South Korea opens National Rare Metal Center in Namdong-dan

New Center for Rare Metals Industry

Incheon City announced the inauguration of Korea's only 'National Rare Metals Center' in the Namdong Industrial Complex. The opening ceremony was held in the Markwon Knowledge Industry Center in Incheon. This development is part of Korea’s strategic initiative to support and enhance the rare metals industry.

Strategic Legislation and Center's Role

Following the Ministry of Trade, Industry and Energy's amendment to the 'Special Act on Rare Metals' in May, the Center was established as a statutory specialized organization. It aims to bolster the competitiveness and supply chain stability of the rare metals industry. The Center will focus on promoting core technologies for rare metals, fostering specialized companies, conducting industry surveys, and training human resources.

Staffing and Expertise

The Center will be staffed by 14 professionals, including nine researchers with doctoral degrees, to carry out its mission.

Opening Ceremony and Support

The opening ceremony featured key figures, including Representative Jung Il-young, who has been instrumental in preparing legislation related to the rare metal industry, and Lee Seung-ryul, head of the Industrial Policy Division of the Ministry of Trade, Industry and Energy. Both delivered congratulatory remarks and expressed support for the Center's development.

Industry Council Meeting

Concurrently, the Rare Metals Industry Council meeting was held, attended by industry, academia, and research representatives related to rare metals. The Council will work towards establishing an organic cooperation system with the rare metal industry and various stakeholders, promoting the systematic linkage of the industry's value chain.

Incheon City’s Commitment

Park Deok-soo, Incheon City Executive Mayor, stated the city's ongoing commitment to closely cooperate in building infrastructure for the rare metals industry and developing new growth engine industries centered on the National Rare Metals Center.

Background on Rare Metals

Rare metals are crucial for high-tech industries, determining product quality and performance. They are globally limited resources, including indium, gallium, and rare earths, and are pivotal in industries such as semiconductors, electric vehicles, aviation, and defense.