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Is friend-shoring the way to go?

Name: Is friend-shoring the way to go?
Uploaded: 2024-05-16T15:46:55+00:00
Duration: 52 s
Channel: Will Milling
Description: In this segment, the speaker introduces the concept of “friendshoring,” proposing that a nation should align its import needs with politically friendly…

16 May 2024 · 1 min

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In this segment, the speaker introduces the concept of “friendshoring,” proposing that a nation should align its import needs with politically friendly countries. The idea emerged during the COVID‑19 pandemic when critical supplies like PPE became scarce, revealing a dependence on foreign manufacturers that no longer produce essential items domestically. The speaker suggests that, to improve supply‑chain resilience and safeguard against future crises, production could be shifted from less friendly nations to those with stronger diplomatic ties.

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So the friendshoring idea is, well, maybe what we should do is align our needs, right? What we need to import with countries that are friendlier to us. The notion started during COVID because there was insufficient PPE, right? You will remember not enough mask and so on. So the idea was, well, some of these things are quite important to different economies because when you have a crisis, suddenly you don't have enough. And then you find that you don't actually make that stuff yourself anymore. So if you regard certain countries as more friendly, shall we do more business with those countries? So friendshoring might mean, well, maybe we should relocate some of the production away from certain countries to those countries where we have a friendlier relationship.