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Mongolians in Korea Celebrate Naadam

Mongolians in South Korea will celebrate their traditional Naadam Festival on June 26 for the first time since the Mongolian diaspora had been formed in the country.

The festival will be organized by the efforts of Mongolian Association in Ujinbu.

Golomt and Khaan Banks, headhunted in Ulaanbaatar, together with Seoul Global Center and two Korean lenders Woori Bank and Shinhan Bank announced will sponsor the cultural event, infoMongolia.com reports.

South Korea is the largest labor market for Mongolians. Estimates suggest that 38,000 to 40,000 Mongolian’s currently live and work in Republic of Korea. The country now has more Mongolians than Japan, Europe and the US combined.

At the same time, compared to other Asian countries, Mongolia has a relatively small overseas diaspora.

The government of South Korea estimates that one out of every two urban households in Mongolia has a family member working in South Korea.

According to South Korean government figures, 40 percent are residing in the country illegally; other estimates of the proportion of illegal migrants run as high as 70 percent.

Most Mongolians in South Korea are migrant workers employed in heavy industry. Some also run small restaurants, trading companies, and grocery stores in Seoul.

Aside from migrant workers, Mongolians come to South Korea to pursue higher education –around 2000 Mongolians annually. Remittances from Mongolians working in South Korea have become an important source of income to this nation of 2.7 million.

Mongolian women also come to South Korea as the brides of men they met through international marriage agencies; their average age is just 24.9, whereas that of their husbands is 44.5, and many are more educated than their husbands, according to the figures of Asian Workers News.

Mongolia’s trade with South Korea has almost quadrupled over the last decade and the Asia’s fourth biggest economy is now the third largest trading partner of the resource rich country after China and Russia.

According to the Foreign Investment and Foreign Trade Agency of Mongolia, South Korea is the 4th largest investor in Mongolia with total FDI of over US$255 million since 1990.

South Korea is also a key donor who has provided approximately US$137 million since 1990 in committed loans and grants to Mongolia.

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