South Korea, Canada discuss ways to expand energy resources cooperation l KBS WORLD

Photo: Yonhap News

South Korea and Canada are in talks on ways to expand bilateral cooperation in energy resources, including key minerals related to electric vehicles (EVs).

Seoul’s Ministry of Commerce, Industry and Energy said Second Vice Minister Park Il-jun and Canada’s Deputy Natural Resources Minister John Hannaford held talks in Seoul on Tuesday.

The ministry said the two officials affirmed the need to expand cooperation beyond mineral resources, natural gas and energy technologies to also include hydrogen, nuclear power plants and key minerals used in secondary batteries. and electric vehicles (EV).

The ministry said Park and Hannaford had discussed establishing a system of substantive collaboration between the governments and businesses of the two countries, including the adoption of a memorandum of understanding, to ensure cooperation in the key minerals for electric vehicles and batteries, such as lithium.

The department noted that securing these minerals in North America has become critical due to the Joe Biden administration’s Cut Inflation Act, which withholds tax incentives from purchases of manufactured or powered electric vehicles. by batteries made with materials from outside North America.