Emergency Economic and Security Review Meeting Held
President Yoon: "Difficult to Rule Out Possibility of Situation Escalation"
On the 11th, President Yoon Suk-yeol ordered, regarding the clash between Israel and the Palestinian armed group 'Hamas,' "Please thoroughly prepare to ensure that our people do not suffer any damage or fall into danger, even slightly, from an economic or security perspective."
President Yoon held an emergency economic and security inspection meeting at the Yongsan Presidential Office that afternoon and stated about the Israel-Hamas situation, "Since this is an issue where the positions and interests of several countries are sharply intertwined, it is difficult to rule out the possibility of the situation escalating."
He continued, "This Middle East crisis, in addition to the Ukraine war, may worsen the vulnerabilities the international community faces, such as energy security and supply chain issues," emphasizing, "We must keep in mind that if we miss the golden time by not proactively managing risks, the damage will fall entirely on our people."
He especially requested, "Please carefully review and analyze the economic and security implications this situation presents to us and continuously report on them."
Attending the meeting were Foreign Minister Park Jin, Defense Minister Shin Won-sik, Minister of Trade, Industry and Energy Bang Moon-kyu, Director of the National Intelligence Service Kim Kyu-hyun, First Vice Minister of Strategy and Finance Kim Byung-hwan, Chief Presidential Secretary Kim Dae-gi, and National Security Office Director Cho Tae-yong.
With high inflation continuing due to the Ukraine war and the outbreak of armed conflict between Israel and Hamas, which could have a significant negative impact on our economy, the meeting was held to check the energy security situation, including rising oil prices.
At the Cabinet meeting the day before, President Yoon also stated, "The government must not let its guard down and must respond closely to external instability factors to prevent the worsening of difficulties in people’s livelihoods," and ordered, "Led by the Deputy Prime Minister for Economy, related ministries should monitor domestic and international economic and financial situations in real time and thoroughly manage risks related to economic instability."
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