South Korea and Mongolia have agreed to pursue mutually beneficial cooperation in economic security as Seoul seeks to fortify its supply chains against global uncertainties.

After holding talks with his Mongolian counterpart, Batmunkh Battsetseg, in Ulaanbaatar on Monday, foreign minister Park Jin in a joint news conference said that Mongolia is a key partner that can contribute to South Korea’s supply chain stability.

Noting the host nation’s abundance of rare earth elements that go into making chips, displays and batteries, minister Park declared his intention to pursue cooperation with Mongolia that would combine its natural assets with Korea’s infrastructure and technology.

Mongolia's foreign minister said the two sides discussed ways to integrate her country's resources, Korean know-how and advanced technology to the benefit of both parties.

To this end, the ministers agreed to establish a cooperation center on rare metals, with Mongolia providing the site while Korea builds the facility using official development assistance funds.

Stressing that both countries share the universal values of democracy and human rights, Park said they will make joint efforts toward regional peace, prosperity and freedom.

Mongolia also expressed support for Seoul's so-called "bold initiative" proposed to North Korea offering economic aid in return for denuclearization steps.