South Korea launches joint strategy to enhance overseas resource development

The strategy encourages cooperation with international partners to boost the supply chain.

The Ministry of Trade, Industry and Energy (MOTIE) has initiated the “Public-Private Joint Strategy on Overseas Resources Development” as a measure to stabilise the supply chain, including the energy sector.

Unveiled during a March 21^st conference moderated by Minister Dukgeun Ahn, the initiative aims to restore the productivity ecosystem for overseas resource development and bolster the supply chain.

With the global energy supply chain at risk, due to geopolitical tensions and a highly competitive economy, South Korea has designated the issue as a national policy task.

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Thus, considering their past policy outcomes and limitations, the strategy intends to fulfil three policy goals: invigorating the ecosystem of private-led resource development, strengthening national resource security, and securing policy coherence.

MOTIE has cooperated with industries, experts, and related ministries to formulate the initiative. The government pushes for increasing financial and tax incentives, launching project tasks for mid-to-long-term developments, invigorating domestic resources development, and bolstering diplomacy with resource-rich countries.