, the “GoMongolia” brand took the initiative to collaborate with Korean creative industries to enter the Mongolian market.  

GoMongolia – with the motto “Always Moving” – is a multifaceted branding that aims to attract foreign tourism and filming industries to highlight Mongolia’s nomadic society, vast landscape, culture, and uniqueness of its geography. But, more than this, it is a way for the current administration to equip Mongolian sectors with new technologies and capabilities that are needed to unlock opportunities in the modern age with global partners. As a strategic partner of Mongolia, South Korea can play a greater role in Mongolia’s efforts to diversify its economy.   

It was no coincidence that Oyun-Erdene announced Mongolia’s tourism campaign, “Years to Visit Mongolia 2024-2025,” during his last official visit to Seoul in 2023. The tourism promotion, coupled with several bilateral agreements such as visa-free travel for citizens of South Korea to Mongolia for 90 days and VAT-free shopping for Korean tourists in Mongolia, opened the door for travelers and businesses. 

Another important bilateral agreement included the Air Agreement to increase the number of flights and introduce new direct routes between the two countries. Through initiatives like these, Mongolia hopes to attract not just tourists but also other business opportunities and cultural engagements with South Korea. 

See also  Donald Trump Welcomed in South Carolina by Cheers, Chants of 'USA!'

From an economic perspective, Mongolia’s efforts to diversify its mining-dependent economy require innovation and creativity. In addition to promoting tourism, this effort involves inviting different businesses from different cultures and creating opportunities for collaboration between the public and private sectors. Recent digital partnerships with Google, SpaceX’s Starlink, and What3Words demonstrate Mongolia’s innovative ways to expand but also diversify its economy and workforce.  

In the case of South Korea, Mongolia’s interest in increasing partnerships creates business opportunities for major corporations. The 2023 Mongolia-Korea Business Round Table discussion included “[r]epresentatives of more than 20 Korean companies, including K bank, KT group, Samsung C&T, Hyundai E&C, Daewoo E&C, Shinhan Financial Group, Seol Asan Medical Center, Seoul National University Hospital, Emart, and Highland.”

During these discussions, the two sides explored new avenues for bilateral trade such as small manufacturing, construction, agriculture, pharmaceuticals, and digital finance. An area of cooperation that could expand is promoting and supporting small-medium enterprises in Mongolia, not just Mongolian conglomerates. 

These burgeoning public-private partnerships indicate the strengthening of Mongolia and South Korea’s economic and cultural ties. Moreover, as Mongolia’s strategic partner, South Korea donated $200,000 in humanitarian aid to Mongolia for the recent Dzud natural disaster. 

As the two countries’ relations continue to grow, Mongolia hopes that South Korea’s tourism and creative industries can illuminate the country’s vast and unique landscape and culture, and by doing that, strengthen cultural ties between the Mongolian and the Korean people. 

Creative Industry Korea Mongolia South Strengthen ties Tourism
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ending China’s De Minimis Exception Brings 3 Benefits for Americans

April 17, 2025

The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

April 17, 2025

Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

April 17, 2025

How China’s Companies Are Responding to the US Trade War

April 16, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Arsenal confident of securing the services of £100 million rated transfer target this summer: Reports

May 5, 2023

Denmark’s Jonas Vingegaard Nears Victory in the Tour de France

July 19, 2023

Biden Refuses To Give Any Oxygen To Trump’s Indictment Persecution Complex – PoliticusUSA

March 31, 2023

All You Need To Know About Russia’s Alleged War Crimes

March 18, 2023
Don't Miss

Short and Funny Sayings for a Happy Summer with Friends

Lifestyle May 9, 2025

I love the beach. Just looking at the calming sea to relax. Having fun in…

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,627)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

‘RuPaul’s Drag Race’ Star Brags of Meeting ‘So Many Kids’ at LA Drag Mega Event

May 19, 2023

White House To Dissolve COVID Team

March 23, 2023

A.I. Cancer Technology Gets The Green Light In England

August 11, 2023
Popular Posts

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.