Lee Hyungil Holds First Meeting with Economic Affairs Officials Since Taking Office: "Proactive Response to U.S. Midterms, France's Crisis, and Middle East War"

Chairs First Videoconference with Economic Affairs Officials in 15 Countries Since Taking Office
Urges Prompt Reports on Policy Shifts and Supply Chain Disruptions

Deputy Prime Minister and Minister of Finance and Economy Lee Hyung-il strongly urged proactive responses to complex uncertainties in the external economic environment, including the U.S. midterm elections, France's fiscal crisis, and the war between the United States and Iran, as the country nears its first-ever $1 trillion in exports.

Lee Hyung-il, Deputy Prime Minister and Minister of Finance and Economy, presides over a meeting of the Task Force for Checking the Implementation of Mega Projects in the Yeongnam Region at the Korea Eximbank in Yeouido, Seoul, on the 11th. Yonhap News.

According to the Ministry of Finance and Economy on November 11, Deputy Prime Minister Lee chaired his first videoconference since taking office with economic affairs officials stationed at 18 diplomatic missions in 15 countries around the world, urgently reviewing key global economic issues. While positively assessing the recent strength of South Korean exports, which has put the country on the verge of reaching $1 trillion in exports for the first time, Lee said it was important to be alert to the impact that external risks, including uncertainties over major economies' trade policies, fiscal instability in Europe, and geopolitical conflicts, could have on the economy as a whole.

Lee stressed to the economic affairs officials attending the meeting that it was more important than ever to anticipate changes in the external environment and proactively address risks. In particular, he noted that "it is necessary to pay attention to how changes in the political landscape following the recent U.S. midterm elections may affect the future policy direction of the Trump Administration," and asked them to closely monitor developments on the ground, including how major economies are responding.

He also instructed them to keep a close watch on the possibility that France's fiscal crisis could spread to the global economy, as well as the potential impact on international oil prices and global supply chains from prolonged geopolitical conflicts, including the Russia-Ukraine war and the war between the United States and Iran. Lee added, "Please thoroughly assess the impact these external risks could have on our economy and immediately share any newly identified risks with headquarters."

The Ministry of Finance and Economy plans to maintain close communication with economic affairs officials in each country and monitor in real time major economies' economic and policy trends, as well as geopolitical risks. It aims to respond proactively to various external risks to support sustainable growth in the South Korean economy.

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