South Korea launches task force on economic security in the face of supply chain disruptions


South Korean President Moon Jae-in (left) sits next to US President Joe Biden during a Group of 20 major economies session in Rome on Sunday, to deal with pandemic-induced disruption in chains of ‘supply. (Yonhap)

South Korea has set up a new task force at the Foreign Ministry to support the whole-of-government campaign to build resilient supply chains of key items and address economic challenges related to the pandemic, said Thursday. Seoul officials.

The “economic security” team was launched earlier this week to work with other government agencies to help local businesses address ongoing supply chain issues, which have become a hot global issue, especially amid the protracted COVID-19 pandemic.

The global supply chain is bearing the brunt of chip shortages, high freight costs and shipping delays, which have posed challenges for the electronics, automotive and consumer sectors.

“The new task force was launched as part of whole-of-government efforts to address global supply chain issues,” a Foreign Ministry official said. “Economic security can be understood under the concept of protecting national economic interests abroad.”

The move came as global chipmakers, including South Korea’s Samsung Electronics Co., face thinly veiled pressure from the Joe Biden administration to share inventory information and other details of the industry. ‘by November 8.

Washington’s call raised concerns about the possible leakage of what companies consider to be major trade secrets and raised questions about how to answer these sensitive questions while respecting the filing and disclosure rules of ‘information.

The United States has also stepped up pressure on its allies to join efforts to reshape the global supply chain so that it is less dependent on China.

South Korean President Moon Jae-in on Sunday attended a global supply chain summit hosted by US President Joe Biden on the sidelines of the Group of 20 summit in Rome and vowed that Seoul would play a larger role in tackling the challenges affecting world trade.

At their summit in May, Moon and Biden agreed to step up bilateral cooperation to secure stable supply chains of chips, batteries and other key products. (Yonhap)

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