KT (NYSE: KT) has signed a memorandum of understanding (MOU) with the Mongolian government to supply the country’s mineral resources, including rare earth, to South Korea.
The MOU was signed during a KT – Mongolia strategic cooperation event for the “Realization of Digital Mongolia” in Ulaanbaatar, the capital of Mongolia.
KT CEO Koo Hyun-mo and Mongolian Prime Minister Oyun-Erdene Luvsannamsrai attended the event.
Mongolia is one of the most resource-rich countries in the world and has a large amount of about 80 minerals, including rare earth (16% of the world’s reserves), copper (2nd), fluorite (3rd), gold, iron, and zinc.
Rare earth is a vital mineral resource in future industries such as new and renewable energy, electrical products, and automotive parts.
In addition to MOU, Koo was named “CTO of Mongolia” the same day, making him the country’s first foreign CTO.
The Mongolian government plans to appoint Koo to accelerate digitalization in Mongolia based on KT’s strategy and expertise for digital enterprises.
The appointment recognizes KT’s digital transformation capabilities and contributions based on its strategy.
KT also signed business contracts and memorandums of understanding in various fields such as finance, medical care, digital, and media to expand the company’s DIGICO success strategy to global business, starting with digitalization in Mongolia.