Korea will establish a government-wide commission to be in charge of deliberating and adjusting measures on the management of supply chains of major industry items, the finance ministry said Monday.
The government also plans to create a fund to secure critical items and support investment in relevant facilities as the country seeks to reduce dependence on China and other nations and to better brace for supply chain crises, according to the Ministry of Economy and Finance.
The envisioned commission is scheduled to be established in around June and will bring together experts in economy and security fields. The entity will finalize basic plans on how to boost stable supply chains next year.
The government is expected to designate raw materials and other items necessary for the economy and everyday lives of the people as “economic security items” and extend support for their stable introduction, production and stock management.
Korea has been working to reduce its reliance on China and a handful of other nations in supplying key materials by intensely managing supplies of critical items and strengthening ties with resources-rich nations in the wake of a series of disruptions in supplies of major items.
In the latest case, China suspended customs procedures for shipments of urea to Korea, citing tight supplies for its domestic use, raising concerns over a repeat of the urea supply crisis seen in 2021. (Yonhap)