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, this report said. Sunday Seoul officials.
The domestic body is part of the government’s broader efforts to address concerns about potential supply chain bottlenecks and adapt to the changing geopolitical and economic environment amid intensifying rivalry between the United States and China.
The ministry plans to recruit professionals with doctoral or master’s degrees in economics, commerce, engineering and science, and the recruitment process is already underway, a senior ministry official said.
“We are looking for professionals who have a comprehensive view of emerging technologies, diplomacy and commerce to read about the changing environment and its implication on national security,” said the official, who requested anonymity.
In November, South Korea activated an early warning system to monitor key industry materials and items to prevent a recurrence of a supply shortage similar to the one involving urea solution.
South Korea suffered an acute supply shortage of urea solution, a key fluid needed in diesel cars to reduce emissions, after China imposed urea export restrictions in October to ease domestic supply shortages.
Currently, 37 embassies and other diplomatic missions closely monitor more than 4,000 items, which are highly dependent on imports and have a wide effect on the local economy, to ensure the stability of supply chains, according to the ministry.