Foreign ministry launches in-house economic security center

Diplomacy 16:06 May 30, 2022

SEOUL, May 30 (Yonhap) -- The foreign ministry launched an in-house economic security center Monday in order to better handle global supply chain issues following months of preparatory work.

The Center For Economic Security and Foreign Affairs is tasked with monitoring and analyzing supplies of key industrial items and evolving technology trends on a mission to serve as "an early warning system," the ministry said. The team, headed by a deputy director general-level official, is composed of more than a dozen experts on diplomacy, economics, technology and law.

The center will closely work with the ministry, overseas missions and a broad network of experts to serve as a policy platform for building a resilient supply chain, it added.

During its opening ceremony in Seoul, Foreign Minister Park Jin pledged to pursue "proactive diplomacy" to enhance the nation's "economic security" amid strategic competition among major economies and reorganization of cutting-edge technologies.