The National Programme for Resources Development

Country / jurisdiction: Korea · Year: 2020 · Status: In force · Level: National · Type: Voluntary

The National Programme for Resources Development provides a new mid- to long-term resources security strategy in Korea that corresponds to the significant shift in the global energy resource market dynamics by integrating the 6th National Programme for the Development of Overseas Resources and the 3rd National Programme for the Development of Seabed Minerals Resources. The plan is set up every five years and presents a 10-year period of plans to tackle Korea's vulnerable position in relying over 94% of its energy resource on imports and enable a more secure energy supply.

The three key objectives are:

1. Revitalise the industrial ecosystem on resource development by (i) restructuring state-companies, (ii) encouraging private investment, and (iii) supporting growth for the private sector;

2. Respond to the shifting energy market dynamics by (i) selecting and developing priority regions, (ii) securing  new industry raw minerals, and (iii) developing domestic resources; and

3. Transition the focus from quantitative targets of resource development to 'resource security' by (i) building resource security assessment system tailored to Korea, (ii) initiating development-implement-stock strategy, and (iii) expanding resource security infrastructure.

Official source: https://www.motie.go.kr/motiee/presse/press2/bbs/bbsView.do?bbs_seq_n=162932&bbs_cd_n=81