South Korea’s industry ministry said on Wednesday that it plans to broaden the sources of key industrial material imports by 2030 in a bid to reduce reliance on a limited set of countries.

According to Industry Minister Bang Moon-kyu during his visit to POSCO Future M’s production line of natural graphite anode material, the ministry selected 185 items that will be thoroughly managed to establish a robust industrial supply chain.

The plan calls for a reduction of Korea’s dependency on specific countries for the items, including urea, graphite and rare earth magnets, to under 50 percent by 2030 from the current estimate of 70 percent reliance.

In order to meet the target goal, the government vowed to provide support for the local production of key materials while reducing related barriers. 

The country will also expand its inventory of key minerals, including lithium, while offering tax cuts and low-interest loans for excavation projects for key minerals overseas.