Yeo Han-gu Strengthens Cooperation on 'Raw Material Supply Chain' in Preparation for Ukraine Crisis

On the 24th, as concerns over potential disruptions in raw material supply due to the Ukraine crisis emerged, Yeo Han-gu, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, presided over the "Meeting to Strengthen Cooperation in Raw Material Supply Chains" held at Lotte Hotel in Jung-gu, Seoul. Ambassadors to Korea from nine resource-rich countries with high mutual dependence on South Korea?including Indonesia, Canada, Brazil, the United Arab Emirates (UAE), Mexico, Vietnam, Malaysia, Chile, and the Philippines?attended the meeting. Photo by Moon Ho-nam munonam@

Yeo Han-gu, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy (photo), discussed ways to strengthen cooperation on raw material supply chains with ambassadors from major countries to prepare for the Ukraine crisis. The government plans to stabilize supply and demand through strategic partnerships between the Korean government, which possesses raw material production technology, and resource-rich countries.

According to the Ministry of Trade, Industry and Energy on the 24th, Director General Yeo sought cooperation measures related to raw material supply chains together with ambassadors from nine resource-rich countries with high mutual dependence on Korea, including Indonesia, Canada, the United Arab Emirates (UAE), and Mexico, at the Lotte Hotel in Seoul.

At the meeting, Director General Yeo said, "The recent Ukraine crisis could further increase the risk of disruption to global supply chains. It is important to quickly exchange information among major countries and jointly respond to potential supply chain disruptions in case the situation worsens, minimizing damage to the real economy."

He added, "The goal is to overcome crises early by sharing early warning systems and utilizing various cooperation methods such as raw material exchanges with partner countries to prepare for supply chain disruptions. We plan to conduct in-depth consultations soon to sign memorandums of understanding (MOUs) with individual partner countries."

The ambassadors attending the meeting responded that they would actively cooperate to ensure smooth consultations for establishing partnerships with the Korean government.

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