Finance minister urges preemptive action for supply chain stability

SEOUL, Oct. 12 (Yonhap) -- Finance Minister Lee Hyoung-il emphasized the urgent need to strengthen South Korea's supply chains amid global uncertainties, such as the geopolitical crisis in the Middle East, during a meeting of the supply chain stabilization committee. The minister stressed that the current instability is no longer a short-term issue but a structural challenge that demands long-term management.

Lee stressed that "a chain is only as strong as its weakest link," vowing to proactively identify and fortify weak links in the supply chain to ensure resilience against external shocks. The government plans to increase the list of strategically important items from 327 to 340. To enhance its crisis response capabilities, the finance minister announced a shift from the current three-tier classification system to a two-category system, focusing on items requiring general management and those needing special attention.

Additionally, the government will bolster stockpiles of strategic items and diversify import sources to further fortify its supply chain. Recognizing the lingering uncertainties in the Middle East, Lee pledged that the government will closely monitor crude oil and other energy product supplies and take necessary measures when required.