South Korea’s finance minister has called for strengthened economic cooperation between Seoul and Beijing, focusing on the supply chain for critical raw materials.
“We should lead global industries by cooperating on supply chain and technologies across new sectors such as bio and clean energy, as well as across raw materials such as urea, gallium, and graphite,” stated Choi Sang-mok, the finance minister, during a bilateral video conference with China’s National Development and Reform Commission Chairman Zheng Shanjie.
This conference coincides with renewed efforts by South Korea and China to improve bilateral ties, following their first foreign ministerial talks in seven months earlier this week. Additionally, a summit involving the leaders of China, South Korea, and Japan is scheduled for the end of May in Seoul.
In 2021, South Korea faced a significant supply crunch of urea, a nitrogen compound used in agriculture and to reduce diesel and industrial emissions, due to export restrictions by China. This event highlighted the need for more stable supply chain collaborations.
South Korea continues to take measures to stabilize the supply of essential material imports, ensuring resilience in its industrial sectors.
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