South Korea launches the "National Supply Chain Issue Hotline"

South Korea’s Yonhap News Agency, Seoul Economic Daily, and other Korean media reported that to reduce the impact of Middle East tensions on Korea’s energy supply, the Korean government launched the “National Supply Chain Issue Hotline” on the 7th, focusing on handling business and public concerns, speeding up the investigation and resolution of bottlenecks in import, production, and circulation links. Korean media stated that Korea’s economy is highly dependent on Middle Eastern energy. By 2025, the crude oil and naphtha imported through the Strait of Hormuz will account for 61% and 54%, respectively. The “National Supply Chain Issue Hotline” aims to address supply chain instability caused by Middle East turmoil, focusing on resolving issues such as obstacles to importing raw materials and intermediate products, and difficulties in international logistics transportation. The hotline is mainly operated through the official social media account of Korea’s Ministry of Economy and Finance, which has also added a dedicated portal on its official website to further expand the scope of opinion collection. Businesses and the public can submit their actual difficulties encountered in the supply chain or policy improvement suggestions via messages and other methods. Meanwhile, multiple Korean central government departments, including the Ministry of Trade, Industry and Resources, the Customs Service, and the Ministry of Land, Infrastructure and Transport, have simultaneously opened opinion windows to promote cross-departmental coordination on supply chain-related issues. The Korean government also stated that collected concerns will be quickly assessed and addressed in a timely manner, with solutions provided through relaxed regulations if necessary, and efforts will be made to normalize on-site opinions into policy design to improve supply chain security mechanisms. (Global Times)