Seoul: Prime Minister Kim Min-seok on Monday called on the government to take preemptive steps to be prepared against "every possible scenario" as the conflict widened in the Middle East following U.S.-Israeli attacks on Iran over the weekend. Kim presided over the second meeting of relevant Cabinet ministers in Seoul on Monday, amid rapidly escalating tensions in the Middle East following the death of Iran's Supreme Leader Ayatollah Ali Khamenei in a joint U.S.-Israeli strike.
According to Yonhap News Agency, Kim emphasized the rapidly changing situation in the Middle East and expressed hopes for a swift resolution while acknowledging the difficulty in predicting the duration of the conflict. He noted the materialization of certain concerns, such as volatility in financial markets and rising oil prices, urging the government to be ready to respond immediately if the situation becomes prolonged or if unexpected incidents occur. Kim also stressed the need to review mid-term plans in addition to short-term responses.
Vice Industry Minister Moon Shin-hak assured that South Korea is equipped to handle further increases in oil prices, highlighting the country's stockpile of 208 days' worth of crude oil and petroleum products. Kim expressed his concern for the safety of South Korean nationals stranded in the region due to flight disruptions, calling for thorough plans to ensure their safety if necessary.
Following the government meeting, Second Vice Foreign Minister Kim Jina reported that approximately 17,000 South Korean nationals reside in about 10 Middle Eastern countries that have been attacked, excluding short-term tourists. No injuries or casualties had been reported as of Monday evening. Kim Jina stated the government's intention to facilitate travel for Korean residents and travelers to ensure their safe return home, acknowledging the potential for the situation to drag on and escalate further, with a focus on prioritizing the safety of South Korean nationals.
Prime Minister Kim Min-seok also instructed the finance ministry to prepare measures to assist businesses affected by the Middle East crisis. He emphasized the importance of monitoring foreign exchange and financial markets and keeping a close watch on oil prices, exchange rates, and stock markets. Kim stressed the need for ministries to act calmly and provide accurate and timely information to maintain public confidence and enable effective government response.