Korea’s Critical Minerals Agreements: From MOUs, To Three Strategic Pillars

Wonseok Choi
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Wonseok Choi: KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)

No 26-4, World Economy Brief from Korea Institute for International Economic Policy

Abstract: Korea’s push for critical minerals security is anchored in a broader economic security agenda that treats upstream inputs as strategic dependencies for high-tech industries (notably semiconductors and secondary batteries). In 2023, the government introduced a national strategy to secure a reliable supply of critical minerals with an explicit target of reducing Korea’s heavy reliance on imports from a small set of supplier countries—from around 80% to 50% by 2030. This strategy operationalizes “critical minerals” through a two-tier classification: 33 critical minerals selected for economic security management, and 10 strategic critical minerals designated for intensive management to stabilize supply chains for key industries.

The strategy combines market intelligence and buffer capacity. It includes plans to develop a global minerals supply map and an early-warning system for supply risks, while strengthening public stockpiling—raising the coverage target to 100 days (from 54 days) for critical minerals. In parallel, Korea has sought to expand international cooperation and diversify supply sources through plurilateral platforms and bilateral arrangements, positioning diplomacy (including MOUs) as a complement to domestic preparedness.

Keywords: Critical Minerals; Agreements; Supply Chain; Investor Protection; Workforce Mobility (search for similar items in EconPapers)
Pages: 7
Date: 2026-02-10
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