Presidential Office Holds Supply Chain Review Meeting in Response to China's Rare Earth Export Controls

In response to the Chinese government's move to tighten controls on rare earth exports, the Presidential Office held an 'Economic Security Issues Checkup Meeting on the Rare Earth Supply Chain' on October 15.

The Presidential Office explained that the meeting was convened to assess the current state of the domestic rare earth supply chain and to enhance the stability of rare earth supply, as part of efforts to strengthen the stability and resilience of supply chains. The meeting was presided over by Oh Hyunju, the Third Deputy Director of the National Security Office, and was attended by key ministries including the Ministry of Economy and Finance, the Ministry of Science and ICT, the Ministry of Foreign Affairs, the Ministry of Trade, Industry and Energy, and the Ministry of Climate, Energy and Environment.

The Presidential Office stated, "The National Security Office has been working jointly with related ministries to devise measures to enhance the stability of supply for core items directly linked to the livelihood of the people and the stability of the national economy, as well as to respond to export controls imposed by major countries. In order to ensure a stable supply of rare earth elements, which are widely used in key high-tech industries such as semiconductors and electric vehicles, today's meeting reviewed the current status of domestic rare earth supply and decided to continue supplementing and developing rare earth supply chain stabilization measures in line with the basic plans for supply chain stabilization implemented so far."

Previously, on October 9, the Chinese government announced that it would further strengthen export restrictions on rare earth elements to the United States.