Ministry of Industry Discusses Financial Support Cooperation Measures at 'Critical Minerals Security Partnership' Meeting

The Korean government attended the 'Critical Minerals Security Partnership (MSP)' meeting hosted by the U.S. Department of State to discuss financial support cooperation measures and more.

On the 10th (local time), the government announced on the 11th that Kang Jae-kwon, Economic Diplomacy Coordinator of the Ministry of Foreign Affairs, attended the MSP meeting held in London, UK, as the chief representative, along with the head of the Mineral Resources Team from the Ministry of Trade, Industry and Energy, to discuss financial support cooperation for critical minerals and cooperation measures with non-member resource-holding countries.

An official from the Ministry of Trade, Industry and Energy explained, "There was a consensus among member countries that, for financial support cooperation among MSP member countries, close cooperation between the government and the private sector is necessary to mitigate risks throughout the development of critical minerals, thereby providing incentives for investment." He added, "Also, the member countries attending the MSP meeting agreed to jointly work on building critical mineral supply chains through continuous information-sharing cooperation by holding regular meetings and conferences between the public and private sectors in the future."

At this meeting, to enhance the scalability of the critical minerals supply chain, resource-holding countries such as Argentina and Indonesia were invited as non-member countries to expand the scope of cooperation. The Ministry of Trade, Industry and Energy expects that MSP will play a role in providing practical cooperation opportunities between resource-consuming countries and resource-holding countries going forward.

The Ministry of Trade, Industry and Energy plans to actively participate in MSP to strengthen cooperation among member countries and create opportunities to build a critical minerals supply chain cooperation network with non-member countries, striving to establish a stable critical minerals supply chain.