South Korea Forms Special Agency to Respond to Impact of Middle East Turmoil
JAKARTA - The South Korean presidential administration will form a special body to quickly respond to the economic impact of the conflict in the Middle East.
"Under the jurisdiction of the 'Emergency Economic Situation Review Meeting' chaired by the president, an 'Emergency Economic Situation Center' will be established under the leadership of the presidential chief of staff," said Senior Presidential Secretary for Political Affairs, Hong Ik-pyo, on Wednesday, March 25, reported by ANTARA from Sputnik.
The structure will be responsible for monitoring domestic and international conditions quickly and will coordinate with the inter-agency Emergency Economic Task Force led by the prime minister, where ministries and agencies will be responsible for economic risks, he said.
The agency will oversee five working groups such as macroeconomics and prices, energy supply, financial stability, public welfare, and monitoring of foreign situations, and each group will be led by one of the senior secretaries of the president.
"The presidential administration and the government are making every effort to minimize losses to residents," he said.
On February 28, the United States and Israel launched an attack on targets in Iran, including in Tehran, which caused damage and civilian casualties. Iran then retaliated by attacking Israeli territory and US military facilities in the Middle East.
Escalation around Iran has led to a de facto blockade of the Strait of Hormuz, the main route for the shipment of oil and liquefied natural gas from Persian Gulf countries to global markets, and has also impacted oil export and production levels in the region, causing a spike in prices.
South Korean authorities plan to regularly inform the public of the latest developments, with briefings expected to be held about once a week or more frequently if necessary.
President Lee Jae-myung has instructed the government to proactively activate emergency response systems and prepare measures to protect the economy and people's welfare amid global energy market instability.