The decision is part of the government's efforts to revive the pandemic-hit tourism sector and vitalize the economy by attracting more foreign tourists, the government's press office said in a statement.
Mongolia received a total of around 577,300 foreign tourists in 2019, hitting an all-time high, according to the Mongolian Ministry of Environment and Tourism. The Asian country aims to attract the same number of foreign tourists in 2022, the ministry said.
Currently, Mongolia's economy is largely dependent on export earnings from the mining sector. Developing the tourism sector is seen as the most reachable solution to diversify the country's mining-dependent economy.
It is estimated that at least 577,000 South Korean tourists will visit Mongolia in the next three years thanks to the visa-free regime.
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