The Framework Act on Supply Chain Stabilization Support for Economic Security (hereinafter “Framework Act on Supply Chain”), passed in the National Assembly’s plenary session on December 8 and promulgated through the Cabinet meeting on December 26, will come into effect from June 27, 2024.

In preparation for the seamless implementation of the Framework Act on Supply Chain, the Ministry of Economy and Finance has initiated the enactment of the Enforcement Decree of the Supply Chain Basic Act. In addition, preparatory procedures have commenced for the formation of the Supply Chain Committee and the establishment of the Supply Chain Stabilization Fund.

The committee will review pan-governmental strategies and policies, such as the three-year Supply Chain Stabilization Basic Plan and the designation of economic security items. Aiming to ensure the successful establishment of the Supply Chain Stabilization Fund that supports diversification of export destinations in the private sector, domestic and overseas facility investments, and technology development, the government will finalize the government guarantee procedures in the first quarter of 2024. Furthermore, in order to ensure stable management of economic security items, relevant ministries plan to develop crisis response guidelines in the first quarter of 2024, allowing them to create and operate manuals for each field.

< Expected effects >

With the enactment of the Framework Act on Supply Chain, the government will contribute to prevent supply chain risks, promptly activate cross-governmental response systems in 

case of emergencies and proactively adapt to the restructuring flow of overseas supply chains through support for Korean companies.

Please refer to the attached files.