Koo Yun-cheol, Deputy Prime Minister and Minister of the Ministry of Economy and Finance, said on the 31st, "To strengthen our capacity to respond to rare earth supply shortages, we will promote investment and loan support for overseas resource development, actively push forward with the development of rare earth reduction technologies, the recycling of rare-earth permanent magnets, and the expansion of public stockpiles."
Deputy Prime Minister Koo stated accordingly at the "6th Supply Chain Stabilization Committee" held at Government Complex Seoul that "core mineral recycling is a realistic solution for Korea, with limited indigenous resources, to secure competitiveness in advanced industries and industrial sovereignty amid a global situation of deepening resource nationalism."
Koo went on to say, "To shift the paradigm of recyclables from waste to resources, we will push for institutional improvements," adding, "By expanding the designation of circular resources, easing the burden of import guarantees, and supporting assigned tariff measures, we will reduce the expense burden and administrative burden on corporations stemming from imports of recyclable feedstock."
At the same time, Koo added, "To foster the recycling industry and leading corporations, we will invigorate investment and loan support from the supply chain stabilization fund and strengthen fiscal support for facilities, equipment, R&D, and demonstrations."
Koo also said, "Marking the first anniversary of the launch of the supply chain stabilization fund, we will review its achievements so far and seek improvements," adding, "Over the past year, the supply chain stabilization fund has supported the maintenance of the domestic supply chain ecosystem and the securing of overseas resources through cumulative financial support totaling 6.5 trillion won, but as it is still in its initial phase, there has been a lack of strategic approach, and operations have remained passive, centered on loans."
Koo said, "We plan to prepare and push various measures to enhance the fund's proactiveness and efficiency," adding, "We will activate direct and indirect investments, including creating a 'core minerals and energy supply chain stabilization fund' worth 250 billion won, and establish a new special loan limit for small and midsize corporations."