Ulaanbaatar
Startups of Mongolia and the Republic of Korea Share Experiences
Economy
Ulaanbaatar, April 9, 2025 /MONTSAME/. The Mongolian-Korean Startup Forum took place on April 8, 2025, in Ulaanbaatar, Mongolia. The Government of Mongolia is taking measures to support non-mining exports, including improving the business environment, supporting private enterprises, and attracting foreign investment. At the Mongolian-Korean Startup Forum, startups from the two countries shared their experiences of success and explored investment opportunities for innovation-based startups, financing, and export-oriented policies.
State Secretary of the Ministry of Economy and Development Batkhuu Idesh said, “The Republic of Korea is a developed country with large corporations that have shown the miracle of economic growth. About 20 young businessmen who have succeeded in creating new business models in a competitive market are participating in this forum. All of them have successfully started their businesses domestically and internationally. We hope that our youth will learn from their experiences and improve their competitiveness. Startups are risky business models. This requires a variety of policies and support. The relevant ministries are specifically considering improving the investment and business environment, including a system that supports startups and innovation.”
The Republic of Korea supports startups through state policies. For example, each region has an incubator center that nurtures this type of business. It also provides tax and financial support to start-up entrepreneurs to reduce their financial risk. Companies operating in the fields of education, health, culture, food, fashion, construction, and light industry participated in the forum from the Republic of Korea.
Founder of Ingstory Kang Nam-koo said, "Our company mainly works in the education sector. We plan to open a cafe that offers students a comfortable environment to study. There are more than 700 such cafes in our country. In Korea, people who come up with new ideas are given various benefits. For example, tax reductions based on income and offering cheap offices. The government also covered expenses for participating in this forum. As for Mongolia, I don't know exactly what kind of support the government of Mongolia provides to startups. I hope that I will get useful information at the forum.”
During the forum, information was provided on the current state of Mongolia's economy, 14 mega projects to be implemented in 2024-2028, and the "Economic Partnership Agreement between Mongolia and the Republic of Korea."
