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German economy minister tells firms to diversify beyond China in Asia

Christian Fernsby ▼ | October 19, 2020
German companies should diversify to other Asian markets beyond China to be less dependent on single supply chains which the pandemic has shown were vulnerable to interruption, economy minister Peter Altmaier said.
Peter Altmaier
Germany   Peter Altmaier
Altmaier told a business conference that the coronavirus outbreak had shown that supply chains were often one-sided and created dependencies.

Topics: German

He alluded to bottlenecks in the supply of medical equipment for the German market in spring when China was at the height of the pandemic. "We naturally want to diversify our supply chains," the minister said.

Singapore and South Korea could offer promising opportunities as they had handled the coronavirus crisis very well and regained their economic strength early on, he said.