Chung Dong-young: "If tensions rise on the Korean Peninsula during the Middle East war, our economy will suffer a double blow"... Lee administration helped prevent spillover

[Financial News] Minister of Unification Chung Dong-young expressed concern that if tensions between North and South Korea were to flare up on the Korean Peninsula amid the war in the Middle East, the blow to South Korea’s economy would be severe.
Appearing at a government interpellation session at the National Assembly of the Republic of Korea on the 3rd, Chung said, "If, while the global energy supply chain is collapsing due to the war in the Middle East, a situation arises in which tensions escalate on the Korean Peninsula, it would be a fatal double blow to our economy." However, he explained that there are currently no signs of heightened military tension between the two Koreas.
Chung also stated that he believes it is thanks to the Lee Jae-myung administration’s policy of peaceful coexistence that the situation in the Middle East has not spilled over onto the Korean Peninsula.
He said, "A consistent policy of respecting the system of the Democratic People's Republic of Korea (DPRK), not pursuing unification by absorption, and refraining from any hostile acts is greatly helping to manage the situation on the Korean Peninsula in a stable manner."
Chung went on to say, "Inter-Korean relations have been severed for more than seven years," adding, "The wounds left by the previous administration are so deep and wide that they are not easy to heal."
He also expressed hope that there is still a possibility a summit between the leaders of North Korea and the United States could take place when United States of America (US) President Donald Trump visits China around May.
Chung explained that an important turning point came when President Donald Trump showed particular interest in a North Korea–United States summit during his meeting with Kim Min-seok, Prime Minister of the Republic of Korea, on March 13.
Chung argued, "The fallout from the collapse of the North Korea–United States negotiations at the Hanoi no-deal summit in February 2019 led to the breakdown of inter-Korean relations. Therefore, we have no choice but to resolve the situation in reverse order." He continued, "If North Korea–United States dialogue, which has been cut off for seven years, resumes and creates room for progress, reconciliation and cooperation between the two Koreas could follow," adding, "That is why we attach particular importance to the U.S.-China summit, and we will focus all our efforts on ensuring that a North Korea–United States meeting can take place either at that time or afterward."
rainman@fnnews.com Kim Kyung-soo Reporter