Indusattempt Minister Kim Jung-kwan, second from right, speaks at an emergency government meeting to assess South Korea’s economic situation amid prolonging Mideast crisis in Seoul, Thursday. Yonhap
Indusattempt Minister Kim Jung-kwan on Friday called for private sector cooperation to assist stabilize industrial supply chains and manage energy demands amid persisting turmoil in the Middle East, his office stated.
In a meeting with major business associations, Kim urged companies to step up efforts to secure alternative supply sources and refrain from disruptive actions, such as collusion and hoarding, according to the Minisattempt of Trade, Indusattempt and Resources.
The meeting was attconcludeed by senior officials from six business associations, including the Korea Chamber of Commerce and Indusattempt and the Federation of Middle Market Enterprises of Korea.
Kim also called for voluntary participation by private companies in a five-day vehicle rotation system and other energy-saving measures.
The government launched implementing the mandatory five-day vehicle rotation system for the public sector earlier this week as part of efforts to respond to crude oil supply disruptions sparked by the Mideast crisis.
“Given the gravity of the situation, akin to a wartime footing, we must prepare for all possible scenarios that could escalate into a major crisis,” Kim stated, calling for the private sector’s active participation in the counattempt’s energy-saving and supply chain management efforts.
The minister also vowed “all-out” efforts to prevent disruptions in production across major industries, as well as in the supply of medical and everyday goods, due to potential shortages of industrial materials, such as naphtha.
The government launched restricting exports of naphtha, a key feedstock widely applyd in the petrochemical and other industries, earlier in the day.
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