During the first Industrial and Resource Security Strategy Meeting held at the Korea Trade Insurance Corporation in Seoul, Minister Kim noted that the unprecedented crisis caused by the Middle East conflict, which has lasted over 110 days, is being effectively managed through collaboration between the public and private sectors. He remarked, "As competition intensifies in advanced industries such as AI and semiconductors, securing stable resources will become a prerequisite for industrial competitiveness."
He added that it is crucial to develop fundamental solutions for future crises rather than relying solely on short-term responses.
The strategy meeting launched a public-private collaboration governance aimed at fundamentally innovating the industrial and resource security framework to enhance crisis response capabilities. Experts from various fields, including resource economics, international politics and trade, law and accounting, and market analysis, participated in the 'Resource Security Advisory Group' to gather diverse opinions.
At the meeting, the Ministry of Trade, Industry and Energy announced the direction for establishing a 'Basic Plan for Resource Security' and a 'Core Mineral Stockpiling Plan,' while soliciting expert feedback. Participants expressed a shared understanding of the heightened importance of resources due to the Middle East conflict and recognized that controlling supply chain bottlenecks is a key factor in determining the self-sufficiency of industrial and resource supply chains.
To mitigate risks associated with high dependence on resource imports, they suggested diversifying import sources and methods, as well as expanding stockpiling capabilities to enhance crisis response resilience. They also stressed the need to mobilize all policy tools to manage the entire supply chain.
The ministry has been conducting assessments and evaluations of resource security since last year to establish a basic plan and identify long-term policy tasks for supply chain improvement. Following the suggestions made at the meeting, the ministry plans to finalize the 'Basic Plan for Resource Security,' which will serve as a long-term roadmap for the resource security sector, next month.
Minister Kim emphasized, "In the global economic war, major countries are already competing fiercely to secure and manage supply chain chokepoints. We are transitioning from a just-in-time supply system to one that prepares for contingencies."
He further stated, "Given our strengths in global supply chain penetration and advanced technology, we can expedite the reconstruction of our supply chains to preemptively address bottlenecks. Industrial and resource security can only be achieved through collective efforts from all sectors, and we will build a governance structure for public-private collaboration by harnessing the wisdom and experience of experts and industry stakeholders."
* This article has been translated by AI.
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