South Korea stabilizes rare earth supply.

South Korea has just established its first Rare Earth Industry Association, aiming to reduce dependence on supplies from China and enhance self-reliance in high-tech industries.

The launch ceremony for this new association took place yesterday, September 22nd, in Seoul, with the participation of approximately 50 delegates from the government , businesses, and academia. The association brings together 20 major companies and research institutions such as Posco, Hyundai, and Seoul National University. Its focus is on building a stable rare earth supply chain, promoting research and human resource training, and developing the metallurgical and permanent magnet industries. This move is expected to be a turning point in diversifying the global supply chain, as South Korea is also cooperating with Vietnam to secure strategic supplies for electric vehicles, wind power, and defense.

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Rare earth elements, often referred to as the "vitamins of advanced industry," are essential strategic raw materials for many sectors such as electric vehicles, wind power, defense, and aerospace. With China tightening export regulations, global competition to secure rare earth supplies is becoming increasingly fierce.

Currently, LS Cable & System and LS Eco Energy are actively involved in the rare earth sector. Last August, the two companies signed a cooperation agreement with the Korea Export-Import Bank to develop the rare earth industry and electric drive systems, and are also discussing with Vietnam solutions to ensure a stable supply of rare earths, aiming to diversify the global supply chain.

Speaking at the launch ceremony, Mr. Koo Bon-kyu, the first Chairman of the Association, emphasized that diversifying the rare earth supply chain and achieving technological self-reliance are key to competitiveness in advanced industries. The Association will realize this goal through cooperation between industry, academia, research, and the government.

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