India, Japan join hands in push for critical minerals

New Delhi, Aug 29 Minister of Coal and Mines G. Kishan Reddy said on Friday that India and Japan have signed a memorandum of cooperation on mineral resources that includes efforts to establish and diversify critical minerals supply chains, which is essential not only to achieve our energy security, national security and food security objectives but also achieve the net zero emission goals.

The minister said that the Ministry of Mines and Japan's Ministry of Economy, Trade and Industry (METI) signed a Memorandum of Cooperation (MoC) during Prime Minister Narendra Modi’s current visit to Japan to attend the 15th India-Japan Annual Summit along with his Japanese counterpart, Shigeru Ishiba. The Prime Ministers of both countries have committed to cooperate in multiple areas such as the economy, health, mobility partnership, AI, science and technology, and critical minerals and rare earth elements.

The areas that have been identified for close collaboration in the mining sector include the exchange of information on mineral resources, including policies, regulations, possible joint development of critical mineral projects, mining auctions, sustainable deep-sea mining and other relevant information in mineral extraction, processing, and efforts for stockpiling of critical minerals.

The two countries will also promote joint investments in exploration, mining and processing for critical minerals in India and resource-rich countries. Additionally, any other forms of cooperation that are mutually agreed upon in writing between the parties will also be pursued, the minister said.

Prime Minister Modi announced on Friday that India and Japan have laid a strong foundation for a new and golden chapter in the Special Strategic and Global Partnership between the two countries, which is also important for global peace and stability.

Addressing the media after a meeting with PM Ishiba, he said: "We have set a target of 10 trillion yen investment from Japan in India over the next ten years. Special emphasis will be laid on connecting Small and Medium Enterprises and Start-ups of India and Japan."

He said that a roadmap has been laid out for the next decade. At the core of this vision are investment, innovation, economic security, environment, technology, health, mobility, people-to-people exchanges, and state-prefecture partnership.

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