S Korean government to create a fund to cope with supply chain challenges

The President said the government will make a list of raw materials and other items essential for 'economic security' purposes and manage them to protect local companies against shortages

South Korea President Moon Jae-in said on Monday the government will create a fund to better secure key raw materials essential for manufacturing and exporting in the face of current supply bottlenecks.

"As a control tower, the Presidential 'Economic Security Supply Chain Management Committee' will be newly established, and a fiscal backing will be made as we will create a fund to stabilize supply chain woes," Moon said at a cabinet meeting, according to a statement from the presidential Blue House.

He said the government will make a list of raw materials and other items essential for "economic security" purposes