Finance Minister Hong Nam-ki has vowed all-out efforts to minimize the impacts that South Korea’s economy could face due to disruptions in global value chains.

Hong made the remark in London on Monday during a seminar on South Korea’s economy attended by 21 senior officials of global investment banks and asset management firms. 

Hong said glitches in global value chains have so far had limited impact on South Korea’s economy, expressing confidence that Seoul will be able to smoothly overcome such interruptions. 

He noted that after taking a big hit from Japan’s export restrictions two years ago, the government pursued measures to boost competitiveness in materials, parts and equipment. Given this experience, Hong said the nation became more self-sufficient, adding that the export restrictions ultimately acted like a vaccine. 

Hong said the government is now devising measures with related companies on supplying automotive semiconductors in the wake of operational disruptions at some domestic carmakers resulting from global supply glitches.