Yoon Holds Emergency Economic and Security Review Meeting
"Middle East Directly Affects International Oil Prices... Impact on Supply Chains"
"All Measures Taken for Safety of Our Citizens on Site"
President Yoon Suk-yeol is speaking at an emergency economic and security review meeting on the Middle East situation held on the 2nd at the Yongsan Presidential Office building in Seoul. [Image source=Yonhap News]
President Yoon Suk-yeol urged on the 2nd that "we must analyze the potential impacts on our economy and logistics from multiple angles and take necessary preemptive measures" amid rising tensions in the Middle East.
President Yoon made these remarks while presiding over an emergency economic and security review meeting regarding the Middle East situation at the Yongsan Presidential Office that afternoon.
President Yoon said, "the situation in the Middle East is serious," adding, "Recently, Israel attacked the armed group Hezbollah, and in retaliation, Iran launched missiles at Israel, heightening international concerns over the Middle East situation."
He continued, "At times like this, a calm and swift response is even more necessary," emphasizing, "We must meticulously review all possible scenarios that the military conflict in the Middle East could trigger and promptly prepare the necessary measures accordingly."
President Yoon stated, "Above all, protecting our citizens is paramount," and said, "Please take all necessary measures to ensure the safety of our citizens residing locally, and also make every effort so that our citizens in other countries can receive protection from the Republic of Korea government wherever they are."
In particular, President Yoon noted, "The safety of the Middle East is directly linked to international oil prices and greatly affects our energy supply and supply chains," and said, "please conduct more concrete and practical discussions during the meeting and swiftly implement the decisions made."
Attending the meeting were Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance; Lee Chang-yong, Governor of the Bank of Korea; Kim Byung-hwan, Chairman of the Financial Services Commission; Cho Tae-yeol, Minister of Foreign Affairs; Kim Yong-hyun, Minister of National Defense; Ahn Deok-geun, Minister of Trade, Industry and Energy; Bang Ki-seon, Director of the Office for Government Policy Coordination; and Cho Tae-yong, Director of the National Intelligence Service.
From the Presidential Office, Chief of Staff Jeong Jin-seok, Policy Chief Seong Tae-yoon, National Security Office Chief Shin Won-sik, and Senior Secretary for Economic Affairs Park Chun-seop were present.
Earlier, tensions in the Middle East peaked as Iran launched ballistic missiles toward Israel, raising the possibility of full-scale war between the two countries. Market uncertainty increased, causing international oil prices to surge and global markets to fluctuate. The safe-haven US dollar strengthened, while the New York Stock Exchange declined.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
