Emphasizing Energy Security... "Resource Stockpiling through Import Source Diversification, Private Sector Should Lead Overseas Investment"
[Asia Economy Reporter Baek Kyunghwan] President Yoon Suk-yeol stated that "the industrial ecosystem for overseas resource development must be restored." Considering the recent unstable international situation due to the Russia-Ukraine war, he proposed measures to secure overseas resources, saying, "We must expand resource stockpiles by diversifying import sources and revitalize overseas investment led by the private sector." There is a view that President Yoon, who declared joining the Indo-Pacific Economic Framework (IPEF), will accelerate economic security efforts through resource development.
On the morning of the 24th, President Yoon attended the 28th World Gas Conference held at Daegu EXCO and said, "Recently, the uncertainty of energy and raw material supply and the importance of energy security are increasing."
Attending an international private-sector event for the first time since his inauguration, President Yoon made remarks closely related to economic efforts. Recognizing that securing overseas resources such as energy is crucial for national survival, especially as countries like India have imposed export bans on agricultural products like rice, the possibility of resource restrictions cannot be excluded. A senior official from the presidential office said regarding President Yoon's remarks, "It means that we must resume resource development from the perspective of economic security," adding, "We will proceed calmly and quietly."
President Yoon emphasized investment to secure overseas resources. This is part of the "overseas resource securing plan" intensively discussed by the Presidential Transition Committee, which set a direction for the government to expand tax support such as tax reductions and increase financial support like loans and guarantees if resource investments are led by the private sector. On this day, President Yoon also reiterated private-sector-led investment.
President Yoon also pointed out the importance of overall management of energy policy. He said, "It is no exaggeration to say that our sustainable growth and future depend on energy policy," and added, "Korea will fulfill its responsibilities and roles in the international community's efforts to achieve carbon neutrality as a global leader."
He also promoted a mix of nuclear power, renewable energy, and natural gas. Although natural gas emits the least greenhouse gases and fine dust and plays an important role in reducing energy poverty, it is judged that changes are inevitable to drastically reduce carbon emissions or transition to the hydrogen industry. President Yoon said, "We will expand investment in technology development to reduce carbon emissions and secure domestic and international hydrogen production bases to establish a stable hydrogen supply chain."
Supply chain management, a major agenda item at the recent Korea-US summit, was also emphasized again. The core is to expand resource stockpiles by diversifying import sources. Especially aware of energy supply chain instability caused by the Russia-Ukraine situation, he said, "Recently, the uncertainty of energy and raw material supply is increasing, and the importance of energy security is growing." A presidential office official stated, "The new government plans to announce the direction of new government energy policy with specific details after gathering opinions from energy sector companies, experts, and reflecting the will of the people."
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