Assemblyman Lee Byung-hoon Proposes Bill to Strengthen Management of Raw Materials with High Overseas Dependence

Partial Amendment to the Act on Procurement Business

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Congressman Lee Byung-hoon (Democratic Party of Korea·Gwangju Dong-gu Nam-gu Eul) has taken the lead in proposing a partial amendment to the "Act on Procurement Projects" to strengthen the management of raw materials and parts with high overseas dependency.

The Minister of Strategy and Finance may designate raw materials, facility materials, and daily necessities as stockpiled items to prepare for short- and long-term supply and demand of goods, price stabilization, disasters, and national crises.

However, practical matters related to the management of stockpiled items, such as setting stockpile target quantities and establishing stockpile project plans, are determined by Procurement Service directives. There is a growing argument that it is necessary to establish related grounds in the law to secure budgets and facilitate smooth cooperation with other ministries.

The amendment proposed by Congressman Lee elevates to the law the matters concerning setting stockpile target quantities, establishing stockpile project plans, and the obligation to maintain and manage inventory for stockpiled items, thereby ensuring thorough management of stockpiled items.

Congressman Lee Byung-hoon said, “Following the recent shortage of urea solution, awareness has spread that management of raw materials with high overseas dependency must be strengthened to firmly secure industrial security,” adding, “Important matters regarding the management of stockpiled items should be stipulated by law to enhance the effectiveness of stockpile project plans.”

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