Seoul: Prime Minister Kim Min-seok announced Wednesday that two emergency economic teams will be established at Cheong Wa Dae and his office to manage the government's response to the escalating Middle East crisis. The initiative aims to mitigate the impact of the ongoing conflict involving the United States, Israel, and Iran.
According to Yonhap News Agency, an emergency economic situation room will be set up at Cheong Wa Dae, while an emergency economic headquarters will be established under the Prime Minister's office. This move follows President Lee Jae Myung's directive to activate a proactive emergency response system to protect citizens' livelihoods and the economy from potential crises.
Prime Minister Kim stated that Cheong Wa Dae would provide further information on the situation room, and he will personally lead the emergency economic headquarters, with the deputy prime minister for economic affairs serving as his deputy. Additionally, an emergency economic meeting chaired by the president will act as the central "control tower."
Despite the seriousness of the Middle East crisis, Kim expressed confidence in overcoming the challenges through a preemptive government response and national unity, potentially paving the way for a "grand national transformation." South Korea's heavy reliance on oil and gas imports through the Strait of Hormuz, which has been closed since the conflict began last month, underscores the urgency of these measures.
In response to potential energy shortages, the government announced conservation strategies, including a five-day, license plate-based rotation system for public sector vehicles and recommendations for shorter showers and daytime phone charging.
The emergency economic headquarters will initially convene twice weekly, with meetings led alternately by the prime minister and the deputy prime minister. It will comprise five subdivisions tasked with addressing impacts on the macroeconomy, energy and financial sectors, livelihoods, and monitoring the international situation.