The government will classify around 100 import-reliant key economy and security-related items for thorough monitoring.

At a task force meeting led by First Vice Finance Minister Lee Eog-won on Friday, the government completed the first round of candidate selection.

The review focused on items that could negatively affect the industrial value chain or cause public inconvenience if subject to a shortage due to a supply disruption. 

South Korea heavily relies on imports from particular countries for most of the items on the list, which include urea water solution, magnesium, neodymium, tungsten and lithium hydroxide.

The government plans to finalize the list in the near future and further expand it by business category and scope of items. Authorities will also establish a four-step early warning system to determine the frequency of monitoring.