Park Il-jun, 2nd Vice Minister of Industry, "Korea-US Strengthen Cooperation to Build Energy and Critical Minerals Supply Chains"

On the 10th, Park Il-jun, Vice Minister of the Ministry of Trade, Industry and Energy, met with Jose W. Fernandez, U.S. Deputy Secretary of State for Economic Growth, Energy, and the Environment, at the annex reception room of the Government Seoul Office Building to discuss cooperation on energy resources such as critical minerals and support for the export and investment of Korean companies.

[Asia Economy Sejong=Reporter Dongwoo Lee] On the 10th, Park Il-jun, the 2nd Vice Minister of the Ministry of Trade, Industry and Energy, met with Jose Fernandez, U.S. Deputy Secretary of State for Economic Growth, Energy, and the Environment, at the Government Seoul Office to discuss cooperation measures on energy resources such as critical minerals.

On this day, Vice Minister Park introduced South Korea's energy policy direction to the U.S. side, stating, "This is a crucial time for close cooperation between countries to stably secure supply chains of critical minerals essential for secondary batteries, electric vehicles, and more."

He added, "The Critical Minerals Security Partnership (MSP), which is currently being discussed with key partner countries, is expected to lead to supply chain stability and diversification," and said, "Korea will participate in building supply chains through active communication with related companies, discovering mineral supply projects, and supporting public and private investments."

The MSP was launched with the participation of 12 countries including the U.S., South Korea, Japan, Australia, Canada, and the European Union (EU) to promote private investment in the critical minerals sector.

At the meeting, both countries agreed to continue close consultations to ensure that domestic companies operating locally can benefit from the implementation of the Inflation Reduction Act (IRA) and the Semiconductor Support Act.

Vice Minister Park also requested the U.S. government's interest and support for the activities of Korean energy companies possessing technological capabilities in fields such as renewable energy, hydrogen and fuel cells, nuclear power, and power generation facilities, including their investments and infrastructure development in the U.S.

Vice Minister Park said, "The global energy market is facing significant challenges in responding to climate change and securing energy security. Let us strengthen cooperation between Korea and the U.S. to overcome this crisis."