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Korea and U.S. discuss critical minerals and energy cooperation 2023-01-11

Trade, Industry and Energy 2nd Vice Minister Park Il-jun met with Jose W. Fernandez, U.S. Under Secretary for Economic Growth, Energy, and the Environment, on January 10 at the Government Complex Seoul to discuss cooperation in critical minerals, energy resources, and support for Korean companies’ exports and investment.

Vice Minister Park emphasized that this is an important time for the two countries’ close cooperation in stabilizing the critical minerals supply chain, which is essential for secondary batteries, EVs and other items central to clean energy expansion.

He added that he looked forward to seeing the Minerals Security Partnership (MSP) help stabilize and diversify the critical minerals’ supply chain.

According to the Vice Minister, the Korean government plans to actively communicate with companies to find prospective critical minerals sourcing projects and stimulate public-private critical minerals investment to participate in the joint efforts to build a flexible, diversified and stable critical minerals supply chain.

The two sides agreed to hold further talks regarding incentives for Korean companies operating in the U.S. under the Inflation Reduction Act (IRA) and the CHIPS and Science Act.

Vice Minister Park requested the U.S.’ interest and support towards investment, infrastructure establishment and business activities of Korean energy companies operating in the U.S. that are equipped with advanced technology in renewable energy, hydrogen and fuel cells, nuclear reactors and power generation facilities.

Noting the major challenge facing the global energy market in climate change response and energy security, both energy chiefs called for stronger Korea-U.S. partnership.