UPDATE: South Korean Prime Minister Kim Min-seok has just ordered an emergency government-wide response to the escalating crisis in the Middle East following the reported death of Iran’s Supreme Leader Ayatollah Ali Khamenei. This urgent directive was issued during an emergency interministerial meeting held earlier today, March 1, 2023, at the Government Complex in Seoul.
The Prime Minister emphasized that the protection of South Korean citizens must be the highest priority amid what he described as “extremely high uncertainty” in global politics and the economy. “The lives and safety of our citizens are paramount,” Kim stated, directing the Foreign Ministry to immediately assess the status and safety of South Koreans living in Iran and its neighboring countries.
In light of potential evacuations, Kim called for preparations to deploy rapid response teams and arrange transport plans. He also mandated a 24-hour diplomatic and security monitoring system, tasking relevant agencies with conducting regular assessments of the military and security risks in the region.
The economic implications of this crisis are significant. South Korea relies on the Middle East for approximately 70% of its crude oil imports and 30% of its natural gas supply. As such, Kim instructed the Industry Ministry and the Oceans Ministry to scrutinize energy supply chains and maritime logistics, particularly concerning any disruptions in the Strait of Hormuz. Contingency plans are to be developed to mitigate impacts on domestic industries and households.
Furthermore, Kim warned that volatility in foreign exchange and financial markets could escalate. He directed the Finance Ministry and the Financial Services Commission to closely monitor oil prices, currency fluctuations, and stock market trends, while considering market stabilization measures if necessary.
Kim also addressed the need for accurate public communication, urging swift action against the spread of misinformation that could heighten public anxiety. “No one can predict with certainty how the Middle East situation will unfold,” he cautioned.
To ensure continuous oversight during this critical period, Kim will chair daily emergency review meetings each evening until President Lee Jae-myung returns from his overseas trip. Officials from various sectors, including foreign affairs, defense, industry, finance, and law enforcement, attended the meeting alongside senior staff from the presidential office.
As the situation develops, South Koreans are urged to stay informed and vigilant. The government remains committed to prioritizing the safety and well-being of its citizens during this unpredictable time.
