South Korea has proposed a 26.2 trillion won emergency budget to address industrial risks from the Middle East conflict.
Key measures include expanded export support, energy transition funding, and supply chain stabilization.
The budget is under review and expected to be processed by the National Assembly on April 10.
South Korea convened a high-level emergency economic meeting to address risks from the prolonged Middle East conflict.
Key actions include supply chain monitoring, energy diversification, and expanded welfare support.
The measures were discussed and implemented starting April 8, 2024.
South Korea has raised its resource security crisis alerts for oil and natural gas in response to the ongoing Middle East conflict.
The government upgraded oil from ‘Caution’ to ‘Warning’ and gas from ‘Interest’ to ‘Caution’, effective April 2.
Supply disruptions and volatility have prompted strengthened management and public sector measures.