The government said it will work with key Indo-Pacific countries, including the United States, Japan and Australia, to diversify energy supply chains and protect maritime shipping routes. In particular, it signed a memorandum of understanding (MOU) with the United States on cooperation for a critical minerals supply chain.
The Ministry of Trade, Industry and Resources said Minister Kim Jung-kwan attended the Indo-Pacific Energy Security Ministerial Meeting and Business Forum (IPEM) held in Tokyo, Japan, on the 14th-15th and focused discussions on ways to stabilize supply chains.
This meeting was the first event co-hosted by Japan's Ministry of Economy, Trade and Industry and the U.S. National Energy Directorate Council (NEDC), newly established with the launch of Donald Trump's second administration. Senior government officials from 17 countries in the region and corporations in the energy, infrastructure and finance sectors attended.
Based on two days of discussions, ministers from participating countries issued the Indo-Pacific Energy Security Joint Ministerial Statement. The joint statement included a pledge to cooperate to ensure a stable energy supply in the Indo-Pacific region in light of the situation in the Middle East. Key items included protecting energy supply chains, infrastructure and maritime shipping routes; diversifying sources; and welcoming increased exports of U.S. LNG. It also included support for expanding cooperation on next-generation energy technologies such as Small Modular Reactor (SMR) and for increased investment in energy projects by international financial institutions such as the World Bank and the Asian Development Bank (ADB).
Cooperation outcomes concluded at the meeting also drew attention. The Korean and U.S. governments signed an MOU on critical minerals cooperation encompassing joint project identification and investment facilitation, stockpiling and recycling. Hanwha Aerospace, a domestic defense industry corporation, signed a 20-year contract with U.S. liquefied natural gas (LNG) export corporation Venture Global to import 1.5 million tons of LNG annually.
Minister Kim said, "Securing critical minerals stably is essential for high-tech industries and resource security, so we confirmed our willingness to cooperate in building a resilient supply chain," adding, "Given the recent situation in the Middle East has heightened uncertainty in energy supply and demand, we hope cooperation in the natural gas sector will continue."
Minister Kim held bilateral talks with U.S. NEDC Chairperson Doug Burgum, Australia Resources Minister Madeleine King, New Zealand Energy Minister Simon Watts, and Vietnam Industry and Trade Vice Minister Nguyen Hoang Long and agreed to cooperate to establish a stable energy supply chain.