Korea joins Minerals Security Partnership

Trade, Industry and Energy Ministry (MOTIE)'s Resources Industry Policy Director General Ryu Peob-min attended on June 14 the Minerals Security Partnership (MSP) inaugural gathering, which was held in Toronto, Canada and presided by Jose W. Fernandez, Under Secretary of State for Economic Growth, Energy, and the Environment. Director-General Ryu participated in the meeting together with Second Vice Foreign Minister Lee Do-hoon, where they relayed Korea's decision to join.

MSP is an international initiative for stabilizing and diversifying the critical minerals' supply chain through partnership of the U.S., South Korea, Canada, Japan, Germany, UK, the European Commission, Finland, France, Australia and Norway.

Participants stressed the importance of critical minerals in the development of global economy and clean energy transition, and concurred that a sustainable supply chain is essential for the international community's response to climate change.

The newly launched alliance is deemed an effective channel through which nations' governments and private players can continue to make investments in accordance with environmental, social and governance (ESG) standards regarding the mining and refining of critical minerals. Participants agreed to continue cooperating to diversify the critical minerals supply chain.

The South Korean government is committed to closely cooperating with MSP partner states concerning climate change, secondary batteries, critical minerals supply chain and such future industries' foundations.