Raw Materials: South Korea and China Discuss Closer Cooperation

by | 16. May 2024 - 15:30 | Politics

South Korea has an internationally recognized high-tech industry, but only a few raw materials needed to produce chips and other components are available within its borders. For some time now, the Asian country has been increasing efforts to set its supply of gallium and rare earths on a broader footing as its dependence on imports is increasing. Seoul is now seeking closer cooperation with China of all countries, the raw materials giant from which many countries want to emancipate themselves in terms of resources. As The Korea Herald reports, South Korean Finance Minister Choi Sang-mok and Zheng Shanjie, chairman of China’s National Development and Reform Commission (NDRC), discussed ways to cooperate better on critical minerals and key industries such as renewable energy. It was the first economic ministerial meeting between the two countries since August 2022; the countries had already agreed to deepen trade and economic ties in November last year.

Photo: iStock/hh5800

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