Yoon: "Thorough Preparedness for Energy and Supply Chain Amid 'Middle East Crisis'"...Strong Condemnation of Hamas (Comprehensive)

Emergency Economic and Security Review Meeting Held
President Yoon: "Difficult to Rule Out Possibility of Situation Escalation"
Government Continues Monitoring Volatility in Financial Markets and Real Economy
Government Condemns Hamas for "Killing Civilians and Hostage Situation, Terrorist Acts"

President Yoon Suk-yeol on the 11th ordered, regarding the clash between Israel and the Palestinian armed group 'Hamas,' "to thoroughly prepare so that our people do not suffer any damage or fall into danger from an economic or security perspective."

On the same day, President Yoon held an emergency economic and security inspection meeting at the Yongsan Presidential Office and stated about the Israel-Hamas situation, "Since this is an issue where the positions and interests of several countries are sharply intertwined, it is difficult to rule out the possibility of the situation escalating."

The meeting was held to comprehensively assess the impact of the Israel-Hamas situation on our security and economy and to discuss future response directions. Attendees included Foreign Minister Park Jin, Defense Minister Shin Won-sik, Minister of Trade, Industry and Energy Visit Kyu, Director of the National Intelligence Service Kim Gyu-hyun, First Vice Minister of Strategy and Finance Kim Byung-hwan, Chief of Staff Kim Dae-gi, and National Security Office Director Cho Tae-yong.

At the Cabinet meeting the previous day, President Yoon also said, "The government must not let its guard down and must closely respond to external instability factors and do its utmost to prevent the worsening of difficulties in people’s livelihoods," adding, "I ask related ministries, led by the Deputy Prime Minister for Economy, to monitor domestic and international economic and financial situations in real time and thoroughly manage risks related to economic instability."

[Image source=Yonhap News]

President Yoon emphasized, "This Middle East crisis, in addition to the Ukraine war, may worsen the vulnerabilities of the international community facing crises such as energy security and supply chain issues," and added, "We must keep in mind that if we miss the golden time by not proactively managing risks, the damage will fall entirely on our people." He also urged, "Please carefully review and analyze the economic and security implications this situation presents to us and continuously report on them."

Furthermore, President Yoon checked the safety status of our overseas nationals in Israel and the Palestinian territories and the evacuation status of short-term residents, instructing that thorough safety measures be prepared for our compatriots and travelers.

In response, the meeting participants assessed that domestic and international uncertainties are increasing depending on the future development of the situation and reported that they will continue to closely monitor the volatility of the domestic financial market and real economy in response to movements in international oil prices and exchange rates.

For the first time since Hamas's surprise attack on Israel on the 7th, a condemnation message was issued. The participants strongly condemned the indiscriminate killing of civilians and hostage situations by Hamas armed forces as terrorist acts that clearly violate international humanitarian law.

President Yoon also expressed agreement with the U.S. Senate delegation visiting the Yongsan Presidential Office in the afternoon that both South Korea and the U.S. should play a constructive role to promptly end the situation and achieve regional tension relief and stability, while condemning Hamas.

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