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S. Korea to launch economic security center in March

All News 07:00 January 30, 2022

SEOUL, Jan. 30 (Yonhap) -- South Korea's foreign ministry will open an economic security center in March to help ensure stable supply chains of strategically vital goods and draft diplomatic strategies for emerging trade issues, according to Seoul officials Sunday.

The in-house body is part of the government's broader efforts to address concerns over potential supply chain bottlenecks and adapt to the changing geopolitical and economic environment amid intensifying U.S.-China rivalry.

The ministry plans to hire professionals with a doctoral or master's degree in economy, trade, engineering and science, with the recruitment process currently under way, a senior ministry official said.

"We are looking for professionals who have comprehensive insight in emerging technologies, diplomacy and trade to read into the changing environment and its implication on the national security," the official said, requesting anonymity.

In November, South Korea activated an early warning system to monitor key industry materials and items to prevent the recurrence of a supply crunch similar to that involving urea solution.

South Korea suffered an acute supply shortage of urea solution, a key fluid needed in diesel cars to cut emissions, after China imposed export curbs on urea in October to ease a domestic supply shortage.

Currently, 37 embassies and other diplomatic missions are keeping close tabs on more than 4,000 items, which heavily rely on imports and have a broad effect on the local economy, to ensure stability of supply chains, according to the ministry.

A ship carrying Chinese urea solution, a key fluid needed in diesel cars to cut emissions, arrives at the southeastern port of Ulsan on Feb. 2, 2021. (Yonhap)

A ship carrying Chinese urea solution, a key fluid needed in diesel cars to cut emissions, arrives at the southeastern port of Ulsan on Feb. 2, 2021. (Yonhap)

ejkim@yna.co.kr
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