On July 23, First Vice Minister of Economy and Finance Lee Hyoung Il presided over the Subcommittee on Economic Security Items and Services* at the Government Complex-Seoul to review supply chain risk factors stemming from changes in the economic security environment and discuss response measures.
* Three subcommittees are currently in operation under the Supply Chain Stabilization Committee (chaired by the Minister of Economy and Finance), focusing on the following areas: (1) Economic Security Items and Services, (2) International Economic Policy, and (3) Stockpiling.
** Participating Ministries and Agencies:
Ministry of Economy and Finance (Chair), Ministry of Science and ICT, Ministry of Foreign Affairs, Ministry of the Interior and Safety, Ministry of Agriculture, Food and Rural Affairs, Ministry of Trade, Industry and Energy, Ministry of Land, Infrastructure and Transport, Ministry of Oceans and Fisheries, Ministry of SMEs and Startups, Financial Services Commission, Ministry of Food and Drug Safety, Defense Acquisition Program Administration, Korea Forest Service, Korea Disease Control and Prevention Agency, and Korea AeroSpace Administration.
1st VM Lee noted that “global supply chain risks are increasing due to recent changes in major countries’ trade policies and escalating geopolitical tension”, and emphasized the need to “conduct a comprehensive review of vulnerabilities in supply chains affecting the economy, industry, and people’s livelihoods, and to prepare preemptive response measures in light of the rapidly changing economic security landscape”.
The government designates and manages certain items and services as “economic security items and services”* when they are highly dependent on specific countries and difficult to substitute with domestic production. At today’s meeting, relevant ministries shared their views on a proposed revision of these designations in light of recent changes in the global environment.
* Commodities, raw materials, services, or infrastructure, which are essential for the lives of citizens or for the stable operation of the State and the national economy, may be designated as “economic security items” under Article 13 of the Framework Act on Supply Chain Stabilization Support for Economic Security.
The meeting also discussed support measures to further strengthen supply chain resilience, as well as strategies to enhance the government’s overall crisis response capabilities. Key agenda items, including the proposed revision of economic security items and services, will be subject to final review and approval by the Supply Chain Stabilization Committee at a later date.
Please refer to the attached files.
