Davos 2023: South Korea's Yoon requires strengthening resilience of worldwide provide chains

SEOUL – South Korea’s President Yoon Suk-yeol on Thursday referred to as for strengthening the resilience of worldwide provide chains, describing it as one of the pressing duties dealing with the worldwide neighborhood.

Yoon made the remarks on the World Financial Discussion board’s annual assembly in Davos, Switzerland, saying the battle in Ukraine had additional disturbed the steadiness of provide chains following the disruption of the COVID-19 pandemic.

“We’re witnessing segmentation of provide chains as a result of pandemic, geopolitical conflicts, competitors for know-how and the decline of the multilateral commerce system, and the battle in Ukraine has added to their disruptions,” Yoon mentioned.

Free commerce remained vital regardless of rising protectionism, the South Korean president mentioned, and vowed to work with “reliable” nations to stabilise world provide chains.

“Constructing partitions and strengthening protectionism can by no means be the fitting reply,” he added.

Additionally referring to the local weather disaster, Yoon mentioned South Korea would step by step search carbon neutrality by increasing using nuclear vitality and that Seoul was keen to cooperate with different nations that wanted nuclear energy applied sciences.

(Reporting by Soo-hyang Choi and Hyeyeon Kim; Modifying by Toby Chopra and Alex Richardson)