Emergency Economic and Security Meeting Amid Middle East Crisis
"Closely Monitoring Impact on International Oil Prices and Exchange Rates"
President Yoon Suk-yeol is speaking at the "Emergency Economic and Security Meeting on the Middle East Situation" held at the Presidential Office building in Yongsan, Seoul, on the 14th. [Image source=Yonhap News]
President Yoon Suk-yeol presided over an "Emergency Economic and Security Meeting in Response to the Middle East Situation" at the Yongsan Presidential Office on the afternoon of the 14th.
The meeting was held to comprehensively assess the impact of Iran's attack on Israel on international security and economic conditions, as well as on South Korea's security and economy, and to discuss future response directions.
The attendees evaluated that the geopolitical instability in the Middle East is increasing uncertainty in the global economy, and agreed to closely monitor the ripple effects of movements in international oil prices and exchange rates, while responding promptly to the impact of the current situation on South Korea's economy, including supply chains and prices.
Furthermore, the government decided to work closely with the international community to ensure the swift restoration of stability in the Middle East region.
President Yoon instructed the intensive operation of an intergovernmental analysis and management system related to international oil prices, energy supply and demand, and supply chains. He also urged thorough examination of the outlook and risk factors for South Korea's economy and security, and the implementation of meticulous contingency plans to enable rapid and effective responses regardless of how the situation unfolds.
President Yoon Suk-yeol is speaking at the "Emergency Economic and Security Meeting on the Middle East Situation" held on the 14th at the Yongsan Presidential Office building in Seoul. [Image source=Yonhap News]
President Yoon also instructed the thorough preparation of safety measures for South Korean nationals, companies, and diplomatic missions located in Israel and the Middle East region, as well as for South Korean vessels navigating nearby waters.
At the meeting, government and related agencies were represented by Choi Sang-mok, Deputy Prime Minister for Economy; Cho Tae-yeol, Minister of Foreign Affairs; Kim Young-ho, Minister of Unification; Shin Won-sik, Minister of National Defense; Kang Do-hyung, Minister of Oceans and Fisheries; Cho Tae-yong, Director of the National Intelligence Service; Kim Ju-hyun, Chairman of the Financial Services Commission; Lee Chang-yong, Governor of the Bank of Korea; Bang Ki-seon, Director of the Office for Government Policy Coordination; and Kang Kyung-sung, 1st Vice Minister of Trade, Industry and Energy.
From the Presidential Office, Lee Kwan-seop, Chief of Staff to the President; Jang Ho-jin, Director of the National Security Office; Sung Tae-yoon, Director of the Policy Office; Park Chun-seop, Senior Secretary for Economic Affairs; Kim Tae-hyo, 1st Deputy Director of the National Security Office; In Sung-hwan, 2nd Deputy Director of the National Security Office; and Wang Yoon-jong, 3rd Deputy Director of the National Security Office, also participated.
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