Minister Kim Jungkwan Attends G7 Critical Minerals Meeting: "International Cooperation Needed for Supply Chain Stability"

"Need to Establish Practical Cooperation Platforms in Collaboration with IEA and OECD"

Yonhap News Agency

Minister of Trade, Industry and Energy Kim Jungkwan attended the G7 Critical Minerals Ministerial Meeting and called for strengthened cooperation to secure critical minerals and address global supply chain uncertainties.

On May 7, Minister Kim participated in a virtual G7 Critical Minerals Ministerial Meeting hosted by France and held in the United States, stating, "As a major consumer and processor of critical minerals, Korea welcomes discussions on cooperation among the G7 and partner countries." He further stressed, "We must continue to cooperate in order to prepare for supply chain disruptions and establish a stable resource procurement system."

He added, "It is necessary to flexibly utilize a variety of policy measures in parallel, taking into account each country's industrial structure and resource conditions," emphasizing that "it is also important to establish practical cooperation platforms in collaboration with international organizations such as the IEA and OECD."

The meeting was attended by ministers from G7 member countries, the European Union (EU), key partner countries including Korea and Australia, as well as representatives from international organizations such as the International Energy Agency (IEA), the Organisation for Economic Co-operation and Development (OECD), and the World Bank (WB).

The key agenda items discussed at the meeting included diversification of the critical minerals value chain, strategic stockpiling, supply chain traceability systems, and ways to strengthen cooperation in connection with international organizations. The participating countries reached a consensus on the need to enhance supply chain stability and market predictability in light of the rapidly growing demand for critical minerals, particularly in advanced industries such as electric vehicles, batteries, and semiconductors.

The Korean government also plans to strengthen the stability and resilience of supply chains by supporting Korean companies' participation in overseas critical minerals projects, technological cooperation, and information sharing, based on collaboration with the G7, major partner countries, and international organizations.

This content was produced with the assistance of AI translation services.