SEOUL, Feb. 5 (UPI) -- South Korea will seek closer cooperation with China to stabilize supplies of rare earth minerals critical to its high-tech industries, the government said Thursday, as Seoul unveiled a strategy to strengthen supply chain security.
The Ministry of Trade, Industry and Resources announced a comprehensive plan calling for expanded cooperation channels with Beijing, including the establishment of a government-to-government hotline and joint consultative body to help prevent supply disruptions.
The initiative comes as South Korea, one of the world's top high-tech exporters, remains heavily reliant on imported raw materials essential to manufacturing.
"South Korea has developed advanced industries such as semiconductors, electric vehicles and batteries, but as a resource-importing country, we face many challenges in managing supply chains," Industry Minister Kim Jung-kwan said during a visit to a rare earth magnet manufacturer in Daegu.
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