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Michael Hirou
It has been well documented that the semiconductor supply crisis has caused supply chain disruptions and shortages worldwide. In many cases, lead times are as far out as one year!
Semiconductors are in just about everything we use.
The auto industry has been particularly hard hit with industry leaders such as Ford, Nissan, Toyota, VW and Fiat Chrysler Automobiles announcing they are likely to miss their 2021 targets due to this shortage.
It is not just carmakers that are in trouble. The chip shortages are expected to cause widespread shortages of everything, from electronics to medical devices to technology and networking equipment.
In response to this crisis, the Biden Administration announced an executive order on February 24 calling for a 100-day review to assess vulnerabilities and areas for improvement of supply chains in four areas: pharmaceuticals, rare earth minerals, semiconductor chips and large-capacity batteries.
As the US continues to counter its dependence on China for critical supply chains, the ASEAN region and other Asian nations are good places to seek reliable partnerships and suppliers. If your business is involved in one of these key industry sectors, here are some notable facts:
Whether you are looking to expand your export base or are seeking strategic global alliances to mitigate risks of supply chain disruption, Tractus Asia can help. Tractus is a business strategy consulting and operations management firm dedicated to helping clients invest and thrive in Asia.
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