The Ministry of Trade, Industry and Resources will push to establish an industrial resources security fund to secure critical minerals, expand oil and mineral stockpiles, and diversify crude oil imports.
The Ministry of Trade and Industry (MOTI) announced this at its second-half work briefing at the Blue House on the 4th. With the outbreak of war in the Middle East highlighting the importance of resource security, the ministry said it plans to create a resources security fund to build a mid- to long-term resource security framework.
The Ministry of Trade and Industry (MOTI) said it would use the Energy Special Account as the financial source for the industrial resources security fund. The ministry had overseen operation and management of the Energy Special Account until a government reorganization in Oct. last year shifted the responsibility to the climate ministry, but MOTI said it will again make use of it.
Moon Shin-hak, Vice Minister at the Ministry of Trade and Industry (MOTI), said, "We are consulting with budget authorities on a plan that includes part of the Energy Special Account and other funding sources."
In addition, the Ministry of Trade and Industry (MOTI) will also push to stockpile essential petrochemical products. For critical minerals, it will expand the list of stockpiled items (24 to 29) and stockpile volumes (up to 180 days to up to 365 days), and support import diversification through ODA and policy finance.