South Korean President's office reviews economic impact of Israel's attack on Iran

Seoul, Oct 27 (IANS) South Korea's presidential office on Sunday held a meeting to discuss the economic impact of Israel's recent attack on Iran, and measures to protect and evacuate its nationals in the Middle East in the event of an emergency. Early Saturday, Israel's military conducted strikes against various targets in Iran, including missile manufacturing facilities, in response to Iran's missile attack earlier this month, Yonhap news agency reported quoting foreign media reports.The office of President Yoon Suk Yeol said that the impact of geopolitical risks in the Middle East appears to be limited on the South Korean economy, however, it will continue to monitor the security situation and immediately take necessary measures, depending on how the tensions in the Middle East unfold."As Israel staged an attack on Iran over the weekend, it has yet to affect the South Korean financial markets. But we will closely monitor the attack's impact on the financial markets and oil prices, and proactively take action," Yoon's office said.Currently, South Korea has no imports of crude oil from Iran, but the government could consider an additional fuel tax cut if oil prices undergo huge volatility, according to the presidential office.--IANSint/rs/sd

HamroGlobalMedia

Oct 27, 2024 - 09:57

Seoul, Oct 27 (IANS) South Korea's presidential office on Sunday held a meeting to discuss the economic impact of Israel's recent attack on Iran, and measures to protect and evacuate its nationals in the Middle East in the event of an emergency.

Early Saturday, Israel's military conducted strikes against various targets in Iran, including missile manufacturing facilities, in response to Iran's missile attack earlier this month, Yonhap news agency reported quoting foreign media reports.

The office of President Yoon Suk Yeol said that the impact of geopolitical risks in the Middle East appears to be limited on the South Korean economy, however, it will continue to monitor the security situation and immediately take necessary measures, depending on how the tensions in the Middle East unfold.

"As Israel staged an attack on Iran over the weekend, it has yet to affect the South Korean financial markets. But we will closely monitor the attack's impact on the financial markets and oil prices, and proactively take action," Yoon's office said.

Currently, South Korea has no imports of crude oil from Iran, but the government could consider an additional fuel tax cut if oil prices undergo huge volatility, according to the presidential office.

--IANS

int/rs/sd