Presidential office holds meeting to assess impact of supply chain concerns

Third Deputy National Security Adviser Oh Hyun-joo, right, speaks with First Deputy National Security Adviser Kim Hyun-jong during a meeting of senior presidential aides at the presidential office in Seoul, Sept. 18. Yonhap

The presidential Office of National Security said Monday it held a meeting to assess the impact of global supply chain concerns and discuss ways to mitigate potential fallout for South Korean businesses.

Third Deputy National Security Adviser Oh Hyun-joo presided over the meeting, which was attended by officials from the ministries of finance, foreign affairs, industry, and oceans and fisheries.

Participants reviewed recent changes in the global economic security environment that could pose risks to domestic supply chains and agreed to strengthen interagency coordination to minimize potential negative impacts on Korean companies, the office said in a release.

The meeting came days after the office held an emergency meeting to review the supply chain of rare earths, following China's tightening export controls on minerals essential for advanced technologies, such as semiconductors and electric vehicles.

China has announced new restrictions requiring foreign companies to obtain government approval before exporting products containing certain rare earth elements. Beijing also recently imposed sanctions against five U.S.-linked subsidiaries of Korean shipbuilder Hanwha Ocean, a key entity in the shipbuilding cooperation between Seoul and Washington.