Economic security
Government to temporarily designate naphtha as economic security item
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South Korea's government will temporarily designate naphtha as an economic security item amid supply shortages from the Middle East crisis. Finance Minister Koo Yun-cheol announced measures like securing alternative imports and restricting exports. Petrochemical firms risk operational disruptions.
Around 50 government officials, researchers, and others from Japan and India gathered in New Delhi for a meeting to discuss promoting economic security cooperation between the two countries. Participants confirmed the importance of establishing supply chains spanning both nations for strategic materials like semiconductors and rare earth minerals. Both countries face the shared challenge of diversifying supply chains amid China's export restrictions on rare earths and the protectionist high-tariff policies of U.S. President Donald Trump's administration.