Chemical Industry Forum Launched... Seeking Solutions for Supply Chains, Advancement, and Employment

Ministry of Trade, Industry and Energy Begins Discussions on Strengthening the Competitiveness of the Chemical Industry Ecosystem
Comprehensive Support Plan to Be Announced in the Second Half of the Year

The "Chemical Industry Forum," a public-private consultative body aimed at strengthening the competitiveness of South Korea's chemical industry, has been officially launched. The government plans to comprehensively discuss supply chain stability, industrial advancement, and issues related to regional economies and employment, with the goal of establishing support measures for the chemical industry in the second half of this year.

The Ministry of Trade, Industry and Energy announced on June 15, 2026, that it held the inaugural ceremony for the Chemical Industry Forum at Lotte Hotel in Seoul and began discussions on ways to enhance the competitiveness of the chemical industry ecosystem.

This forum was established to boost the competitiveness of the domestic chemical industry, which is currently facing a complex crisis due to intensified global oversupply and expanded supply chain risks stemming from instability in the Middle East.

The forum will be operated through three subcommittees: ▲Supply Chain Stabilization ▲Ecosystem Advancement ▲Regional Economy & Employment. The first, the Supply Chain Stabilization subcommittee, will discuss strategies for building a stable supply system for raw materials and components. The second, the Ecosystem Advancement subcommittee, will examine tasks required to shift the industry structure from being centered on general-purpose products to one focused on high value-added, eco-friendly, and digital innovations. The third, the Regional Economy & Employment subcommittee, plans to develop countermeasures for potential impacts on local economies and employment that may arise during the industrial restructuring process.

The Ministry of Trade, Industry and Energy plans to identify key policy issues through discussions within each subcommittee and, after consultation with relevant ministries and local governments, announce a "Comprehensive Support Plan for the Chemical Industry Ecosystem" in the second half of this year.

Chunghwa Jeong, Co-Chairman of the Chemical Industry Forum, stated, "To respond to global oversupply and market changes, we must foster high value-added and eco-friendly sectors as new growth engines based on a stable supply chain," adding, "We will operate the forum together with the government to ensure that it delivers tangible results, rather than remaining a mere platform for discussion."

Kiuk Yang, Director General for Industrial Resources Security at the Ministry of Trade, Industry and Energy, commented, "This forum marks a starting point for the public and private sectors to jointly discuss the structural crisis facing the chemical industry and to seek effective solutions. With raw material supply instability now a reality due to the recent war in the Middle East, we hope the forum will produce policy alternatives to strengthen supply chain stability and industrial competitiveness."

This content was produced with the assistance of AI translation services.