South Korea's Ministry of Commerce, Industry and Energy said Wednesday that it will increase investments to develop overseas mineral resources, such as uranium and copper mines in Africa and South America.

"South Korea imports 87% of its mineral resources, which are essential in the country's industrial development, and (we) need to increase independently developed resources overseas," said Kim Young-Joo of the Ministry in a statement.

The government considers soft coal, uranium, iron, copper, zinc and nickel as strategically important minerals and hopes to increase independently developed mining of these to at least 22%, from 16.6% last year.

Kim added that South Korean companies can't directly participate in developing resources overseas because of a lack of funds and information, so they should combine the construction of power plants with resource development projects.

In the statement, the ministry said the country's need for overseas mineral resource investment will more than triple this year to KRW583.7 billion ($621 million)

The ministry said it plans to request an increase in the government budget for development projects and possibly launch a fund to support overseas investments.