Economics ministers of the three countries decide to deepen cooperation.
Germany, France, and Italy want to cooperate more closely regarding the procurement of raw materials. This was agreed by German Economics Minister Robert Habeck, French Minister of Economy and Finance Bruno Le Maire, and Italian Minister of Enterprise Adolfo Urso on Monday in the presence of various representatives of the industry, according to a joint press release.
According to Urso, the three countries involved are together “one of the great global economic engines.” [translated by rawmaterials.net]. Therefore, in view of current crises such as the war in Ukraine, measures must now be found to secure the supply of raw materials for the European industry and to make it more sustainable and diversified. The close exchange will therefore range from extraction to processing and recycling of critical raw materials such as rare earths or gallium (PDF), which are used in the technologies needed for the green and digital transition. The focus is on securing the supply of raw materials along the entire value chain to become less dependent on countries such as China, which dominate the market for some critical raw materials like rare earths.
The points of the Critical Raw Materials Act established at the European level serve as the basis for closer cooperation between the three nations, which, according to Habeck, would also ensure greater economic security in Europe. A strategy on the latter was also recently presented for the first time at the EU level (we reported).
France and Italy as Role Models for Investment
At a subsequent press conference, Habeck also advocated that the state development bank KfW should invest equity capital in projects to promote critical minerals in Europe, according to reports from Reuters. According to Habeck, the centre-left coalition has not yet agreed on a concrete amount. France and Italy, which already provide 500 million euros and one billion euros respectively, serve as a model.
Photo: iStock/NicoElNino
