Hong Nam-ki: "Iran Situation Has No Direct Impact on Real Economy... Monitoring Coolly and Responding Firmly" (Comprehensive)

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance (second from the right), is delivering opening remarks while presiding over a meeting of related ministers on the Middle East situation held at the Government Seoul Office in Gwanghwamun, Seoul, on the 10th.

[Asia Economy Reporter Kwangho Lee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 10th regarding the conflict between the United States and Iran, "Domestic and international financial markets are showing signs of calming down, and no direct impact or unusual trends have yet been observed in the real economy sector."

On the same day, Hong presided over the 'Related Ministers' Meeting on the Middle East Situation' at the Government Seoul Office and stated in his opening remarks, "Since uncertainties related to instability in the Middle East region still persist, we will closely monitor the related situation and market trends with a clear mind, respond calmly but firmly if necessary."

Hong explained, "Yesterday, military tensions between the United States and Iran eased, leading to a rise in stock prices, stabilization of international oil prices and exchange rates, showing signs of market calming," and added, "There has been no damage to our overseas Koreans and corporate workers."

Hong emphasized that the government is taking the current situation seriously and that all ministries and related agencies are working closely together and preparing meticulously.

Hong stated, "Above all, we will do our utmost to ensure the safety of our overseas Koreans and local companies and workers," and emphasized, "To support this, we have formed five joint task forces across five sectors?overseas Korean safety, financial markets, international oil prices, real economy, overseas construction, and maritime logistics?comprising five ministries, and are monitoring 24 hours a day."

In particular, the government plans to proactively and swiftly activate the already established contingency plan, including the release of government and private stockpiled oil, in preparation for any emergency, such as disruptions in crude oil and gas supply.

Hong requested, "I ask the public and all economic actors to trust the government's secured preparedness and response strategies and to calmly fulfill their respective roles," and mentioned, "The government plans to hold related ministers' meetings frequently until this situation stabilizes."

Attending the meeting were Hong Nam-ki, Kim Hyun-mi, Minister of Land, Infrastructure and Transport, Eun Sung-soo, Chairman of the Financial Services Commission, Noh Hyung-wook, Director of the Office for Government Policy Coordination, and Lee Ho-seung, Senior Secretary for Economic Affairs to the Blue House.

After the meeting, Hong told reporters that regarding the 'Data 3 Acts' (amendments to the Personal Information Protection Act, Credit Information Act, and Information and Communications Network Act) and the 'Pension 3 Acts' (amendments to the National Pension Act, Basic Pension Act, and Disabled Pension Act) passed by the National Assembly the previous day, "We intend to expedite the follow-up legislative measures as soon as possible."