Tokyo: South Korean Industry Minister Kim Jung-kwan attended the inaugural Indo-Pacific Energy Security Ministerial and Business Forum (IPEM) held in Tokyo this weekend and explored ways to bolster regional cooperation in energy and critical mineral supply chains amid heightened geopolitical uncertainties, Kim's office said Sunday.
According to Yonhap News Agency, the two-day IPEM, the first of its kind, brought together senior energy security officials from 17 countries, including Korea, Australia, the Philippines, and Indonesia, as well as business figures from energy, infrastructure, finance, and other industries. Co-hosted by the U.S. National Energy Dominance Council and Japan's Ministry of Economy, Trade and Industry, the IPEM aimed to foster cooperation on energy and supply chain issues across the Indo-Pacific region. During the event, Kim discussed strategies to enhance Indo-Pacific nations' collaboration to bolster regional energy security, establish stable energy supply chains, and facilitate related investment in the region, according to the Ministry of Trade, Industry and Resources.
Kim, in particular, highlighted the challenges posed by supply chain disruptions stemming from the ongoing Middle East conflict and recent shifts in global supply chains amid the growth of advanced industries, sharing the Korean government's response to the crisis with other participants, the ministry said. Based on the discussions, the IPEM adopted a joint statement calling for efforts to secure reliable energy for Indo-Pacific growth and security, while establishing energy supply chains, infrastructure, and maritime routes for the region.
As part of the event, the Seoul government signed a bilateral memorandum of understanding for critical minerals cooperation with the U.S. government, under which the two sides agreed to develop joint projects and investments in the area, the ministry said. Korea's Hanwha Aerospace Co. also signed an agreement to annually purchase 1.5 million tons of liquefied natural gas from U.S. energy firm Venture Global over 20 years, it added. On the sidelines, Kim also held bilateral meetings with U.S. Energy Dominance Council Chairman Doug Burgum, Minister for Resources and Minister for Northern Australia Madeleine King, New Zealand's Minister of Energy and Resources Simon Watts, and Vietnam's Deputy Minister of Industry and Trade Nguyen Hoang Long to discuss energy cooperation and response to the Mideast conflict.