Finance minister urges preemptive action for supply chain stability
Finance Minister Lee Hyoung-il, center, speaks during a meeting of the supply chain stabilization committee held in Seoul, Monday. Courtesy of finance ministry
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 management.
"A chain is only as strong as its weakest link. The government will proactively identify and strengthen weak links to build supply chains resilient to external shocks," Lee said.
To this end, the finance minister said the government will expand the list of strategically important items to 340 from 327.
Korea will replace its current three-tier classification system with two categories — items under general management and those requiring attention — to strengthen the government's crisis response capabilities.
The government will also seek to build up stockpiles of strategic items and diversify import sources as well, the finance minister added.
Amid lingering uncertainties in the Middle East, Lee said the government will closely monitor supplies of crude oil and other energy products and take measures when necessary.