Deputy Prime Minister Choo Kyung-ho remarked on June 7 that the government would enact and amend supply chain-related laws so that incentives are provided for private-sector companies making efforts to stabilize supply chains, such as import source diversification and manufacturing facility expansion.
According to him, the incentives are likely to be related to financing, regulations, taxes, and so on and details of the enactment and amendment will be announced soon after inter-ministerial discussions.
In addition, he said that the Ministry of Trade, Industry and Energy, the Ministry of Economy and Finance and the Ministry of Foreign Affairs would form a joint task force so that South Korea can play a leading role in the rule-setting process of the Indo-Pacific Economic Framework (IPEF).
He also remarked that the South Korean government would actively participate in the upcoming ministerial conference of the WTO, which will take place in five years. “Especially, the government will take active part in the declaration related to the war in Ukraine and the resultant food crisis,” he said.
