President Yoon Seok-yeol is expected to release a security and economic message on the 10th regarding the armed conflict between the Palestinian armed faction Hamas and Israel. It is also expected to explain the meaning of the United States’ virtually indefinite suspension of restrictions on the import of American semiconductor equipment to Korean companies’ factories in China.
A senior official in the President’s Office said that President Yoon will preside over a cabinet meeting at the Yongsan Presidential Office this morning and reveal the government’s position on Middle East issues such as the Israel-Hamas armed conflict and messages for the people’s livelihood, such as semiconductor exports and price stability for the common people.
According to the government, Hamas launched an attack on Israel on the 7th (local time) using thousands of rockets. Israel also launched a counterattack by bombing the Gaza Strip in Palestine, resulting in over 1,000 casualties as of the previous day. It is estimated that there are about 570 Korean citizens residing in Israel for a long period of time, and about 360 tourists.
President Yoon is expected to send a message that as the local armed conflict escalates into an ‘all-out war’, he will mobilize all the capabilities of relevant ministries to ensure the safety of Korean residents and travelers and minimize the negative impact on the domestic financial market.
The day before, National Security Office Director Cho Tae-yong urgently inspected economic and security issues, including the safety of local residents and travelers in Israel and the surge in international oil prices. Choi Sang-mok, Senior Secretary to the Economy, said in a briefing, “The government is strengthening market monitoring with special vigilance, while keeping all possibilities open and doing its best to minimize the impact on our economy.”
President Yoon is expected to devise multi-faceted measures at a closed-door meeting of the Cabinet of Ministers, as this dispute could affect not only our economy and security but also our policy toward the Middle East. It cannot be ruled out that President Yoon’s summit diplomacy schedule with Middle Eastern countries such as Saudi Arabia and the United Arab Emirates (UAE) will also be affected.
President Yoon is expected to also reveal a ‘people’s livelihood message’ such as semiconductor exports and stabilization of living prices. In particular, he is expected to mention the performance of the U.S. government’s final notification that it will virtually indefinitely suspend regulations on the import of American semiconductor equipment for Samsung Electronics and SK Hynix’s local factories in China.
Choi Sang-mok, senior economic advisor, said the day before, “The U.S. government recently designated Samsung Electronics and SK Hynix’s semiconductor factories in China as ‘verified end users’ in accordance with U.S. export control regulations through the export control authorities and the NSC (National Security Council) economic and security dialogue channel. “We have communicated our final decision to designate it as a (VEU) and supply American-made equipment without any separate approval procedures or period restrictions going forward,” he said.
Chief Choi said, “This decision means that the biggest trade issue for our semiconductor companies has been resolved,” adding, “Uncertainties related to our semiconductor companies’ factory operations and investments in China have been greatly alleviated, and we can calmly seek global management strategies in the long term.” “It came to be,” he said.
President Yoon is expected to also order government efforts to ‘stabilize shopping cart prices’. As consumer prices continue to rise by 3% for two consecutive months, the President’s Office is known to have recently discussed, under the chairmanship of Chief of Staff Kim Dae-gi, measures to address ‘milk inflation’ (milk + inflation), where the price of dairy products rises due to an increase in the price of raw milk.
Source: Donga
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