Starting on July 1, Korea will assume the chairmanship of the Minerals Security Partnership (MSP) for one year, with Vice Minister of Foreign Affairs Kang In-sun serving as Chair, the Ministry of Foreign Affairs said on June 27.
Critical minerals are indispensable for high-tech industries such as semiconductors, batteries, and electric vehicles, which are pivotal to Korea’s economic prosperity and essential for the global clean energy transition for net-zero targets. However, the concentration of critical mineral reserves and processing facilities in a limited number of countries, coupled with potential weaponization of resources, presents significant challenges to maintaining stable supply chains based solely on economic considerations.
In response, the Korean government has proactively pursued resilient and secure critical minerals supply chains, from the perspective of economic security. Korea has strengthened bilateral and multilateral consultations with resource-rich countries in Africa, Central Asia and Southeast Asia, while actively participating in international discussions such as through the MSP.
The MSP, launched in June 2022, aims to accelerate the development of stable and diverse critical minerals supply chains worldwide. The partnership currently comprises 14 countries (Korea, the United States, the United Kingdom, Japan, Canada, Sweden, France, Australia, Finland, Germany, Norway, Italy, India, and Estonia) and the European Union.
Following the United States, Korea will serve as the MSP Chair for one year, and lead collaboration among MSP member countries to ensure the MSP pilot projects achieve practical and concrete results. As Chair, Korea will set long-term strategic goals for the MSP, and lead the MSP Principals’ Meetings twice a year. Korea will facilitate cooperation between MSP member states and resource-rich countries, closely monitor global trends in the critical mineral industry and share insights with industry stakeholders, while seeking to expand opportunities for Korean companies in relevant sectors.
The Korean government is resolute in its commitment to an early detection as well as swift and systematic responses to potential supply chain crises. Korea’s chairmanship of the MSP is a significant opportunity to demonstrate its leadership in the critical minerals supply chains, enhance Korean economic security and reinforce its status as a Global Pivotal State.
