Korean Deputy Finance Minister Heo Jang emphasized the need for a foreign economic strategy in response to the evolving geopolitical landscape following the U.S.-Iran ceasefire agreement.
The Ministry of Finance announced that Heo chaired a video conference with economic officials on the morning of July 2 at the Government Seoul Complex. The meeting aimed to assess the impact of the changing Middle Eastern situation and the reconfiguration of the international order on the South Korean economy, while sharing responses from major countries.
Economic officials are currently stationed in 16 diplomatic missions across 14 countries, including the United States, China, Japan, the United Kingdom, France, and Germany, to support international cooperation in finance and economics and to gather key policy trends.
During the meeting, officials noted that geopolitical uncertainties persist even after the ceasefire agreement, with major countries recalibrating their strategies in areas such as supply chains, inflation, energy, and economic security.
Heo assessed that the policy responses from major nations following the Middle East conflict are likely to lead to structural changes across economic security, supply chains, and energy strategies, rather than mere short-term adjustments.
He further explained that the South Korean government is working to enhance infrastructure cooperation with the Middle East, strengthen supply chain resilience, and develop strategic economic cooperation measures in preparation for the post-Middle East era.
He urged economic officials to not only monitor individual policy changes in various countries but also to analyze the potential structural changes that could impact South Korea's foreign economic environment.
* This article has been translated by AI.
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