It is not normal that 90% of chips are manufactured in one place, 70% of minerals are processed in one country or 80% of vaccines are exported from 10 countries, says Ngozi Okonjo-Iweala
The world needs to deconcentrate certain supply chains and certain manufacturing, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala said Tuesday at the World Economic Forum (WEF) in Davos, Switzerland.
"We have seen a lot of overconcentration of supply chains or manufacturing in certain sectors and we need to build resilience by something we call re-globalization at the WTO," she said.
The five-day annual meeting of the WEF in Switzerland, also known as the Davos summit, began Monday with the theme of "Collaboration for the Intelligent Age.”
Okonjo-Iweala stressed that it is not normal that 90% of something like chips that the world needs is manufactured in one place or 70% of minerals are processed in one country, or 80% of vaccines are exported from 10 countries.
"So how do we decentralize supply chains? How do we diversify? We can build resilience at the WTO. We are promoting an instrument that will help countries strengthen their economies and attract investments to help this re-globalization," she said.
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