South Korea to provide 1.5 trillion won in assistance to businesses affected by Middle East conflict

South Korea’s Minister of Economy and Finance, Choo Kyung-ho, stated at a government meeting that South Korea will provide 1.5 trillion won in aid to companies affected by supply chain disruptions caused by the Middle East conflict. The government will temporarily classify naphtha as an economic security item and take proactive measures such as implementing export restrictions and developing alternative import sources to stabilize the supply chain. To ensure stable energy supply, the South Korean government will coordinate with the International Energy Agency to release strategic petroleum reserves, lift the coal power generation cap, and increase nuclear power utilization. Additionally, the government will quickly draft a “war supplementary budget” to alleviate logistics and fuel cost pressures on small business owners and stabilize livelihoods.