Seoul: Prime Minister Kim Min-seok has urged the government to prepare for "every possible scenario" as tensions escalate in the Middle East following joint U.S.-Israeli military actions against Iran over the weekend.
According to Yonhap News Agency, Kim chaired a meeting with relevant Cabinet ministers in Seoul, emphasizing the need for preemptive measures amid the rapidly changing situation. The conflict intensified after the death of Iran's Supreme Leader Ayatollah Ali Khamenei in the strike, leading to concerns over financial market volatility and rising oil prices.
"We cannot predict the duration of this conflict, but the government must be ready to respond to any protracted or unforeseen developments," Kim stated. He urged a review of both short-term responses and the status of mid-term plans to address potential impacts.
Vice Industry Minister Moon Shin-hak assured that South Korea is equipped to handle further oil price surges, with a stockpile of 208 days' worth of crude oil and petroleum products. "We are prepared for the long haul," Moon confirmed.
Kim expressed concern for South Korean nationals stranded in the region due to flight disruptions, instructing the government to develop comprehensive evacuation plans if necessary. He also tasked the finance ministry with devising measures to support businesses affected by the crisis.
"The foreign exchange and financial markets could become more volatile," Kim noted. "We must enhance our monitoring of oil prices, exchange rates, and stock markets. Companies should be informed well in advance of the assistance available from the government."
Emphasizing the importance of calm and thorough action, Kim stressed the need for accurate, timely information sharing among ministries to ensure a unified response. "We must respond as one," he concluded.