South Korean Prime Minister Han Seong-sook on July 15 urged relevant ministries to ensure that the energy shock from the ongoing conflict in the Middle East does not adversely affect the public, particularly farmers and fishermen.
During an 'Emergency Economic Inspection Meeting' held at the Government Seoul Building, Han noted, "The recent military clashes between the U.S. and Iran are recurring, and peace negotiations are at risk of stalling. The government must reassess its response readiness."
She pointed out that international oil prices, which had been stabilizing, are rising again, putting pressure on domestic prices and supply chains.
Han emphasized the need to view international oil prices and supply chain instability as constants and to implement both short- and long-term measures. She called for thorough monitoring of the supply situation for crude oil and naphtha, and urged the active pursuit of alternative routes and diversification of supply chains.
She added, "With rising energy prices coinciding with seasonal disasters like extreme heat and heavy rainfall, the lives of the underprivileged are becoming increasingly difficult. I urge you to focus on preemptive inspections and preparations to protect the safety and livelihoods of vulnerable groups from heatwaves and floods."
Regarding the government's recently announced 'Second Half Economic Growth Strategy,' Han stated, "This is a commitment to improve the economic system and boost potential growth rates beyond just overcoming the Middle East crisis. We must complete the year of significant economic advancement that is resilient to external shocks through bold regulatory reforms and investments in advanced future industries."
* This article has been translated by AI.
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