{"id":2200986,"date":"2023-05-11T18:03:47","date_gmt":"2023-05-11T09:03:47","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200986"},"modified":"2023-05-12T18:51:28","modified_gmt":"2023-05-12T09:51:28","slug":"the-challenges-ahead-for-south-koreas-critical-minerals-strategy","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/05\/the-challenges-ahead-for-south-koreas-critical-minerals-strategy\/","title":{"rendered":"The challenges ahead for South Korea\u2019s critical minerals strategy"},"content":{"rendered":"
South Korea has worked to secure and diversify its critical minerals supply chains amid intensifying competition between the U.S. and China, Russia\u2019s war against Ukraine and other disruptions.<\/span><\/p>\n These resources, including cobalt, copper and rare earths, to name a few, are integral to the nation’s economic prosperity and safeguarding of national security.<\/span><\/p>\n South Korea will likely pursue a “de-risking” strategy to achieve this goal. Domestic initiatives, the formation of international partnerships and targeted investments will undergird this approach, while policymakers seek to avoid excessive reliance on any single country for critical minerals.<\/span><\/p>\n However, several challenges lie ahead. These include South Korea\u2019s currently substantial reliance on imports of minerals. Geopolitical constraints and the trend towards securitizing critical minerals by regional blocs add further complexities to Seoul\u2019s endeavor.<\/span><\/p>\n ECONOMY, SECURITY AND SUPPLY CHAINS<\/b><\/p>\n South Korea faces a challenging situation as it pursues ambitious plans for the future, particularly in <\/span>electric vehicles<\/span><\/a> (EVs), <\/span>batteries<\/span><\/a> and <\/span>semiconductors<\/span><\/a> \u2014 industries that rely heavily on critical minerals. Concurrently, Seoul must navigate the <\/span>economic<\/span><\/a> and <\/span>geopolitical<\/span><\/a> factors associated with these essential resources.<\/span><\/p>\n As critical minerals have the potential to impact South Korea\u2019s economic prosperity and national security, the country recognizes existing constraints and is strategizing to build partnerships, diversify and secure supply chains for these materials.<\/span><\/p>\n Sunrise sectors, such as electric vehicles, batteries and solar energy, have the potential for rapid growth. But they also require critical minerals like cobalt, nickel, lithium, copper and rare earth materials. In addition, <\/span>pressure<\/span><\/a> from its own pledge to transition toward a clean energy model is another consideration in Seoul\u2019s strategic planning.<\/span><\/p>\n Competition to secure resources like critical minerals and rare earth materials will intensify further as economies prioritize sustainable growth models and economic prosperity.<\/span><\/p>\n