Seoul: Prime Minister Kim Min-seok on Monday called on the government to take preemptive steps to be prepared against "every possible scenario" as the conflict widened in the Middle East following U.S.-Israeli attacks on Iran over the weekend. Kim presided over the second meeting of relevant Cabinet ministers in Seoul on Monday, amid rapidly escalating tensions in the Middle East following the death of Iran's Supreme Leader Ayatollah Ali Khamenei in a joint U.S.-Israeli strike.
According to Yonhap News Agency, Kim emphasized the swift changes occurring in the Middle East and the need for the government to be ready for immediate response in case the situation becomes prolonged or unexpected incidents occur. He highlighted concerns about volatility in financial markets and the surge in oil prices that have already materialized. In response to these challenges, Kim stressed the importance of reviewing mid-term plans alongside short-term responses.
Vice Industry Minister Moon Shin-hak assured that South Korea is prepared for potential further surges in oil prices, with a stockpile of 208 days' worth of crude oil and petroleum products. He stated that the country is fully ready for the long haul.
Kim expressed his concern for the safety of South Korean nationals stranded in the region due to flight disruptions and demanded comprehensive plans for their safety. Second Vice Foreign Minister Kim Jina reported that approximately 17,000 South Korean nationals are residing in the affected Middle Eastern nations, though no injuries or casualties had been reported as of Monday evening. The government is prioritizing the safety of its people and is prepared for the possibility of the situation escalating.
The Prime Minister also instructed the finance ministry to develop measures to support firms impacted by the Middle East crisis. He stressed the importance of monitoring oil prices, exchange rates, and stock markets, and ensuring that companies are informed about government assistance.
Kim urged relevant ministries to act calmly to reassure the public and emphasized the need for accurate and timely information to facilitate an effective government response. He called for real-time information sharing among ministries to ensure a unified response.