The Mongolian National Chamber of Commerce and Industry (MNCCI) and Korea Chamber of Commerce and Industry (KCCI) organized a business forum for the two countries’ entrepreneurs on July 18, at Shangri-La Hotel in Ulaanbaatar. In his opening remarks, President of the MNCCI B.Lkhagvajav said, “The Republic of Korea is Mongolia’s fourth biggest foreign trade partner, and the trade turnover between the two countries is improving from year to year. Korea is a powerful producer country, while Mongolia ranks tenth in its natural resources. We have many possibilities for expanding cooperation in many sectors by patching each other. The MNCCI and KCCI will actively cooperate in the future.” President of the Republic of Korea Park Geunhye and over 190 representatives from South Korea’s medical, agricultural, beauty, household goods, information technology, construction, mining, mining equipment, transportation, and auto parts sectors were joined by over 200 businesses from Mongolia in attending the business forum to introduce and promote their products and services. President Park Geun-hye emphasized that Mongolia and South Korea have created many possibilities for cooperation and noted that the two countries are starting a new path for fruitful collaboration. During the business forum, the Korea Energy Agency (KEA) signed a memorandum of understanding to cooperate in the energy efficiency and new renewable energy sector with the Mongolian Energy Development Center (EDC). Following a ceremony for the signing of the memorandum, President of KEA Byun Jong-rip and Head of the EDC Y.Purevjav shared their opinions on the current status of the energy efficiency and new renewable energy sectors, as well as ways to facilitate cooperation. Through the agreement, the two institutions will interchange consultations to set up policies and systems for the Mongolian energy sector, and to process information related to energy and climate change. They also plan to develop promising projects for reducing greenhouse gases, including a project on improving energy efficiency in the electricity generation and industrial sectors.