President Moon: "Supply Chain Issues Are Not Temporary... A Dedicated TF Team Must Be Established" (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] On the 3rd, President Moon Jae-in instructed to establish a dedicated supply chain task force (TF) organization and institutional foundation, stating that supply chain issues are "not temporary or accidental problems" at the first Cabinet meeting of the new year.

President Moon held the Cabinet meeting via video connection between the Seoul Government Complex and the Sejong Government Complex, saying, "(Supply chain issues) have become structural risk factors that are constantly latent, and are showing complex patterns as they combine with international political and security issues."

Despite last year's crisis, President Moon evaluated that the people, companies, and government joined forces to "write a new history" with ▲record-high exports ▲trade volume of 1.2 trillion dollars ▲and double-digit growth in all 15 major items for the first time ever.

However, he added, "There are many mountains to overcome ahead," and specially urged to make strenuous efforts to stabilize the supply chain.

President Moon said, "I hope the inspection system for items with high import dependence on specific countries will be strengthened, and that tension will be heightened to enhance mid- to long-term response capabilities such as expanding domestic and overseas production bases, diversifying import sources, and developing technology," adding, "If this is a problem that will last for a considerable period rather than temporarily, I hope a dedicated organization and institutional foundation to support the currently operating TF will be promptly established."

He also ordered the expansion of export markets. President Moon said, "Including the Regional Comprehensive Economic Partnership (RCEP) to be announced next month, we must continuously expand free trade agreements to dramatically broaden export markets," and added, "Now is the time to boldly face new challenges and move toward the era of 700 billion dollars in exports."

At the current point, with four months left in the government's term, President Moon said, "paradoxically speaking, this is the time to be most vigilant," adding, "The COVID-19 crisis is severe, and this is a critical period to navigate a time of great upheaval. I hope the government will be one that fulfills its responsibilities with extraordinary resolve until the very end."

Meanwhile, a total of 51 agenda items, including 36 laws promulgated, were deliberated at the Cabinet meeting that day. President Moon introduced systems that are being implemented for the first time or whose support is being expanded, such as the 'First Meeting Use Voucher' to reduce the burden of childbirth and childcare, infant allowance, and child allowance for children under 8 years old, saying, "I hope these will help improve the lives of the people."

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