AKIPRESS.COM - South Korean telecommunication company KT will import rare earth materials from Mongolia, the telecom company said Thursday, Korea Joong Ang Daily reported.

KT signed a memorandum of understanding with the Mongolian government to import about 80 types of minerals including rare earth materials, which are used in smartphones and electric vehicles. The imported minerals will be provided to local manufacturers, according to KT.

KT companies will partake in digital projects in the East Asian country, which will involve finance, content and enterprise digital service businesses.

The signing ceremony was held on Thursday at the Bank of Mongolia in Ulaanbaatar, with Mongolian Prime Minister Oyun-Erdene Luvsannamsrai and KT CEO Ku Hyeon-mo in attendance.

Ku was appointed as Mongolia’s “chief technology officer” on the same day.