Juhyun, President of the Korea Institute for Industrial Economics and Trade, "Supply Chains Are Strategic Assets... Need to Prepare Countermeasures"

Lecture on "2022 Economic and Industrial Outlook and Policy Issues"

Juhyun, President of the Korea Institute for Industrial Economics and Trade, giving a lecture

[Asia Economy Reporter Park Sun-mi] Amid uncertainties caused by COVID-19 and emerging supply chain issues, Joo Hyun, President of the Korea Institute for Industrial Economics and Trade, argued that measures must be taken to address the strategic assetization of supply chains.

The Korea International Trade Association (KITA) held the 157th KITA CEO Breakfast Meeting on the 28th under the theme "2022 Economic and Industrial Outlook and Policy Issues." President Joo, who spoke at the event, stated, "Due to uncertainties caused by COVID-19, supply chain problems, policy shifts in major countries driven by high inflation, and recent political and diplomatic instabilities, the global economic growth rate is expected to slow somewhat this year. Although domestic private consumption and employment are expanding mainly in the service sector, and investment is also showing a steady increase, there are always downside risks depending on external conditions."

He continued, "The burden of domestic household debt and loan regulations, as well as the promotion of policies related to digital transformation and carbon neutrality, could also act as additional variables. In preparation for domestic greenhouse gas reduction targets, companies should strive to develop and commercialize breakthrough innovative technologies, and the government needs to improve related systems and support research and development (R&D)."

Furthermore, he emphasized, "Major countries such as the United States and Japan are comprehensively advancing legislation to reorganize the global industrial order under the recognition that securing stable supply chains is equivalent to 'economic security.' It is crucial to accurately recognize the current situation where supply chains are becoming strategic assets and to prepare countermeasures to minimize damage to industries and our economy."

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