Hong Nam-ki "Uncertainty in Middle East Situation Remains... However, Excessive Anxiety Should Be Avoided"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks while presiding over the 'Ministerial Meeting on the Middle East Situation' held at the Government Seoul Office in Jongno-gu, Seoul on the 10th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Joo Sang-don] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on the 10th, "While it is necessary to have a serious awareness and response posture regarding the recent Middle East situation, it is also important to be cautious about excessively emphasizing anxiety."

On the same day, Deputy Prime Minister Hong presided over a meeting of related ministers on the Middle East situation at the Government Seoul Office and made these remarks.

Hong said, "Yesterday, military tensions between the United States and Iran eased, leading to a rise in stock prices, stabilization of international oil prices and exchange rates, and signs of market calming." However, he added, "Uncertainty related to instability in the Middle East region still remains, and depending on how the situation develops, the volatility of domestic and international financial markets and international oil prices could expand again, which cannot be ruled out."

He emphasized that the government is taking the situation seriously and that all ministries and related agencies are working closely together and preparing meticulously. Hong stated, "Above all, we will do our utmost to ensure the safety of our overseas Koreans, local companies, and workers." He explained, "To support this, we have formed five joint task forces across five sectors?financial markets, international oil prices, real economy, overseas construction, and maritime logistics?that are monitoring the situation 24 hours a day, including a safety countermeasure team for overseas Koreans."

In particular, the government plans to proactively and swiftly activate the already established contingency plans, such as releasing government and private stockpiled oil, in preparation for any emergency, such as disruptions in crude oil and gas supply.

Hong Nam-ki requested, "I ask the public and all economic actors to trust the government's secured preparedness and response strategies and to calmly fulfill their respective roles." He added, "The government plans to hold related ministers' meetings frequently until this situation stabilizes and calms down."

This content was produced with the assistance of AI translation services.