Seoul:The finance minister emphasized the importance of addressing vulnerabilities in South Korea's supply chains due to ongoing global uncertainties, including the geopolitical crisis in the Middle East.
According to Yonhap News Agency, Finance Minister Lee Hyoung-il highlighted these concerns during a meeting of the supply chain stabilization committee. He emphasized that current uncertainties have evolved from short-term issues into structural challenges that necessitate long-term strategies.
Minister Lee stated the government's intention to proactively identify and reinforce weak links to ensure that supply chains can withstand external shocks. As part of these efforts, the government plans to increase the number of strategically important items from 327 to 340.
To enhance crisis management capabilities, South Korea will replace its existing three-tier classification system with two categories items under general management and those requiring attention. This adjustment aims to bolster the government's response to potential crises.
Furthermore, the government intends to build up reserves of strategic items and diversify import sources to mitigate risks. Given the ongoing uncertainties in the Middle East, Minister Lee mentioned that the government will monitor supplies of crude oil and other energy products closely and will implement necessary measures to ensure stability.