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|Subject||Mid-term Plan for Commodity Stockpiling for Next Three Years|
|Division||International Cooperation Division|
Establishing a mid-term plan for commodity stockpiling for the next three years (from 2020 to 2022)
With the Commodity Stockpile Advisory Committee, discussing the scale of stockpiling and items diversification to handle possible crisis.
□ On February 14, PPS opened the session for Commodity Stockpile Advisory Committee at Seoul Regional Office and discussed the right ways to better operate commodity stockpile businesses.
○ The Committee, an advisory body that provides advice on commodity policies such as PPS' stockpiling polices and the commodity market, is staffed with experts from academia, industries, finacial institutes, and other relevant organizations.
On Feb. 14, PPS Administrator Jung Mookyung is delivering opening remarks in the session (second from the right side).
Mr. Jung discussed the right ways to operate commodity stockpiling businesses with the Committee members.
□ The sessions is aimed at establishing comprehensive stockpile policies that include how to adjust the scale of stockpiling in ways to reinforce the response system for commodity crisis, an essential goal of stockpiling, and how to diversify items subject to be reserved, responding to the demand of the industries.
○ The conversations were focused on how to adjust the scale of stockpiling to the reasonable level in order to brace for crisis where, for example, overseas supply comes to stop or local commodity producers face troubles in providing commodities. Also, they discussed how to find new items as core consumable commoditiy.
○ Not only that, in response to the outbreak of COVID-19 (the novel coronavirus), they talked about the ways of PPS to identify the status quo of commodity supply and to support small and medium-sized commodity mannufacturers.
□ With the opinions of the expoerts in the Committee, PPS is coming up with stockpiling business policies by priortizing how to improve the crisis response system from the mid-term perspective.
□ Mr Jung stressed that "considering the international commodity market and domestic supply and demand structure, government's stockpiling function becomes more critical than ever before", adding that "we are planning to prepare mid-term plans to build up our crisis response capabilities and actively response to the industrial demand through proactive strategies such as diversification of commodity items.
*Inquiry: Director Bang Hyungjun of Commodity Stockpile Division(+82 42 724 7207)