Buk-gu Gwangju Launches Emergency Economic Task Force Amid US-Iran Conflict

Full-Scale Efforts to Protect Livelihoods Amid U.S.-Iran Crisis
Aiming to Stabilize Consumer and Oil Prices

Front view of Buk-gu Office, Gwangju.

As the international economic crisis continues due to military clashes between the United States and Iran, Buk-gu District in Gwangju Metropolitan City has established an "Emergency Economic Response Task Force (TF)" and has begun full-scale efforts to protect the local economy and livelihoods.

According to Buk-gu District on the 24th, this TF will be led by the deputy district chief and operated by four departments: the Livelihood Economy Division, Market Industry Division, Small and Medium Business Support Division, and Hygiene Division. The TF will remain active until the Middle East crisis comes to an end.

The TF will focus on three main areas to respond to the emergency: stabilization of consumer prices, stabilization of oil prices, and support for exports and imports.

First, a Comprehensive Price Countermeasures Situation Room will be operated to keep consumer prices in check until the economic situation improves. The number of price monitoring staff will be expanded to cover all 27 administrative districts in Buk-gu to track price trends of major items and strictly crack down on unfair trading practices. To boost local demand, the district will expedite the execution of local government budgets and encourage the use of the local currency "Bukgumeoni," thereby promoting a virtuous cycle in the local economy.

Management will also be strengthened in preparation for a surge in oil prices. Joint inspections will be conducted at least once a week with the Korea Petroleum Quality & Distribution Authority at petroleum and gas retail outlets, and additional field inspections will be carried out as needed to prevent price collusion or illegal distribution activities.

In addition, the district will continuously monitor and collect reports on damages suffered by export companies affected by the Middle East situation, and will strengthen cooperation with relevant agencies to establish practical support measures.

An official from Buk-gu District stated, "As the instability in the Middle East continues, the burden on ordinary citizens and local businesses is growing due to high oil prices and rising consumer prices. We will do our utmost to maintain stability in people's livelihoods by closely monitoring the rapidly changing situation and responding systematically through the TF."

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