Finance minister urges preemptive action for supply chain stability
The finance minister on Monday stressed the need to address weaknesses in Korea's supply chains amid global uncertainties, including the geopolitical crisis in the Middle East. Finance Minister Lee Hyoung-il made the remarks during a meeting of the supply chain stabilization committee, noting current uncertainties are no longer short-term issues but structural challenges requiring long-term…
Finance Minister Lee Hyoung-il urged preemptive action to enhance Korea's supply chain stability during a meeting of the supply chain stabilization committee on Monday. Global uncertainties, including the geopolitical crisis in the Middle East, have transformed short-term issues into structural challenges necessitating long-term management.
Lee emphasized that a supply chain is only as resilient as its weakest component, stating that the government will proactively identify and reinforce these weak links to build robust supply chains capable of withstanding external shocks.
To achieve this objective, the minister announced plans to expand Korea's list of strategically important items from 327 to 340. Furthermore, the government will transition from a three-tier classification system to a two-tier system, categorizing items as either general management or requiring attention. This restructuring aims to bolster the government's capacity to respond swiftly to crises.
Additionally, the finance minister highlighted the government's intention to augment stockpiles of strategic items and diversify import sources to further fortify supply chain resilience.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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