Korea-Australia to Strengthen Joint Response on 'Critical Minerals Supply Chain Cooperation and Climate Change'

The governments of South Korea and Australia have agreed to promote strategic cooperation on critical mineral supply chains and strengthen joint responses to climate change.

The Ministry of Economy and Finance announced that First Vice Minister Bang Gi-seon held a meeting with Andrew Leigh, Australian Deputy Secretary of the Treasury, on the 3rd in Songdo, Incheon.

During the meeting, which took place on the occasion of the 56th Annual Meeting of the Asian Development Bank (ADB), Vice Minister Bang discussed cooperation between the two countries on critical mineral supply chains, security and defense industry collaboration, climate response, and infrastructure and energy transition in the Indo-Pacific region.

First, Vice Minister Bang emphasized the importance of supply chain cooperation in response to global environmental changes and mentioned mutual cooperation through the 'Critical Minerals Supply Chain Working Group,' which discusses investment expansion and joint research and development (R&D) discovery channels between the South Korean and Australian Ministries of Industry, as well as through the Indo-Pacific Economic Framework (IPEF).

Additionally, he requested the Australian side to maintain continuous interest to ensure that the recently active private sector projects related to critical minerals between the two countries proceed smoothly.

Vice Minister Bang also referred to the strengthening security cooperation between the two countries and expressed hope that through mutually beneficial cooperation in the defense industry sector, including K-defense exports, the two countries would become security partners in the Indo-Pacific region. Furthermore, he mentioned the necessity of joint responses to address the global environmental issue of climate change and expressed the intention to continue climate cooperation with Australia.

On the day, Vice Minister Bang and Deputy Secretary Leigh also discussed the procurement of infrastructure for Pacific island countries and the need to strengthen cooperation for the transition to clean energy in the Indo-Pacific region. Vice Minister Bang stated, "Australia, a resource-rich country with strengths in the clean energy sector, plays an important role in the transition to sustainable energy in the Indo-Pacific region." He particularly emphasized maximizing synergy effects through hydrogen cooperation between South Korea, which has strengths in hydrogen utilization, and Australia, and requested continued cooperation to support the Indo-Pacific region and secure supply chain diversity.

Bang Gi-seon, Vice Minister of Strategy and Finance (left), is taking a commemorative photo with Andrew Lee, Deputy Secretary of the Treasury of Australia, before their meeting on the 3rd at Songdo Convensia in Incheon Metropolitan City.

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