MOSCOW - Russian President Vladimir Putin said on Monday that developing the rare earth metals industry is a strategic priority that will enhance Russia's global competitiveness, economic growth and quality of life.

Speaking via video conference at a meeting on advancing the rare earth metals industry, Putin noted that the sector is a crucial resource base for its modern economy.

Rare metals are essential in microelectronics, energy, digital infrastructure and defense industries, he said, adding that they are required almost across the new technological paradigm.

Russia is among the world's leading nations regarding rare earth metal reserves. However, Putin acknowledged that the country has yet to fully capitalize on these resources, stressing intensified development efforts in this critical sector.

Russia launched a national project New Materials and Chemistry this year to enhance the country's industrial capacity in the field. Under this initiative, Russia aims to establish a full-cycle rare earth metals industry -- encompassing the extraction, processing and manufacturing of high-value technological goods.

Russia remains open to working with foreign partners in the rare earth metals sector, including US companies, Putin told local media.