The National Security Office in South Korea held an urgent meeting on Wednesday to review the status of the rare earth metals supply chain in the country, following China's announcement of new restrictions on the export of these vital metals, which are used in advanced technology industries such as semiconductors and electric vehicles.
The office clarified that the meeting was part of efforts to ensure the continuous flow of rare earth metals to the local market, amid rising trade tensions with Beijing, which has required foreign firms to obtain prior approvals to export certain types of sensitive rare metals.
Korean officials noted that the discussions included assessing the current levels of supply and demand in the local market, as well as exploring alternative solutions to ensure the stability of the supply chain. They emphasized that South Korea is working to enhance cooperation with international partners to reduce its reliance on Chinese supplies.
Participants also discussed the possibility of expanding investments in the extraction of rare metals from new sources in Africa and Australia, along with developing programs for recycling these metals within South Korea to support domestic industries.
A government official remarked in a brief statement that the government "is coordinating closely among ministries to ensure supply security," noting that maintaining the flow of rare earth metals is a "national priority."
These moves come at a time when South Korea is striving to solidify its position as a global hub for semiconductor technology, while rare earth metals are considered a critical component in the manufacturing of advanced chips and batteries, making their procurement vital for the sustainability of the country's industrial and technological growth.
