SEOUL, South Korea’s industry ministry said Wednesday it plans to broaden the sources of key industrial material imports by 2030, aiming to reduce its reliance on a limited set of countries.

Under the strategy, South Korea plans to reduce its dependency on specific countries for 185 items, including graphite and rare earth magnets to under 50 percent by 2030, compared with the current estimate of 70 percent, the Ministry of Trade, Industry and Energy said.

“The strategy aims to establish a robust industrial supply chain by thoroughly managing the supply of the 185 products,” Industry Minister Bang Moon-kyu said during his visit to POSCO Future M’s production line of natural graphite anode material in the central city of Sejong.

South Korea depends for 94.4 percent of its natural graphite demand on China, the ministry data showed.

To achieve the target, the government pledged to provide support for local production of key materials while reducing related barriers.

The country also plans to promote foreign investment in cutting-edge sectors and encourage local companies to relocate their overseas production facilities back home.

In addition, South Korea will expand its inventory of key minerals, including lithium, and offer tax cuts and low-interest loans for overseas excavation projects for key minerals, it added.

Source: Yonhap News Agency