President Moon: "Whole-of-Government Response to Supply Chains... Establishment of Economic Security Supply Chain Management Committee" (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] President Moon Jae-in has instructed the establishment of a presidential advisory 'Economic Security Supply Chain Management Committee' to proactively respond to the increasingly deepening global supply chain risks. He also indicated the necessity of enacting a basic law on supply chain management to establish a legal foundation.

On the 14th, President Moon chaired the 4th Foreign Economic Security Strategy Meeting at the Blue House and stated, "As supply chain risks have recently expanded, a prompt whole-of-government response from an economic security perspective has become necessary."

President Moon said, "It is essential to establish a whole-of-government management system for the entire supply chain, beyond managing supply chains by individual industrial sectors. Enacting the 'Basic Act on Supply Chain Management for Economic Security' as an institutional foundation has become extremely urgent."

He continued, "As a control tower, a presidential advisory 'Economic Security Supply Chain Management Committee' will be established, and a supply chain stabilization fund will be introduced to provide financial support. Institutional grounds must also be prepared for designating economic security items and operating an early warning system," he added.

In addition, he urged strengthening policy finance support to stabilize supply chains, expanding stockpiles and the number of items, and enhancing external cooperation on bilateral and multilateral supply chains.

[Image source=Yonhap News]

President Moon proposed turning the global supply chain crisis into an opportunity to strengthen our economic structure and industrial competitiveness. He said, "By leveraging our excellent manufacturing production base, innate innovation, and flexibility in responding to crises, we can further utilize our strengths related to supply chains," expressing confidence that even during past supply chain crises such as Japan's export restrictions, "we have stood firm and created opportunities."

Regarding the situation in Ukraine, he also urged efforts to protect citizens and businesses. President Moon emphasized, "The Ukraine crisis has not found a breakthrough for resolution, and geopolitical instability is escalating, requiring urgent preparation. In case of emergency, thorough measures must be taken to ensure the safe evacuation and withdrawal of our citizens and to minimize damage to our companies."

He also instructed to minimize the impact of the Ukraine crisis on the domestic real economy and financial markets and to proactively address supply instability of energy, raw materials, and grains.

President Moon said, "Please thoroughly review emergency plans such as supply stabilization measures and market stabilization actions, and establish detailed response plans for potential risks in each sector."

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