Gov't to review support measures for critical minerals recycling industry: acting president

Acting President Choi Sang-mok, center, visits Gyeongju, about 275 kilometers southeast of Seoul for preparations for the upcoming Asia-Pacific Economic Cooperation (APEC) summit, March 20, in this photo unrelated to the article. Yonhap

The government will work to devise support measures for the critical minerals recycling industry as part of efforts to stabilize the supply chain for advanced industries, the acting president said Friday.

"We are very concerned about supply chain risks as global economic uncertainties are high due to the protectionist policies of the new U.S. administration, including the tariff scheme, and China's export controls on critical minerals," acting President Choi Sang-mok said during a meeting with related industry officials, according to the finance ministry. The meeting took place at a rechargeable battery recycling firm in North Jeolla Province.

"The government will review measures to create an industrial cluster for companies in the critical minerals recycling business and help them create an industrial ecosystem," he added.

Choi's remarks came after the government announced its plan in December to invest more than 55 trillion won ($37.5 billion) by 2027 to reduce its dependence on imports of key minerals critical to South Korea's key industries, such as semiconductors and batteries.

Under the supply chain stabilization initiative, the government aims to reduce its dependence on imports from specific countries for such key materials from the current 70 percent to 60 percent in 2027 and ultimately to 50 percent by 2030.

"The critical minerals recycling business will play a key role in the stabilization of the supply chain, along with the diversification of imports," Choi said, noting the government will also work to streamline regulations for the industry. (Yonhap)