A multi-ministerial council has launched, encompassing an annual investment of 50 billion won in a supply chain stabilization fund for key minerals such as electric vehicles and semiconductors.
On the 18th, the government, including the Ministry of Trade, Industry and Energy, Ministry of Strategy and Finance, and Ministry of Foreign Affairs, announced that it held a meeting to launch the "key minerals investment council" in conjunction with public organizations such as the Korea Mine Rehabilitation and Mineral Resources Corporation, local governments, the Export-Import Bank of Korea, the Korea Trade Insurance Corporation, the Korea Energy Agency, and the Korea Trade-Investment Promotion Agency (KOTRA), as well as private associations in the overseas resources industry.
The government aims to identify promising private-centered key mineral investment projects through the council. Additionally, it plans to establish a comprehensive public-private support system that includes existing support programs such as investments in the supply chain stabilization fund, overseas resource development investigation, loans (Korea Mine Rehabilitation and Mineral Resources Corporation and the Korea Energy Agency), overseas investment insurance (Korea Trade Insurance Corporation), and supply chain consulting support (KOTRA).
In particular, regarding the supply chain stabilization fund, the council plans to promote joint public-private investment in key minerals at an annual scale of 50 billion won starting this year. By pursuing continuous and long-term investments according to annual demand, it aims to support key mineral investments to transition from short-term, one-time investments to long-term investment.
A government official noted, "Although we have indirectly supported the securing of key minerals by the private sector, there has been criticism that there are no direct investment support means and insufficient linkage between support projects." They added, "In the future, through the council, we will create opportunities for our corporations to invest directly and indirectly in key mineral securing projects and enhance the linkage between support projects to improve the achievements of private resource development projects."
The council will be co-chaired by the Overseas Resources Industry Association and the Korea Mine Rehabilitation and Mineral Resources Corporation. It is planned to hold meetings quarterly as a principle, but they may be held more frequently as needed.