President Lee Myung-bak have forged a partnership deal with of rare earth materials-rich country, Greenland. The two countries signed a deal that will aid the exploitation of rare earths as well as other strategic metals. They have signed a ground for developing cooperation of one of the future's most essential resources, rare earth materials.
many people do not know about the value of rare earth materials, but rare earth materials are very crucial for economic development. For example, when there are military and diplomatic conflicts between China and Japan, China always uses an earth material export ban card to have an advantage over Japan. Rare earth elements are necessary resources used in LCD, LED Smartphones, and is a resource that is needed in producing environmentally friendly products, such as hybrid automobiles. In other words, if a country does not have access to rare earth materials, the country will not be able to advance economically and technologically in the future.
Therefore, Korea built the first stepping stone in creating a base for rare earth material supply. If both countries, Greenland and Korea, cooperate and trade efficiently, I believe both can benefit from this deal. I hope this is a deal that will bring economic stability to both countries.