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 held on the 2nd at the Yongsan Presidential Office building in Seoul in response to the Middle East situation. [Image source=Yonhap News]
President Yoon Suk-yeol on the 2nd ordered the immediate deployment of military transport aircraft to protect our citizens in the Middle East, where the risk of war is escalating. He also urged a multifaceted analysis of the impact of Middle East instability on our economy and logistics, and to take proactive necessary measures.
The presidential office stated that President Yoon made these remarks while presiding over the "Emergency Economic and Security Review Meeting on the Middle East Situation" at the Yongsan Presidential Office in the afternoon.
The meeting was convened to assess the impact of the rapidly deteriorating Middle East situation, caused by recent military clashes between Israel and Hezbollah, on our security and economy, and to discuss future response directions.
At the meeting, 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, increasing international concerns about the Middle East situation."
He continued, "At times like this, a calm and swift response is necessary," emphasizing, "We must meticulously examine all possible scenarios that the military clashes in the Middle East could cause and promptly prepare the necessary measures accordingly."
President Yoon stated, "Above all, the most important thing is to protect our citizens," and said, "Please take all necessary measures to ensure the safety of our citizens on the ground, and also make every effort so that our citizens in other countries can receive protection from the Republic of Korea government wherever they are."
President Yoon ordered the immediate deployment of military transport aircraft to evacuate our citizens in the Middle East region.
Presidential spokesperson Jung Hye-jun said in a briefing that "Because the uncertainty of the Middle East situation is higher than ever, the president ordered to keep all possibilities of future developments open and to operate a 24-hour monitoring system under close cooperation among related ministries and agencies."
On the 2nd (local time), smoke is rising from buildings in the southern Beirut area of Lebanon destroyed by an airstrike by the Israeli military. [Image source=Yonhap News]
In particular, President Yoon said, "The safety of the Middle East region is directly linked to international oil prices and greatly affects our energy supply and supply chains," adding, "Please conduct more specific and practical discussions than in the meeting, and promptly 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 Jung 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.
According to the presidential office, the attendees evaluated the current situation in the Middle East, checked the safety of overseas nationals, Korean companies, dispatched troops, and diplomatic missions, and reviewed response measures for all possible future scenarios.
They also closely monitored the ripple effects of movements in international oil prices and exchange rates, and agreed to promptly respond to the impact of the current situation on our economy, including supply chains and prices.
Earlier, tensions in the Middle East peaked as Iran launched ballistic missiles toward Israel, increasing the possibility of full-scale war between the two countries. Market uncertainty grew, causing international oil prices to surge and global markets to fluctuate. The safe-haven US dollar strengthened, while the New York Stock Exchange declined.
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