Presidential office holds meeting on rare earth supply chain

SEOUL, Oct. 15 (Yonhap) -- The presidential Office of National Security said Wednesday it held a meeting to review the domestic supply chain of rare earths and discuss ways to ensure its stable supply chain, following China's announcement of plans to tighten export restrictions on the materials.

Third Deputy National Security Adviser Oh Hyun-joo presided over the meeting, which was attended by officials from the ministries of finance, foreign affairs, industry, ICT, and climate.

Participants assessed the domestic supply and demand situation and discussed measures to ensure a stable supply of rare earth elements, which are widely used in advanced industries such as semiconductors and electric vehicles.

The office said it has been working closely with relevant ministries to strengthen supply chain resilience and coordinate responses to export controls imposed by major countries.

Last week, China announced new restrictions requiring foreign companies to obtain government approval before exporting products containing certain rare earth elements.

ejkim@yna.co.kr
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