At the Ministry of Economy and Finance Forum: "Supply Chain Risks Persist for Over 10 Years... Promoting Corporate U-Turn"

March 18 '2021 3rd Future Strategy Forum' Held

Calls for Response to Global Supply Chain, Science & Technology, and Environmental Risks

The video conference between U.S. President Joe Biden (left) and Chinese President Xi Jinping held on the morning of the 16th. (Image source=Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] At the Future Strategy Forum hosted by the Ministry of Economy and Finance, there was a call to "increase the number of domestic return companies (U-turn companies) as global supply chain risks may continue for more than 10 years."

The Ministry of Economy and Finance announced that it held the '3rd Future Strategy Forum of 2021' at 2:30 p.m. on the 18th and discussed the tasks of 'recovery and transition' in the fields of technology, supply chain, and environment.

Lee Jun, Head of Industrial Policy at the Korea Institute for Industrial Economics and Trade, predicted that uncertainty will increase for more than 10 years due to issues such as the US-China technological hegemony war, the strategic assetization of core component supply chains by major countries, and carbon neutrality.

Lee emphasized, "We must establish a public-private joint governance system and prepare supply chain safety net measures at the overall industrial policy level, including fostering advanced materials, parts, and equipment (SoBuJang), attracting advanced industries, and promoting corporate U-turns beyond risk management."

He proposed, "Especially since supply chain issues are being addressed in conjunction with diplomatic and security agendas beyond industry and trade, we need to organize a system to respond to supply chain issues with a long-term perspective, such as establishing an integrated economic security governance."

In this regard, the government launched the Foreign Economic Security Strategy Meeting on the 18th of last month and began responding to current issues such as the US semiconductor information disclosure request. While comprehensively managing economic and security issues, it plans to hold frequent inter-ministerial meetings to respond whenever issues arise.

At the forum, there were also calls to transform government-funded research institutes into mission-oriented research institutions to raise the level of research and development (R&D) (technological innovation) and to simultaneously strengthen environmental and industrial competitiveness in preparation for the European Union (EU)'s implementation of the carbon border adjustment tax (environment).

A Ministry of Economy and Finance official said, "The discussions at this year's forum will be reflected in the future discussions of the Ministry's 5th Mid- to Long-term Strategy Committee." The presentations within the forum can be viewed on the Ministry of Economy and Finance's YouTube channel.

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