Ruling Party and Government Push to Establish 'Supply Chain Stabilization Committee' as National Supply Chain Control Tower

Assemblyman Ryu Seong-geol Introduces the "Basic Act on Supply Chain Stabilization Support for Economic Security" as Lead Sponsor

[Asia Economy Sejong=Reporter Kim Hyewon] The government and the ruling party are pushing for the establishment of the 'Supply Chain Stabilization Committee,' a presidential-level national supply chain control tower.

On the 17th, the Ministry of Economy and Finance announced that Ryu Seong-geol, a member of the National Assembly's Planning and Finance Committee from the People Power Party, has introduced the "Basic Act on Supply Chain Stabilization Support for Economic Security" (hereinafter referred to as the Basic Act), which centers on this content.

The enactment of the Basic Act on Supply Chains is a national agenda of the Yoon Seok-yeol administration, and the Ministry of Economy and Finance has been working with related ministries to establish a national supply chain management system.

Recently, the United States, Japan, and the European Union have also been creating institutional foundations for supply chain management, such as laws and dedicated organizations, and are promoting various measures to reduce dependence on external supply chains. With the launch of the Indo-Pacific Economic Framework (IPEF) in May and other intergovernmental alliances for supply chain stabilization accelerating, the need for a national-level supply chain management system is increasing.

The Supply Chain Stabilization Committee will serve as a control tower that organically links supply chain-related policies and plans scattered across ministries, with the Ministry of Economy and Finance responsible for overall supervision and coordination.

The Basic Act focuses on cyclical management of risk detection → risk prevention → crisis response.

Each ministry will operate an Early Warning System (EWS) to detect crises. In the event of a crisis, government-wide response measures such as operating a crisis response headquarters will be activated.

For risk prevention, essential economic security items and services for the national economy will be designated, and private companies contributing to these will be defined as 'Stabilization Leading Enterprises.'

A Supply Chain Stabilization Fund will be established to provide financial, tax, and financial incentives to these companies. The fund will be raised by the Export-Import Bank issuing government-guaranteed bonds and will play roles such as loans, asset purchases, debt guarantees, and equity investments to secure economic security items, diversify import sources, and expand domestic and overseas production bases.

Jang Yong-hee, team leader of the Economic Security Supply Chain Planning Group, said, "The Basic Act is the first case to institutionalize the national supply chain stabilization and crisis management system," adding, "It will provide a turning point for our companies to respond proactively and systematically to the global supply chain restructuring trend."

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