A public-private council held its inaugural meeting, discussing ways to bolster access to key raw materials.
To strengthen the supply chains of critical minerals essential to South Korea’s high-tech industries, the government in Seoul seeks to join forces with the private sector. On Tuesday, the Critical Mineral Investment Council held its inaugural meeting, discussing strategies for promoting domestic and international investments in the field. According to a press release by the Ministry of Trade, Industrie and Energy (MOTIE), the council will establish a comprehensive public-private support system to advise on project financing and provide consulting aid. In addition, the council plans to launch a special supply chain stabilization fund to catalyze $34.7 million (50 billion won) in public-private investments annually.
The government in Seoul launched the council in December, bringing together different government agencies, as well as public and private institutions, to strengthen critical mineral supply chains. This initiative aligns with South Korea’s role as chair of the Minerals Security Partnership (MSP), which it holds until June. The MSP is a transnational association aimed at bolstering supply chains of key raw materials.
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