Yoon: "Building a Stable Supply Chain... Diversification Is Key" (Update)

Presiding over the Cabinet Meeting on the 23rd... Emphasizing Security and Reporting G7 Economic Achievements to the Public
Highlighting 'Rule of Law' for a Global Korea... "No Illegal Acts Will Be Tolerated"

President Yoon Suk-yeol stated on the 23rd, "We must establish supply chain cooperation relationships based on shared values and trust with more countries." This implies reducing excessive dependence on specific countries to minimize economic variables caused by diplomatic situations, effectively shifting the economy, which has been heavily tilted towards China, towards the G7 and developing countries to secure supply chain stability.

At the Cabinet meeting held at the Yongsan Presidential Office that morning, President Yoon identified the core outcome of the 2-night, 3-day G7 summit held from the 19th as being in the "economic sector," and evaluated that "a solid cooperative foundation among governments was established in economic security areas such as supply chain stability and securing critical minerals, as well as in advanced industries like bio and semiconductors."

[Image source=Yonhap News]

Through bilateral meetings with leaders of a total of nine countries at the G7 summit, President Yoon reflected on "the diplomacy and national interests that must be carried out as a global pivotal country," emphasizing the importance of security first. Referring to North Korea, President Yoon said, "The most urgent issue in our security now is to block and deter North Korea's nuclear and missile threats." He added, "I urged the G7 countries, invited countries, and heads of international organizations to form a strong alliance and cooperation among forces defending freedom and the rule of law."

Regarding economic achievements, he said, "Once again, I acted as South Korea's salesperson," attributing significance to each outcome. President Yoon elaborated, "The way for our economy, which has the highest level of external dependence, is clear," and reiterated that "a solid cooperative foundation among governments was established in economic security areas such as supply chain stability and securing critical minerals, as well as in advanced industries like bio and semiconductors."

He pointed out 'diversification of supply chains' as the core. Recalling the 'de-risking' mentioned by German Chancellor Scholz, President Yoon emphasized, "We must build supply chain cooperation relationships based on values and trust with more countries." During the G7 schedule, President Yoon held bilateral talks with Canada, Indonesia, Vietnam, and Australia, which are key mineral holders such as lithium, nickel, and cobalt, and also met with Japan and Germany, strong countries in materials, parts, and equipment (SoBuJang), conveying the will to diversify and stabilize supply chains.

He also stressed the importance of science and technology. President Yoon explained, "All G7 countries are science and technology powerhouses," and added, "Now, we hope to closely cooperate with our country in advanced industries such as semiconductors, batteries, bio, aerospace, and nuclear power. We agreed to concretize customized cooperation plans."

On the same day, President Yoon also expressed the position that "ideology or political logic must not dominate the market" to maximize such diplomatic achievements. Referring to de-ideologization, de-politicization, and science-based approaches as normalization, President Yoon said, "We are rapidly rebuilding our nuclear power capabilities, which were on the verge of devastation due to the previous administration's nuclear phase-out policy."

He stated that establishing liberal democracy and the rule of law is a task that Global Korea must solve. President Yoon pointed out, "Policies and systems mired in ideology and political logic cannot expect innovation and growth, and the damage will directly affect the people," criticizing the traffic paralysis caused by the large-scale 1-night, 2-day rally of the Korean Confederation of Trade Unions last week. He then urged strict law enforcement by the government. President Yoon promised, "The rally behavior of the Korean Confederation of Trade Unions, which infringed on the people's freedom and fundamental rights and disrupted public order, will be difficult for the people to tolerate," and added, "Our government will neither neglect nor tolerate any illegal acts."

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