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According to Yonhap News,
By Kang Yoon-seung SEOUL, May 12 (Yonhap) -- South Korea on Tuesday unveiled a new blueprint for its resource development projects with a goal of enhancing "resource security" amid increased uncertainties and protectionism.
Under the 2020-2029 vision, the country plans to diversify its resource portfolio and reinforce its readiness against external crises, such as the virus pandemic, according to the Ministry of Trade, Industry and Energy.
The country depends nearly 95 percent of its energy on imported sources, making the country even more vulnerable to external factors.
"The dominance of Middle East countries in the global energy market has been dropping on the back of the expanded production of shale oil and gas, which gave more options to importers like South Korea," the ministry said.
"The global competition to secure key materials for emerging industries will also escalate when the trade row between the U.S. and China intensifies," the ministry said.
The country plans to roll out customized development strategies for different regions as well to maintain a stable supply of resources.
For instance, South Korea will seek new business opportunities in the field of shale industries in North America, while making efforts to maintain existing operations in Southeast Asia.
It also aims to promote research on natural resources on the Korean Peninsula under cooperation with North Korea.
South Korea said it will restructure state-run energy development companies that have been under fire for making hasty investment overseas that resulted in major financial losses.
"We plan to maintain a stable supply of oil and gas, and provide local businesses with necessary materials without disruptions," it added.
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Source: Yonhap News (May 12, 2020)