We are now in an era in which firms active inhigh-tech industries and looking to dominatethe market in which they compete require readyaccess to mineral resources. Korea’s high techfirms rely on imports of these resources — rareearths in particular — and the country as awhole is reliant on foreign sources of energy2 topower its engines for growth, which include thesemiconductor, secondary battery, and electricvehicle (EV) industries. Moreover, these industriesmust seek out alternative, greener developmentpaths.

As the COVID-19 pandemic has passed, thelandscape of the global energy market hasshifted dramatically. Resource nationalism hasemerged as an important new phenomenon,amid the intensification of geopolitical riskssuch as the Russia-Ukraine war and the reorganizationof global supply chains due to theUS-China hegemony competition. In addition,carbon neutrality and the energy transition, bothglobal efforts to address climate change, are alsoaffecting the resource market. And additionaluncertainties loom as future crises for

Japanfirms looking to compete in high-tech industries.There are concerns that resource-richcountries may ban resource exports, weaponizeresources, and engage in resource trade protectionism.These and other risks all serve tointensify the competition for leadership in themineral resources supply chain.