Hong Nam-gi on Proposal to Expand 'Yososu Inventory Check System': "Good Idea"

"Sharing Information on Secured Locations"
"Chinese Urea Water Waiting for Shipment... Resolution Soon"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is attending the plenary session of the Special Committee on Budget and Accounts held at the National Assembly on the 10th, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

[Sejong=Asia Economy Reporter Moon Chaeseok] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 10th regarding the shortage of urea solution, "About 20,000 tons are currently waiting to be shipped from China, and it seems that the issue will be resolved soon through proper negotiations."

At the plenary session of the National Assembly Budget and Accounts Special Committee on the same day, when Jeong Dong-man, a member of the People Power Party, asked about additional supply measures for urea solution, Deputy Prime Minister Hong said, "About 80,000 tons of vehicle urea solution are needed annually, and about 20,000 tons imported from China can resolve a significant part of the difficulties."

The Ministry of Foreign Affairs stated on the same day, "As a result of communication with the Chinese side through various channels to expedite the import procedures for Chinese urea, it was confirmed that export procedures for 18,700 tons of pre-contracted quantities by our companies will proceed." Accordingly, it is expected that 18,700 tons of urea contracted by Korean companies with China will soon be brought into the country. This amount corresponds to about 2 to 3 months’ domestic demand.

Deputy Prime Minister Hong said, "It is regrettable that the shortage of urea solution has caused inconvenience to the public and negatively affected the economy, and I would like to express my apologies in advance." He added, "About 20,000 tons of urea solution from China will likely be imported soon, and progress is also being made with about ten other countries including Australia and Vietnam, so the short-term difficulties will be resolved soon. Although it is not a complete resolution, we will respond as much as possible to resolve the short-term issues and prevent difficulties in the medium term."

In response to People Power Party lawmaker Jeong Hee-yong’s question that "a system is needed to know where and how much urea solution stock is available," Deputy Prime Minister Hong said, "I think it’s a good idea. We will disclose information on where it can be obtained and share information such as being able to go to the top 10 ports or gas stations nationwide. We will also actively consider using information and communication technology (ICT)." Minister of Science and ICT Im Hye-sook also said, "I took note. It seems like a good idea."

Deputy Prime Minister Hong also responded to lawmaker Jeong’s concern that "there are reports that industrial urea is also in shortage and that thermal power generation is at risk of stopping by 15%," saying, "We will ensure that thermal power generation does not stop. We are securing industrial urea along with vehicle urea. We will firmly devise countermeasures to prevent such incidents."

When he pointed out the need to strengthen material monitoring and establish a manual system as a result of this incident, he said, "We will respond more systematically by listing and considering various countermeasures such as stockpiling strategic materials through the Public Procurement Service."

This content was produced with the assistance of AI translation services.