Seoul: The presidential Office of National Security announced that it conducted a meeting to evaluate the domestic supply chain of rare earth elements and explore strategies for maintaining its stability. This meeting comes in response to China's recent decision to tighten export restrictions on these critical materials.

According to Yonhap News Agency, the meeting was led by Third Deputy National Security Adviser Oh Hyun-joo and included representatives from various ministries such as finance, foreign affairs, industry, ICT, and climate. The participants analyzed the current supply and demand situation within the country and considered options to ensure a stable supply of rare earth elements, which play a crucial role in advanced industries like semiconductors and electric vehicles.

The presidential office highlighted its ongoing collaboration with relevant ministries to enhance supply chain resilience and to devise coordinated responses to export controls set by major nations. This initiative is particularly significant following China's announcement last week, which introduced new restrictions requiring foreign companies to secure government approval for exporting products containing specific rare earth elements.