Washington, April 13, (dpa/GNA) – G7 powers said low- and middle-income must take on “bigger roles” to help secure and diversify global supply chains, for instance in strategic technologies and renewables.
The high degree of concentration in high-tech manufacturing materials is a cause for concern, a joint statement by finance ministers and central bank leaders of the leading industrialized democracies.
Wednesday’s statement did not name China, which dominates certain tech sectors like semiconductors.
The G7 said it was seeking potential partners and that the bloc could offer tax incentives, subsidies and public loans.
“We commit to jointly empowering low- and middle-income countries to play bigger roles in supply chains through mutually beneficial cooperation by combining finance, knowledge, and partnership, which will help contribute to sustainable development and enhance supply chain resilience globally,” the
statement released on the sidelines of meetings held by the World Bank and International Monetary Fund said.
The G7 includes the United States, Britain, Germany, France, Italy, Canada and Japan.
GNA