Finance Minister Koo Yun-cheol said Friday that the recent US-Iran memorandum of understanding aimed at ending their conflict presents both opportunities and challenges for South Korea.
Finance Minister Koo Yun-cheol made the remark during a ministerial meeting on international economic affairs, saying the government will seek to create long-term opportunities while strengthening its economic security and enhancing supply chain resilience.
"We will aim to secure areas of cooperation with Middle Eastern nations on reconstruction and improving their fiscal health," the finance minister said. "We will address risks in the global supply chain highlighted by the recent conflict."
Touching on Washington's proposed tariffs of 10 percent or 12.5 percent on products from 60 trading partners over alleged failure to enforce import bans on products made with forced labor, Koo said Seoul will make proactive efforts to seek a balance that serves the interests of both countries.
In a separate meeting on economy-related affairs, Koo noted external uncertainties appear to be easing following the US-Iran MOU, though the fallout is still affecting the South Korean economy. "The government will closely monitor developments in the Middle East and support the safe and prompt passage of South Korean ships through the Strait of Hormuz," he said.
