Surging International Oil Prices... Jeollanam-do Deliberates Countermeasures

Emergency Economic Countermeasure TF Holds Review Meeting

Focus on Prices, Exports, and Energy Costs

Assessing Impacts on the Local Economy and Regional Industries

Hwang Giyeon, Acting Governor of Jeollanam-do, is chairing the '1st Emergency Economic Countermeasure Task Force Meeting on the Middle East Situation' on the 10th at the Seo Jae-pil Room in the provincial office. Provided by Jeonnam Province

On March 10, Jeollanam-do held an emergency economic countermeasure task force (TF) review meeting, led by Acting Governor Hwang Giyeon, to discuss sector-specific response measures to address the rise in international oil prices and the growing uncertainty in the global economy resulting from instability in the Middle East.

The meeting was attended by seven relevant departments, including the Job Creation and Investment Promotion Bureau, International Cooperation Office, and Strategic Industry Bureau, as well as organizations such as the Jeonnam Small and Medium Business and Employment Economic Promotion Agency, Jeonnam Technopark, Green Energy Research Institute, Jeonnam Credit Guarantee Foundation, and Jeonnam Research Institute. The participants reviewed the potential impacts on the local economy and regional industries.

Jeollanam-do plans to closely monitor the economic situation and, with the emergency economic TF at its core, continuously track sector-specific trends and challenges and promptly devise necessary countermeasures.

In particular, the province will: ▲ strengthen comprehensive price monitoring between the provincial and city/county governments and conduct joint inspections with related agencies; ▲ support export vouchers for small and medium-sized enterprises (SMEs) and small business owners affected by the situation; ▲ monitor damages to export companies and consider support for corporate logistics costs; and ▲ link and support crisis response programs while maintaining ongoing corporate monitoring.

Additionally, the province will: ▲ conduct joint inspections to crack down on illegal distribution, such as the distribution of fake oil and undersized sales, and implement energy-saving policies; ▲ review the possibility of providing compensation for the price gap if increases in duty-free oil for agriculture and fisheries and inorganic fertilizer prices become prolonged, and make recommendations to the central government as needed.

Acting Governor Hwang Giyeon stated, "If instability in the Middle East continues for an extended period, rising energy prices and logistics costs could negatively affect the local economy. We will closely monitor conditions across sectors such as energy, agriculture and fisheries, and consumer prices, and swiftly implement necessary support measures to stabilize the livelihoods of our residents."

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