President Park Geun-hye will meet with her Mongolian counterpart, Tsakhiagiin Elbegdorj, in Seoul next week to discuss bilateral ties, Cheong Wa Dae said Friday.

The meeting, which will take place next Thursday, will be an opportunity for the two countries to expand bilateral ties, the presidential office said.

The Mongolian leader will arrive in Seoul next Wednesday for a three-day visit. It marks the first time that he has visited South Korea since taking office in 2009.

"The trip will be an opportunity to solidify two-way relations as Mongolia has achieved remarkable development in various areas, such as politics, economy and culture," a Cheong Wa Dae official said.

Mongolia has made significant headway in the realm of democratization and the economy since the landlocked country pushed forward economic reform and made the transition to a market economy in the early 1990s.

Seoul and Ulaanbaatar established formal diplomatic ties in 1990. (Yonhap)