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The fund will be raised by state-run institutions, including Korea Trade Insurance and the Export-Import Bank of Korea, according to the Industry Ministry on Wednesday.
The government hopes to cut dependency on China in critical minerals, from the current 80 percent level to 50 percent by 2030.
While the majority of the infrastructure, including the power grid, has been approved by the Yeoju city government, the irrigation system approval request made in May last year was rejected.
Posco was forced to shut its steel plant, including three furnaces in Pohang, on Sept. 6 after the plant was flooded due to the Typhoon Hinnamnor. Posco is estimated to have lost 2 trillion won in revenue and its subcontractors 250 billion won.
Last month, the U.S. Commerce Department announced a series of measures designed to limit China’s access to technology that could be used in weapons or to develop them.
Korea and the Philippines agreed Tuesday to strengthen cooperation in supply chains of key raw materials and nuclear power, the Korean Industry Ministry said.
Investment in manufacturing was $7.8 billion, a 152 percent increase year-on-year. Foreign direct investment in services fell 11.5 percent to $12.7 billion.
Korea's global EV market share will be increased to 12 percent by 2030 from the current 5 percent, the government has vowed. It hopes the industry will achieve an annual production of 3.3 million units by then.
The government wants to raise Korea's energy efficiency by 25 percent, cutting out 22 million tons of oil equivalent (TOE), by 2027.
Diversification of materials, parts and equipment sourcing will be significantly upped in the 2.0 strategy for reducing reliance on imports from Japan. The government more than triple the number of items for which supply will be shifted.
Korea JoongAng Daily Sitemap