Vice Minister of Economy and Finance: "Secured 3 Months' Supply of Urea Solution... Considering Fundamental Measures Such as Supply Chain Diversification"

China, Australia, Vietnam Import Volumes and Military Reserve Stocks
Card Cashback of 380 Billion Won to 8 Million People from the 15th

Lee Eok-won, First Vice Minister of Strategy and Finance, presiding over the 38th Policy Review Meeting held at the government complex on the 12th and delivering opening remarks. (Photo by Ministry of Strategy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] Lee Eokwon, the 1st Vice Minister of the Ministry of Economy and Finance, stated, "We have secured a three-month supply of urea solution, so we do not expect a significant shortage in terms of quantity," and added, "We will devise stabilization measures such as diversifying supply chains and expanding domestic production capacity."

On the 12th, Vice Minister Lee held the 38th policy inspection meeting at the Government Seoul Office and said, "By combining the scheduled imports from China, imports from Australia and Vietnam, domestic stockpiles, and military reserve supplies, we have secured about a three-month supply of urea solution." He added, "The secured quantity will be promptly supplied to necessary sectors such as public sector vehicles like buses and street sweepers, as well as cargo trucks and private ambulances," and said, "Fundamentally, to avoid being affected by global supply chain disruptions, we will focus on diversifying supply chains and expanding domestic production capacity for items with high import dependence on specific countries."

Meanwhile, the government announced that card usage increased by 13.4% year-on-year last month due to the effect of the Win-Win Consumption Support Fund (card cashback) policy. The cashback amount generated over the past month was estimated to be around 380 billion KRW. Eight million eligible consumers can start receiving cashback from the 15th. The cashback program refunds up to 100,000 KRW if card usage in October and November exceeds the average usage in the second quarter by more than 3%. Vice Minister Lee said, "More than 15 million people participated in the cashback program, showing great interest," and added, "Last month's card usage increased by 13.4% compared to the previous year, which seems to have contributed to expanding consumption to some extent."

He also announced the venture investment performance for the third quarter. Vice Minister Lee said, "From the beginning of this year to the third quarter, venture investment reached 5.3 trillion KRW, surpassing the 5 trillion KRW mark for the first time in history," and added, "We will spare no policy support to channel more market funds into venture companies." He continued, "We will strive for the prompt passage in the National Assembly of the bill allowing the issuance of multiple voting rights shares so that unlisted venture companies can receive large-scale investments without threats to management rights."

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