Fifty-five trillion won spent on stabilizing supply chains for three years...Target to achieve 50% or less dependence on foreign countries

The government has decided to invest 55 trillion won over the next three years to reduce its dependence on key materials to less than 50% by 2030.

The move is aimed at strengthening economic security and fundamentally preventing events such as "element chaos" amid heightened supply chain uncertainty due to changes in the new U.S. government policy.

The government today announced the first basic plan for supply chain stabilization.

This is the first three-year basic plan prepared under the Framework Act on Supporting Supply Chain Stabilization for Economic Security, which took effect on June 27.

Through its basic plan, the government set a target to reduce dependence on certain countries for economic security items from 70% last year to 60% in 2027 and below 50% in 2030.

First of all, we decided to establish an integrated public reserve management system at the government level as a means to respond immediately to a supply chain crisis.

We plan to diversify our stockpiling methods by purchasing elements that are difficult to store for a long time by the Public Procurement Service and "storing other companies" in which demand companies store and circulate inventory.

An incentive system will be established to support storage fees and inventory management facilities and system construction costs to expand other stockpiles and voluntary stockpiling by the private sector.

We will also expand support to increase domestic production.

When new and expanded domestic factories related to economic security items and services, subsidies for foreign investment and local investment will be provided, and tax support will be considered for domestic production and related facility investment.