This Act aims to contribute to national security, sustainable development of the national economy, and improved welfare of the people by stipulating matters related to the resource security promotion system, resource security crisis early warning system, management of supply and demand of key resources, crisis response system, and emergency response measures in order to prepare for crises related to resource security and effectively respond to their occurrence.
The Act consists of 8 Chapters: 1 General Provisions; 2 Resource Security Promotion System; 3 Resource Security Crisis Preparation; 4 Response to Resource Security Crisis; 5 Special Provisions Regarding Resource Security; 6 Building a Resource Security Foundation; 7 Miscellaneous provisions; 8 Penalties.
The Act defines resource security as the ability to maintain stable prices and uninterrupted supply of key resources while managing supply chains effectively. A resource security crisis is identified as a situation where the ability to supply essential resources is significantly compromised, posing serious risks to public life, economic activities, or industrial production, necessitating urgent government intervention. Key provisions include the establishment of an early warning system for resource security crises, which will be governed by presidential decrees outlining the necessary conditions, procedures, and methods for issuing alerts. The Act also allows the Minister of Trade, Industry and Energy to form a crisis response headquarters to analyze causes and implement emergency measures when a crisis is imminent. Additionally, the Act empowers the Minister to set maximum prices for essential resources during a crisis, considering international prices and domestic economic conditions. If suppliers incur losses due to these price controls, the Minister can provide compensation, with specific regulations to be determined by presidential decree.