- South Korea plans deeper cooperation with China to secure critical mineral supplies for industries.
- Move follows joining US led trade bloc aimed at diversifying strategic resource supply chains.
- Seoul balances geopolitical alliances while ensuring stable access to rare earth minerals.
The South Korean government plans to enhance its collaboration with China on critical mineral supply chains despite its recent membership in a United States-led trade bloc that focuses on critical mineral security.
The plan establishes a reliable system for delivering rare earth elements and vital minerals that high-tech industries require to produce semiconductors and electric vehicle batteries and advanced manufacturing technologies.
The supply security of rare earth elements and strategic minerals holds critical importance for Seoul's trade and industry policymakers because these materials serve as essential components of electric vehicles and defense systems and advanced electronic devices.
South Korea maintains its status as a member of the U.S.led Forum on Resource Geostrategic Engagement (FORGE) which serves as a trade bloc to protect vital mineral supply lines through its approach of diversifying sources.
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The officials state that existing relations with China which operates as the top global producer and processor of rare earth elements should continue throughout the upcoming period.
The South Korean government will create a hotline and a working group with Chinese officials to enhance critical mineral import processes for South Korean businesses.
South Korea works together with the United States and Vietnam and Laos to expand its ties with China. The government will designate 17 minerals as critical to national security and establish stricter monitoring measures to prevent sudden shortages.
The city of Seoul plans to spend approximately 250 billion won which equals about USD 172 million to help domestic companies that want to invest in overseas mining ventures.
South Korea aims to establish mineral supply chains which can sustain its economic growth through technological development by maintaining cooperative relations with China and its U.S.-aligned partners to handle geopolitical resource distribution challenges.