Seoul: The government will support South Korean companies' efforts to stably manage and diversify rare earth supply chains, Trade Minister Yeo Han-koo said Thursday, amid shifting global supply chain dynamics involving critical minerals. Yeo made these remarks during a meeting with local companies and state agencies involved in the rare earth sector to address issues concerning elements that are largely imported by the country.

According to Yonhap News Agency, the meeting followed the ministry's announcement of a comprehensive strategy last month aimed at strengthening South Korea's rare earth supply chains. Yeo emphasized that the government is leveraging its trade channels to facilitate strategic cooperation projects in this area with foreign nations. This includes potential investment initiatives in the United States under the Korea-U.S. trade agreement.

Critical minerals have been identified as a key area of cooperation outlined in the memorandum of understanding on the bilateral trade deal between South Korea and the United States. The ministry noted that local companies, such as POSCO International, have urged for enhanced efforts to create a more stable environment for foreign investment.