Finance minister stresses need to address supply chain stability

The finance minister on Monday stressed the need to address weaknesses in Korea’s supply chains following global uncertainties, including the geopolitical crisis in the Middle East.

Finance Minister Lee Hyoung-il made the remarks during a meeting of the Supply Chain Stabilization Committee, noting that current uncertainties are no longer short-term issues but structural challenges requiring long-term management.

“A chain is only as strong as its weakest link,” Lee said. “The government will proactively identify and strengthen weak links to build supply chains resilient to external shocks.”

To this end, the finance minister said that the government will expand the list of strategically important items from 327 to 340.

It will also replace its current three-tier classification system with two categories — items under general management and those requiring attention — to strengthen Korea’s crisis response capabilities.

Additionally, the government will build stockpiles of strategic items and diversify import sources.

With lingering uncertainties in the Middle East, Lee said that the government will closely monitor supplies of crude oil and other energy products and take measures when necessary.

Yonhap