Government Includes Materials, Parts and Equipment, Defense, and Pharmaceuticals in Economic Security Items

Ministry of Economy and Finance Holds 12th Economic Security Core Items Task Force (TF) Meeting

The government will expand economic security items to include materials, parts, and equipment (SoBuJang), defense industry, pharmaceuticals, and major import items of small and medium-sized enterprises.

On the 7th, the Ministry of Economy and Finance announced that it held the 12th Economic Security Core Items Task Force (TF) meeting at the Government Seoul Office to discuss this plan. Economic security items refer to goods with high import dependence on specific countries or items essential for the stable operation of the economy and the daily lives of citizens.

Specifically, the plan is to expand economic security items to include SoBuJang items with potential supply chain risks, items requiring increased technological independence such as defense industry, pharmaceuticals directly related to people's livelihood, and major import items of small and medium-sized enterprises.

Among these, for items urgently requiring stabilization efforts at the inter-ministerial level, measures such as diversifying import sources, stockpiling, research and development (R&D) of alternative technologies, and infrastructure establishment will be implemented first for management. Items previously designated but with reduced demand due to import source diversification or alternative development have been excluded from economic security items.

The government will newly designate economic security services as well. Logistics, which may cause disruptions in the introduction, production, and distribution of economic security items, will be targeted. The government plans to submit this designation plan to the Supply Chain Stabilization Committee after the Supply Chain Stabilization Act takes effect on the 27th of this month for final approval.

The TF also discussed guidelines for selecting leading operators for supply chain stabilization. Leading operators for supply chain stabilization refer to operators or operator groups who intend to contribute to the smooth introduction, production, and provision of economic security items under the Supply Chain Stabilization Act. These operators will be supported by the supply chain fund newly established in the second half of this year. The designation criteria include relevance to economic security items, appropriateness of business plans, and basic financial conditions for project implementation.

Kim Byung-hwan, Vice Minister of the Ministry of Economy and Finance, said, "The decision to expand economic security items and to initiate the selection process for leading operators early reflects the government's proactive will to promptly establish the foundation for supply chain stabilization."

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