Event Recap: Trade Chat: The Fragility of the Global Supply Chain
On April 22, 2021, GRI Founding Director Stephen E. Flynn joined an engaging panel discussion, sponsored by World Trade Center Kentucky, on the resiliency and fragility of global supply chains. The recent blockage of the Suez Canal and ice storms that affected Kentucky and the eastern U.S. demonstrated that one event or a multitude of events can cause cascading supply chain disruptions. According to a recent Reuter’s article, “More than 60% of Asian exports to the west flowed via the choked Canal in 2020.” Recent ice storms caused port delays and disruptions in the U.S. supply chain. The conversation focused on the impact that recent disruptions has had on both domestic and international supply chains, the actions that companies can take to limit their risk, and ways to build a more resilient supply chain.
Dr. Flynn and panelists framed the discussion around the following points:
- What impact does a disruption like the blockage of the Suez Canal and recent ice storms have on supply chains?
- How do we build more resilient supply chains?
- What kind of risk mitigation strategies can companies implement to shore up their supply chains?
The World Trade Center Kentucky (WTC-KY) is the leading provider of trade education, trade advisory, and trade missions across the state. Each year, the WTC-KY responds to trade service requests, on-site trade support, and organizes international trade education programs covering topics ranging from international sales contracts to market entry strategies. In addition, the WTC-KY conducts trade missions and Washington, D.C. trade fly-ins, which allow Kentucky businesses to explore a market through site visits, business matchmaking and introductions to government officials.
About the Speaker:
As Founding Director of the Global Resilience Institute at Northeastern University, Stephen E. Flynn leads a major university-wide research initiative to inform and advance societal resilience in the face of growing human-made and naturally-occurring turbulence. At Northeastern, he is also Professor of Political Science with faculty affiliations in the Department of Civil and Environmental Engineering and the School of Public Policy & Urban Affairs. Dr. Flynn is recognized as one of the world’s leading experts on critical infrastructure and supply chain security and resilience.
See full event recording here.