Seoul: The South Korean government forecast that Russia's invasion of Ukraine would have a far greater economic impact on the country than previously anticipated.

As a result, the government intends to diversify supply lines for significant import products such as neon and krypton, which are essential for chip fabrication. New industries, such as bio and energy, will be included in key strategic technologies for materials, parts, and equipment starting this year. The government plans to invest 2.3 trillion won in these core strategic technologies' R&D.

The '9th materials, parts, and equipment competitiveness committee' was convened on the 3rd at Government Complex Sejong by Hong Nam-ki, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance.

Minister Hong stated during the meeting, "We have secured several raw materials, such as neon and krypton, that are heavily reliant on Russia and Ukraine. The Korean government is currently working to diversify import channels and acquire replacements in order to secure extra supplies."

"Through the Ukraine crisis task force (TF) and various response teams, Korea is making all-out efforts to solve this situation, including sharing information, supporting companies, responding to the impact on exports, preparing follow-up measures of economic sanctions against Russia, and checking trends of raw materials such as crude," Minister Hong said of the government's response to the Ukraine crisis.

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