Foreign ministry to operate economic security center early next year

Business

SEOUL-- South Korea's foreign ministry said Friday it plans to operate a center on economic security as early as February to March next year as part of efforts to strengthen its response to supply chain issues.

The ministry will spend a total of 2.55 billion won (US$2.15 million) to establish the "economic security and diplomacy center" for early detection, analysis and management of economy, technology and security-related issues.

The center will also provide support to the ministry's task force on economic security launched last month to help the pan-governmental campaign to build resilient supply chains of key items and tackle pandemic-driven economic challenges.

A foreign ministry official said the center aims to prevent and ease external supply chain risks to the country's economy and support overseas business activities of its major companies.

"Through the process, (we) plan to also expand cooperation with various countries with similar positions," the official added.

Source: Yonhap News Agency