Sejong: President Lee Jae Myung has called for comprehensive measures to address potential economic challenges stemming from a prolonged Middle East crisis. The president's call to action comes amid escalating concerns as the U.S.-led conflict in Iran enters its third week, disrupting the Strait of Hormuz, a vital oil shipping lane.
According to Yonhap News Agency, President Lee emphasized the need for the South Korean government to brace for a worst-case scenario during a Cabinet meeting in Sejong. With South Korea's heavy reliance on energy imports, the closure of the Strait of Hormuz poses a significant threat to the nation's energy security. Lee highlighted the importance of securing alternative crude oil supplies through enhanced diplomatic efforts, as well as implementing energy-saving measures such as rotating car license plate restrictions.
Furthermore, President Lee suggested the potential implementation of emergency actions, including export controls and increased operation of nuclear power plants, to mitigate the crisis's impact. He also stressed the urgency of preparing a supplementary budget to aid vulnerable groups and exporting companies, urging the National Assembly to expedite its review and approval process.