South Korea’s president urges transparency on supplies amid market concerns

South Korean President Lee Jae Myung on April 1 called for greater transparency over the supply and demand of key goods, warning that uncertainty linked to the Iran conflict is fuelling market anxiety and misinformation.

Speaking at an emergency economic response meeting, Lee said the government must clearly communicate the status of major commodities to prevent confusion and speculation, Caliber.Az reports per foreign media.

"We should transparently inform the public about supply and demand conditions, and response measures for key items to prevent unnecessary confusion and anxiety from spreading in the market," Lee said.

His remarks came amid reports of hoarding of standard plastic garbage bags following a sharp rise in polyethylene prices, a key raw material used in plastic production. Concerns over fuel and materials supply have grown as tensions involving Iran disrupt global markets.

"If information is not clear, unnecessary suspicion and doubt could arise, which may fuel confusion through fake news and rumors," Lee added.

Lee instructed relevant ministries to identify items that could be affected by the U.S.-Iran conflict and compile a list for daily monitoring of supply, demand, prices and any abnormal market activity. He also directed officials to maintain close coordination with industry and review distribution channels to ensure swift responses where needed.

To mitigate global supply chain uncertainties, Lee called on South Korea’s overseas missions to actively seek alternative sources of supply in support of private-sector diversification efforts.

"Overseas missions should take the lead in actively identifying alternative supply sources abroad," he said, adding that such initiatives should align with businesses’ push to diversify supply chains for critical materials.

By Sabina Mammadli