President Lee: "Respond to rising stock and currency volatility... mobilize military and chartered aircraft to protect Korean nationals abroad"

[Financial News] Having returned from a four-day, three-night visit to two member states of the Association of Southeast Asian Nations (ASEAN), President Lee Jae Myung of South Korea convened an emergency meeting of the State Council of South Korea on the 5th to discuss response measures to the situation in the Middle East and underscored his commitment to stabilizing markets. He also ordered officials to identify without omission all Korean nationals currently staying in the region and to prepare detailed emergency evacuation plans in case of contingencies.
At the State Council of South Korea meeting he chaired at Cheong Wa Dae, President Lee said, "It seems quite a lot has happened in the few days I was abroad." He continued, "The Republic of Korea has wisely overcome countless crises so far. We can even turn this into an opportunity, making the most of the situation instead of being dragged down by it."
Referring to the crisis in the Middle East, President Lee instructed each ministry to base its work on a grave assessment of the situation and to pursue swift, comprehensive, and detailed measures for all foreseeable problems.
First, President Lee stated, "We must respond actively to the growing volatility in financial markets, such as stocks and exchange rates." He went on, "The government should accelerate policy efforts to stabilize capital markets and improve their fundamentals, and I ask that you implement and manage the 100 trillion won market stabilization program—prepared to preempt instability in funding markets—appropriately and without delay."
He then added, "At times like this, fake news and criminal acts such as market manipulation tend to run rampant, and I ask that you block them thoroughly." He emphasized, "In particular, those who seek to profit by stirring up confusion in the national economy must be held strictly accountable under a principle of zero tolerance."
Highlighting the recent rise in gas station prices, he said, "Objectively speaking, there have not yet been serious disruptions in fuel supply, and yet I am told gasoline prices at gas stations have suddenly surged. We will need to look into this, and I ask that you discuss in concrete terms what sanction measures are available."
He continued, "We must also work to minimize the impact on the real economy. Companies with high export dependence on the Middle East, as well as sectors such as shipping, will be directly affected by this situation, so I ask that you move quickly to provide broad policy finance support."
He also ordered that safety measures for Korean nationals staying overseas be implemented thoroughly.
President Lee said, "The government will push ahead with comprehensive short- and long-term response strategies, leaving no room for gaps in our preparations." He added, "I ask the Korean people to trust the government and calmly go about their daily lives."
He went on, "Along with minimizing damage to the economy, industry, and people’s livelihoods, the most urgent task of all is ensuring the safety of our citizens." He instructed, "Relevant authorities must identify without exception all Korean nationals staying in the region—including expatriate staff, business travelers, students, and tourists—and prepare emergency evacuation plans with double and triple layers of detail in case of unforeseen events."
In particular, President Lee stressed, "While constantly checking on the safety of our nationals on the ground, if necessary, I ask that you establish and carry out swift and safe evacuation plans based on cooperation with friendly nations." He added, "Mobilize every possible means, including military aircraft, chartered planes, land routes, and other transportation, and at the same time, ensure the utmost safety of Korean vessels and crew currently operating in Middle Eastern waters."

cjk@fnnews.com Choi Jong-geun and Sung Seok-woo Reporter