Foreign Minister Park Jin attended a ministerial meeting of the ‘Minerals Security Partnership’

Foreign Minister Park Jin attended a ministerial meeting of the Minerals Security Partnership (MSP) held in New York (Lotte Palace Hotel) on September 22, hosted by U.S. Secretary of State Tony Blinkon.

※ Core Minerals Security Partnership: Participation in the United States, Korea, Canada, Japan, Germany, the United Kingdom, the European Union, Finland, France, Australia, Sweden and Norway (launched in June 2022) as an international cooperation partnership for stabilization and diversification of core mineral supply chains.

Since its launch in June, the meeting has been held to share the progress of the core mineral security partnership and listen to the current status of core mineral production and investment difficulties of resource-holding countries, including Argentina, Tanzania and Mongolia.

※ Resource holders (eight countries): Argentina, Brazil, Democratic Congo, Mongolia, Mozambique, Namibia, Tanzania and Zambia

Minister Park stressed that the global supply chain of key minerals essential to strategic industries such as semiconductors and batteries should be transparent, open, safe and sustainable.He also mentioned that the Korean government will also actively contribute to the MSP that will stabilize the global supply chain.

The MSP is expected to contribute substantially to boosting investment in core mineral projects around the world and securing products. This program will encourage private investment in core mineral projects to share benefits through financial and political risk mitigation and consultation.

Minister Park's attendance at the MSP ministerial meeting is interpreted as a diplomatic move to strengthen economic security by responding to global supply chain issues related to semiconductors and batteries.Adding to that, Minister tried securing stable mineral resources when he visits Mongolia in late August.