'Made in Korea' becomes a must as supply chains collapseAs the coronavirus pandemic hit the global economy and manufacturing hubs like China went into lockdown, the extent to which Korea relies on foreign suppliers very quickly became clear.
The shutdown of factories abroad triggered shortages of parts for major manufacturers in Korea, pushing companies like Hyundai Motor to suspend factory operations back in February.
That production stopping on the other side of the world could so quickly bring Korean manufacturers to their knees exposed just how important localizing suppliers is. Producing essential parts and materials at home was a hot-button political issue even before Covid-19 arrived, after Japan imposed restrictions on exports to Korea of three key materials last year.
BY JEON TAE-GYU [firstname.lastname@example.org]
More in Video News
Yoon Hyun-sang writes with wit and sings with heart
Will Korea's airline industry ever really take off again?
'Made in Korea' becomes a must as supply chains collapse
Robot revolutions and dark stores: Rethinking retail in a pandemic
Ninety One, the boy band pioneering Q-pop in Kazakhstan