MANILA – The Association of Southeast Asian Nations (ASEAN) is pushing for the development of a critical minerals strategy to capture greater value from the region’s vast mineral resources.
In a declaration issued Sunday, ASEAN said the strategy would provide strategic direction for regional cooperation across the critical minerals value chain.
It would also identify regional value chains and investment opportunities while strengthening ASEAN’s position as a resilient, competitive and sustainable hub for critical minerals.
ASEAN member-states recognized the region’s opportunity to maximize its mineral resources by strengthening regional capabilities across the value chain, from responsible and sustainable exploration and extraction to processing, refining, manufacturing and recycling.
The declaration also calls for strengthening the resilience and integration of ASEAN’s critical minerals value chains through increased intra-ASEAN trade and investment, diversified supply sources, stronger regional production and distribution networks, improved geological and market information, and better connectivity among producers, consumers, and markets.
It also urges the mobilization of responsible public and private investments and financing for critical minerals development by strengthening project preparation, building pipelines of investible and bankable projects, and facilitating access to financing and risk-mitigation measures.
The declaration likewise calls for the responsible and sustainable development of critical minerals in accordance with the ASEAN Principles for Sustainable Minerals Development, while strengthening environmental and social performance and ensuring greater benefits for communities.
ASEAN also aims to enhance cooperation with dialogue and development partners, international organizations, multilateral development banks, financial institutions, industries and other relevant stakeholders to mobilize investments and financing, facilitate technology and knowledge transfer, strengthen capabilities and expand the region’s participation in regional and global value chains.
Cooperation on critical minerals will be pursued on a voluntary and mutually beneficial basis, in accordance with the respective national laws and regulations of ASEAN member states. (PNA)
