Moon Seung-wook: "A 'Comprehensive Plan' Including Measures to Strengthen the Rare Metal Stockpiling System Will Be Established by the End of the Year"

Moon Seung-wook, Minister of Trade, Industry and Energy. (File photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] Moon Seung-wook, Minister of Trade, Industry and Energy, announced on the 19th, "We plan to establish a 'Comprehensive Metal Stockpiling Plan' by the end of this year, which concretizes measures to strengthen the rare metal stockpiling system, such as expanding the average stockpiling days and unifying stockpiling functions."

On the same day, Minister Moon presided over an "on-site meeting" during his visit to Sungil Hightech, a rare metal production company, and the Gunsan Stockpiling Base, stating this.

Minister Moon said, "With the growth of new industries such as electric vehicles and the global push for carbon neutrality, the demand for rare metals is expected to continuously increase, intensifying competition among countries. Following the announcement of the 'Rare Metal Industry Development Measures 2.0' on the 5th to establish a stable supply chain for rare metals, we will form a 'Public-Private Rare Metal Industry Development Council' in the second half of the year to discuss measures for stabilizing the rare metal supply chain and supporting companies."

Meanwhile, the meeting was attended by Lee Kang-myung, CEO of Sungil Hightech; Oh Young-bok, CEO of Hannae Poty; Lee Kang-in, CEO of Youngpoong; Moon Seok-jin, CEO of ASM Korea; Hwang Kyu-yeon, President of Korea Resources Corporation; Lee Nak-gyu, President of Korea Institute of Industrial Technology; and Kim Kwang-eun, Acting President of Korea Institute of Geoscience and Mineral Resources.

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