Minerals Security Partnership (MSP)

🔴MSP

⚜️Why In News?

👉Recently, India has shown interest in joining the USA-led Minerals Security Partnership (MSP). 

✴️Key facts 👉

✅Minerals Security Partnership (MSP) is a US-led partnership initiative that aims to bolster critical mineral supply chains.

✅The new grouping is aimed at catalysing investment from governments and the private sector to develop strategic opportunities.

🚩The US and 10 partners — 🔹Australia, 🔹Canada,🔹 Finland🔹, France,🔹Germany, 🔹Japan, 🔹the Republic of Korea (South Korea),🔹 Sweden,🔹 the United Kingdom, and🔹 the European Commission — have come together🤝 to form the 👉MSP. 

🔱Significance

👉Critical minerals:

📝Demand for critical minerals, which are essential for clean energy and other technologies, is projected to expand significantly in the coming decades. 

📝The MSP will help catalyse investment from governments and the private sector for strategic opportunities — across the full value chain — that adhere to the highest environmental, social, and governance standards.

🔶some extra bites👉 What is China Plus One?

📝The strategy is also known simply as Plus One, is the business strategy to avoid investing only in China and diversify business into other countries.