India and Italy have expressed concerns regarding the dominance of a few nations over critical minerals, highlighting the potential risks to economic development.
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India and Italy Thursday cautioned against some countries’ dominance on critical minerals and how the over-dependence on these key components of semiconductor, aerospace industry and EV batteries can be reduced.
Commerce and industry minister Piyush Goyal said the concentration of critical minerals and their supply chains in a few geographies can hurt economic development of countries while Italian Deputy Prime Minister and foreign minister Antonio Tajani said the private sector of the two countries can consider forming joint ventures in this segment.
The concerns assume significance as China possesses around 90% of rare earth magnet supplies.
“On Wednesday, 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 in particular geographies which at any point of time can hurt economic development,” Goyal said after the India-Italy Strategic Economic Partnership Forum here.
This will help reduce “our over-dependence and over-reliance on certain critical minerals,” the minister said.
“Why should only China be present in Africa and South America? We believe India too can play a role. India is a protagonist in the Indo-Pacific area. There is Africa, Mediterranean Sea, Suez Canal – several points can fuel joint ventures between India and Italy,” Tajani said.