World must recognise risks of critical mineral supplies being concentrated in few regions: Goyal

Brescia (Italy) (PTI): Commerce and Industry Minister Piyush Goyal on Thursday said the world should recognise the risks of critical minerals and their supply chains being concentrated in a few geographies, warning that this could hurt economic development of countries.

He also said that India and Italy can increase cooperation in the sector.

Italian Deputy Prime Minister and Foreign Minister Antonio Tajani also said the private sector of the two countries can consider forming joint ventures in this segment.

"Yesterday I met Italian companies which are already working on processing of critical minerals. I think it is important that the world recognises the danger of critical minerals, and supply and processing being concentrated only in particular geographies, which at any point in time can hurt economic development," Goyal told reporters here.

He added that India is taking steps such as giving encouragement to startups to do R&D for innovations and to find alternate and smarter solutions.

This will help reduce "our over dependence and over reliance on certain critical minerals," the minister said.

We are still at a stage of firming up how it will pan out, what will be the route it will take and which are the countries which will support it - financially and through right of way.

Critical minerals, such as cobalt, copper, lithium, nickel and rare earths, play crucial roles in the production of clean energy technologies, ranging from wind turbines to electric vehicles.

China has acquired critical mineral reserves across the world.