Kang Hoon-sik: "Strict Response to Market Disruption Amid Middle East Crisis"... Review of Labor Union Law Implementation and BTS Concert Safety

At Senior Secretaries Meeting, Chief of Staff Orders Swift Response from Ministries
"Prompt Inspection of Collusion, Hoarding, and Manipulative Price Hikes" Urged
"Revised Labor Union Law Effective on the 10th Marks a New Starting Point for Labor-Management Co-Prosperity"
Regarding BTS Concert on the 21st: "Attention to Detail Prevents Accidents"

Presidential Chief of Staff Kang Hoon-sik emphasized on March 9 that attempts to exploit the recent deepening crisis in the Middle East as a money-making opportunity in the financial markets and the real economy must be thoroughly blocked. He specifically called on relevant ministries to swiftly inspect and strictly respond to market-disrupting behaviors such as collusion, hoarding, and manipulative price hikes.

Yonhap News Agency

According to the Presidential Office, Chief Kang reported that, during the senior secretaries' meeting he presided over that afternoon, President Lee Jaemyung had convened an emergency economic review meeting earlier in the morning. At that meeting, the president closely examined trends in the Korean economy in light of the recent worsening situation in the Middle East and instructed preemptive measures to be taken, preparing even for the worst-case scenario as international circumstances deteriorate rapidly. The day's meeting also included a comprehensive review of responses to external uncertainties arising from the Middle East, management of labor relations following the implementation of the revised labor union law, and safety measures for large-scale cultural events.

First and foremost, Chief Kang stressed the need to prevent unfair practices that take advantage of the crisis not only in the financial markets but also across the real economy, including essential goods. Accordingly, he ordered the Ministry of Economy and Finance, the Fair Trade Commission, the Ministry of Trade, Industry and Energy, and other relevant ministries to swiftly inspect and strictly respond to illegal activities such as collusion and hoarding, as well as manipulative price increases and other market-disrupting behaviors.

He also urged all ministries to establish effective emergency supply plans for energy and raw materials. Chief Kang stated, "We must fully explain the situation to the public and seek their understanding so that this crisis is not just an episode of short-term shock response, but an opportunity to improve the structural foundation of our economy."

In addition, with regard to the revised labor union law that will take effect from the 10th, Chief Kang emphasized that it should serve as a new starting point for labor-management co-prosperity. He assessed, "As this is a system that could not be implemented due to two vetoes by the previous administration and is now finally taking effect, it will lift the shackles of retaliatory damages that threaten workers' right to livelihood and open the door to real dialogue, marking an important turning point."

Chief Kang also made requests to both labor and management. He asked the labor sector to exercise their rights in an orderly manner based on institutionally guaranteed bargaining rights, and urged the business sector to recognize labor unions as partners for sustainable growth and development and to engage in negotiations in good faith. He further mentioned that the Ministry of Employment and Labor, together with relevant ministries, should support the field based on consistent principles to enhance predictability.

Regarding the BTS concert scheduled for March 21 in Gwanghwamun Square, Chief Kang reiterated the importance of safety management. He acknowledged that this event, which is expected to attract up to 260,000 people, could serve as an opportunity for Korea to establish itself as a venue for global pop culture exchange. However, he also warned that even a single accident at such a large-scale event could deal a critical blow to the nation's reputation, thus thorough preparation is essential. He specifically ordered meticulous inspections of basic amenities such as restrooms, trash bins, and drinking water. He asked the Ministry of the Interior and Safety and the National Police Agency to prepare thorough safety measures from the planning stage of the event, with the mindset that "the smallest detail can prevent the biggest accident."

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