Seoul, Nov 2 (NationPress) South Korea's Finance Minister Koo Yun-cheol on Sunday committed to intensifying efforts to stimulate domestic consumption as the nation's annual shopping extravaganza unfolds on an unprecedented scale, according to his office.

The Korea Grand Festival, akin to Black Friday, is occurring both online and offline across the country from Wednesday to Nov. 9, with approximately 37,000 companies participating, as reported by the Ministry of Economy and Finance.

Prominent department stores, discount retailers, traditional markets, and convenience stores, along with various online platforms, are offering substantial discounts, while the government is orchestrating a series of promotional events nationwide, as noted by Yonhap News Agency.

"Private consumption has surged at its highest rate in years. This festival is anticipated to enhance the economy and support small business owners," Koo stated, urging the public to actively engage in the event.

"The government will persist in efforts to ensure that livelihood-related policy measures are effectively executed and refined as needed," he emphasized.

Earlier on Friday, the South Korean government announced a strategy to encourage the recycling of critical minerals by loosening regulations and enhancing financial and tax incentives, as part of a broader initiative to stabilize supply chains, according to the industry ministry.

These measures were revealed during a supply chain meeting led by Finance Minister Koo, against a backdrop of increasing global uncertainty in raw material supply chains due to rising technological competition and escalating geopolitical tensions.

"The Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju marks a significant turning point amidst ongoing global economic uncertainty," Koo remarked, expressing hope that the outcomes would positively impact South Korea's supply chain resilience.

Recycling critical minerals entails reprocessing materials extracted from waste to generate vital minerals essential for advanced industries.

The domestic market for critical mineral recycling is projected to grow from 6.7 trillion won ($4.7 billion) in 2024 to 21.1 trillion won by 2040.

Despite this growth potential, high technological and financial barriers have impeded private sector expansion, with many companies lacking the resources for new investments, officials noted.

The government aims to elevate the recycling rate of 10 strategic critical minerals to 20 percent by 2030 through regulatory reforms and industry support.

Initially, the government intends to lower tariffs, taking global rates into account, the ministry indicated. Currently, major economies like Japan, the United States, and the European Union impose zero tariffs on key materials utilized in critical mineral recycling.

The government will also form a joint council comprising representatives from both public and private sectors to identify promising recycling projects and allocate direct investments through a supply chain stabilization fund.

Moreover, the government plans to ease regulations on recycling material distribution by categorizing certain materials as "recyclable resources" instead of waste, thereby reducing restrictions on transport and storage.

Separately, the government will establish a response team to facilitate the supply of rare earth elements. Initiatives will include promoting investment in overseas resource development, devising technologies to minimize rare earth usage, and augmenting public reserves.