Held security and economic situation review meeting
The government held a security and economic meeting regarding Israel’s attack on Iran to discuss the domestic impact and ways to protect the safety of our people. Israel carried out a retaliatory attack against Iran over the weekend. The government plans to monitor the situation and implement necessary measures, although there is no impact yet on the domestic financial market.
The President’s Office held a security and economic situation review meeting co-chaired by Policy Director Seong Tae-yoon and National Security Office First Deputy Director Kim Tae-hyo at 2 p.m. on the 27th. Attending the meeting on this day were First Vice Minister of Strategy and Finance Kim Beom-seok, First Vice Minister of Foreign Affairs Kim Hong-gyun, Vice Minister of National Defense Kim Seon-ho, Second Vice Minister of Trade, Industry and Energy Choi Nam-ho, Vice Minister of Oceans and Fisheries Song Myeong-dal, and Financial Services Commission Vice Chairman Kim So-young.
Meeting attendees evaluated the situation in the Middle East following Israel’s attack on Iran. In addition, we inspected the safety of Korean citizens living abroad, Korean companies, and embassies abroad, and discussed safety protection and evacuation measures for Korean citizens in preparation for the possibility of worsening conditions in the future. The government has decided to work closely with the international community to quickly restore stability in the Middle East and preemptively take necessary measures for each ministry depending on future developments.
In addition, we plan to closely monitor and actively respond to the impact on the financial market and oil and crude oil markets. The President’s Office said, “For now, the impact of geopolitical risks in the Middle East region on our economy will be limited,” but added, “We will continue to maintain a 24-hour monitoring system to prepare for the possibility of sudden changes in the situation in the Middle East region, and immediately implement step-by-step measures according to the response manual when necessary.” “I plan to go out,” he explained.
Although the government does not directly import crude oil from Iran, it plans to respond through various stabilization measures, such as additional reductions in fuel taxes, if significant volatility occurs due to the influence of the global crude oil market. Currently, crude oil reserves are sufficient for more than 200 days. It is also said that it has been confirmed that there are no problems with the supply and transportation of crude oil and gas.
Jo Hye-sun, Donga.com reporter [email protected]
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