Presiding Over Emergency External Economic Inspection Meeting via Video Conference from the US
Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated on the 19th, "We will strengthen the pan-government emergency response system with heightened vigilance to ensure that the Middle East situation does not negatively impact the Korean economy."
Deputy Prime Minister Choi, who is visiting the United States to attend the International Monetary Fund (IMF) and World Bank (WB) annual meetings, held an emergency external economic inspection meeting via video connection with the Government Seoul Office, attended by key officials from the Ministry of Strategy and Finance, to review the developments in the Middle East situation and discuss response plans.
Amid reports from foreign media that missiles launched by Israel struck facilities in Iran earlier that morning, Deputy Prime Minister Choi was briefed on the Middle East situation and domestic and international financial market trends, noting that the uncertainty surrounding the Middle East situation has significantly increased.
First, he ordered the strengthening of the pan-government emergency response system with greater vigilance than ever to prevent any negative impact on the Korean economy related to this situation.
So far, no disruptions have been reported in the energy, import-export, supply chain, or maritime logistics sectors; however, a joint emergency response team involving relevant agencies has been activated to closely monitor the situation. Additionally, he instructed each ministry’s sector-specific emergency response teams to engage in detailed responses according to the unfolding situation.
Regarding the financial sector, he ordered real-time monitoring of market trends through joint efforts of relevant agencies and immediate response centered on the already activated 94 trillion won market stabilization program, in cooperation with related agencies if necessary.
He also emphasized taking immediate and firm measures against excessive market fluctuations that deviate from the fundamentals of the Korean economy.
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