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S. Korea launches early warning system on 4,000 key industry items Updated: 2021-11-26 16:59:26 KST

South Korea has launched an early warning system on 4-thousand major industry items to monitor and prevent potential supply issues.
This comes as the country has recently faced an acute shortage of urea solution, a key fluid used in diesel vehicles.
To avoid future crisis, the government on Friday set up a pan-government task force aimed at securing stable supply chains.
Key materials with more than 50 percent of the supply coming from a specific country or that need to be managed will be added to the 4-thousand items on the list.
Lee Eog-weon, the vice minister of economy and finance, said that key materials linked to the country's major industries such as semiconductors, autos, and battery cells are heavily dependent on imports from certain countries.
He added that global prices of goods have been in flux, raising concerns over supply chain risks.
For now, only 20 items, such as magnesium and tungsten, have been included.
By next month, about 100 to 200 others will be added and classified as key economic and security items.
The government said that it will work to diversify import channels and seek to locally produce those key materials.
The vice minister of economy and finance also called on other ministries for their support to successfully monitor and manage key items in the country.
Min Suk-hyen, Arirang News.
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