President Lee: "Secure every last drop of oil... Cheong Wa Dae and government must adopt a grave economic wartime posture"

[Financial News] South Korean President Lee Jae-myung, referring to the growing uncertainty caused by instability in the Middle East on the 19th, stated, "It is difficult to predict how long the war will continue," and urged, "I ask Cheong Wa Dae and all government ministries to adopt a grave posture, recognizing that we are in an economic wartime situation."
At the senior secretaries’ meeting he chaired at Cheong Wa Dae that day, President Lee said, "Now more than ever, it is crucial that we secure even a single additional drop of oil and work to develop stable supply lines," reiterating his point.
President Lee emphasized that "as uncertainty over the course of the war in the Middle East grows, the need for more proactive and long-term measures to manage the supply and demand of crude oil and certain key raw materials is increasing." He then mentioned the achievements of Chief of Staff Kang Hoon-sik, who recently visited the United Arab Emirates (UAE) as a special envoy for strategic economic cooperation.
Earlier, on the 18th, Chief of Staff Kang announced at a briefing at the Chunchugwan Press Center at the Blue House that South Korea had agreed to urgently import a total of 18 million barrels of crude oil from the UAE. Including the previously supplied 6 million barrels, this brings the total secured volume to 24 million barrels. In addition, the UAE pledged to give South Korea top priority in crude oil supply, and the two sides agreed that, depending on developments in the Middle East, South Korea would be able to make emergency purchases of crude oil from the UAE whenever necessary.
President Lee said, "At a time like this, the Chief of Staff’s visit to the UAE to secure 24 million barrels of crude oil and obtain a pledge to prioritize crude oil supplies to our country is, in my view, a very significant achievement," adding, "I would also like to express my gratitude for the cooperation of the UAE government." Turning to Kang, he added with a smile, "I was worried you might be harmed on the plane or something, but you returned safely. You went through a lot, but it is fortunate that you achieved such a major result," and joked, "Should I give you some sort of commendation? Maybe that’s a bit much. In any case, thank you for your hard work."
He particularly stressed the need for preemptive measures to protect people’s livelihoods and called for speeding up the drafting of a supplementary budget.
President Lee said, "This upcoming supplementary budget, which is in effect a 'war-time supplementary budget,' must be structured in a way that softens the blow to the real economy and allows us to keep the momentum for recovery alive," and continued, "I ask that it be designed quickly so that it can substantially reduce the damage to vulnerable groups, small business owners, and companies hit hard by the situation in the Middle East, and so that funds can circulate smoothly on the ground in people’s daily lives."
He went on to say, "Just as crises tend to hit those already struggling the hardest, the prolonged situation in the Middle East is placing even greater obstacles before local economies that were already weak," and emphasized, "If the downturn in regional economies accelerates, the imbalance between the capital region and the provinces will widen, and the overall efficiency and stability of the economy will deteriorate."
He also called for strict adherence to the principle of giving preference to the regions, and said that the same standard must be clearly applied in drafting the supplementary budget.
In addition, during the senior secretaries’ meeting that day, he said swift action was needed against serious crimes such as stalking, and ordered the police to conduct a full review of related cases.
President Lee said, "In the recent Namyangju case, I cannot help but think that a horrific crime might have been prevented if the response had not been so complacent, despite the victim’s urgent plea for help. I ask the police to promptly conduct a comprehensive review of all reported stalking cases and to take victim protection measures as quickly as possible," stressing, "Please also move swiftly to strictly and thoroughly improve the system so that the same tragedy does not happen again."
He also ordered measures to reduce confusion in connection with the sharp increase in foreign tourists ahead of the BTS concert at Gwanghwamun Square on the 21st. President Lee said, "The number of foreign tourists visiting the Republic of Korea has been steadily increasing. I am told that due to the BTS concert this weekend, there will be a temporary surge of foreign visitors and that the arrival halls at Incheon International Airport (ICN) are extremely crowded," and emphasized, "As more tourists are likely to arrive, active measures are needed to reduce confusion and inconvenience on the ground."
He continued, "I understand that the Ministry of Justice (MOJ) began implementing special immigration screening measures yesterday, but the necessary personnel and equipment must be deployed intensively and swiftly," adding, "The arrival hall is what shapes a country’s first impression. It would be good to use this opportunity to comprehensively review airport arrival services and quickly improve any areas that need fixing. We must remember that the leap toward an era of 30 million inbound tourists does not begin with something grand and spectacular, but with small and meticulous improvements."
cjk@fnnews.com Choi Jong-geun, Sung Seok-woo Reporter