S. Korea to boost domestic reserves of economic security-related items

First Vice Finance Minister Lee Eog-weon (Yonhap)

South Korea plans to announce measures to boost the domestic reserves of key items related to economic security in the first quarter in a bid to cope with risks from strains on the global supply chain, a senior government official said Friday.

In a related move, the country plans to boost the stockpile of rare metals to 100 days of use from the current 57 days and raise the reserves of some rare metals to a maximum of 180 days of use in case their supply faces instability, according to First Vice Finance Minister Lee Eog-weon.

South Korea has recently designated 35 different kinds of resources as rare metals, including lithium and magnesium.

In December, the government designated 200 strategically important items that will be subject to strict state monitoring to ensure their stable supplies.

The country launched an early warning system to monitor the flow of 4,000 items amid growing risks from global supply disruptions of key materials.

The move came as South Korea suffered an acute shortage of urea solution, a key fluid needed in diesel vehicles to cut emissions, late last year after China imposed export bans on urea. (Yonhap)