Global Dynamics of Critical Minerals: A Call for Cooperation

Commerce and Industry Minister Piyush Goyal highlights the strategic risks of the concentration of critical minerals' supply chains in limited geographies, which could hinder global economic development. Enhanced cooperation between India and Italy, through joint ventures, is suggested as a solution to diversify supply and reduce dependence on specific regions.

Piyush Goyal, India's Commerce and Industry Minister, emphasized the strategic risks associated with the concentration of critical minerals and their supply chains. Speaking on Thursday, he warned that this concentration in a few geographies could impede global economic growth.

Highlighting the potential benefits of international collaboration, Goyal noted that India and Italy have opportunities to expand their partnership in this sector. Italian Deputy Prime Minister Antonio Tajani supported this idea, encouraging joint ventures between private sectors of both countries in the critical minerals domain.

The minister outlined India's proactive approach, encouraging startups to engage in research and development for innovative solutions. This strategy aims to reduce dependency on crucial minerals, such as cobalt and lithium, which are vital for producing clean energy technologies, including electric vehicles. Goyal also acknowledged China's significant role in acquiring global mineral reserves.