South Korea to beef up supply chain resilience by tapping Malaysia and Asean

Published 2024년 6월 9일

Tridge summary

South Korea is strengthening its supply chain resilience by increasing collaborations with ASEAN countries, especially Malaysia, as a response to the escalating US-China economic rivalry. The country is focusing on the development of secure and diversified supply chains through its Indo-Pacific Strategy, which includes investing in domestic production capabilities in crucial sectors and fostering research and development in cutting-edge technologies. South Korea is also resuming free trade agreement negotiations with Malaysia and exploring the potential of local currency settlements to reduce dependence on the US dollar and create a more stable financial environment for the region.

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Original content

KUALA LUMPUR (June 9): South Korea is enhancing its supply chain resilience by intensifying collaborations with Asean countries, particularly Malaysia, in response to the escalating United States-China economic rivalry. South Korea’s special envoy for Indo-Pacific affairs, Chung Kee Yong, told Bernama that his country is currently prioritising the development of secure and diversified supply chains through its Indo-Pacific Strategy. “We are actively collaborating with Asean partners by working with countries like Malaysia. It is possible to develop robust regional supply chains together. “The MOU between the two countries for Strategic Cooperation on Critical Supply Chains, currently being discussed, may serve as a good example of such collaboration, setting an invaluable precedent. This collaborative approach strengthens economic integration within Southeast Asia and reduces dependence on any single supplier, mitigating risks.” Chung said this to Bernama after his plenary session ...

Source: Theedgemarkets