South Korea’s finance minister calls for wider trade ties and stronger supply buffers

South Korean Finance Minister Lee Hyoung-il called on October 12 for a broader trade network as protectionism, economic fragmentation and geopolitical tensions increase risks for businesses.

Speaking at a meeting with ministers responsible for international economic affairs, Lee said the government would monitor trade disputes involving major economies and use diplomatic outreach to support stability. He linked diversification to helping South Korean companies enter more overseas markets.

Lee also outlined efforts to strengthen supply chains during prolonged tensions in the Middle East and disruptions arising from the U.S.-China conflict. The government would continue supporting domestic production, building stockpiles and developing production capacity abroad, he said.

He said talks between national leaders should provide a basis for economic and supply-chain cooperation that delivers practical results. Other risks he identified included fiscal strains in major economies under high interest rates and a possible adjustment in artificial-intelligence industry investment.