Government Launches Emergency Response Team for Middle East Crisis: "24-Hour Monitoring and Scenario-Based Action"

Possibility of Intensified International Energy Price Volatility
"We Must Respond to Prevent Any Disruptions in Energy Supply"

As Israel has conducted airstrikes against Iran, the government will launch a joint emergency response team with related agencies to alleviate concerns arising from the Middle East situation. Going forward, the government plans to monitor not only developments in the Middle East but also financial and real sector trends around the clock, taking immediate action according to scenario-based response plans.

Lee Hyungil, Acting Minister of Strategy and Finance (First Vice Minister), is speaking while presiding over an emergency joint situation assessment meeting with related agencies regarding the Middle East situation at the Government Seoul Office Building on the afternoon of the 13th. Ministry of Strategy and Finance

On the afternoon of the 13th, Lee Hyungil, Acting Minister of Strategy and Finance (First Vice Minister), held an emergency joint situation assessment meeting with related agencies regarding the Middle East situation at the Government Seoul Office Building. The meeting was convened to assess the developments in the Middle East and market trends following Israel's airstrikes on Iran on the 13th (local time), and to discuss the potential impact on the domestic economy and response strategies. Attendees included representatives from the Ministry of Foreign Affairs, Ministry of Trade, Industry and Energy, Financial Services Commission, Bank of Korea, and Financial Supervisory Service.

Lee emphasized, "Given the high uncertainty over future developments and the possibility that military tensions in the Middle East could escalate, we must keep all possibilities open and strengthen our monitoring and response to real sector and market trends, ensuring thorough situation management."

He also noted, "Since the Middle East is a region where Korea is highly dependent on energy, we must pay close attention to the increased volatility in international energy prices. It is crucial to thoroughly analyze the impact and take all necessary measures to prevent any disruptions in energy supply."

To this end, the government will operate a joint emergency response team with related agencies, monitoring the Middle East situation and financial and real sector trends 24 hours a day. Lee will oversee the emergency response team, which will be divided into the International Energy Team (Ministry of Trade, Industry and Energy), Real Economy Team (Ministry of Strategy and Finance), and Financial Market Team (Financial Services Commission). The Ministry of Foreign Affairs will be responsible for the Situation Monitoring Team.

If excessive volatility emerges that is disconnected from the fundamentals of the Korean economy, the government plans to take immediate and decisive action in close cooperation with relevant agencies, in accordance with the scenario-based contingency plan. In addition, the government will monitor the impact on the real economy, such as energy and exports, and if any abnormal signs are detected, relevant ministries will collaborate to respond swiftly.