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Lee to preside over emergency economic meeting on Middle East tensions

President Lee Jae Myung will preside over an emergency meeting with related ministries on Monday to review the economic impact from heightened tensions in the Middle East and discuss response measures, Cheong Wa Dae said Sunday. The meeting will bring together ministers and senior officials from the finance, industry, climate and energy, budget planning and agriculture ministries, as well as the Korea Customs Service and the Fair Trade Commission, according to presidential spokesperson Kang Yu-jung. Lee is expected to review global financial markets and oil prices and assess their effect on the domestic stock market, the foreign exchange market and inflation. Lee previously reviewed the latest developments in the Middle East during an extraordinary Cabinet meeting on Thursday, following U.S.-Israeli strikes on Iran and Tehran's retaliatory attacks in the region. Korea, which relies heavily on energy imports, is particularly vulnerable to external price shocks, which often drive inflation.

Mar 8, 2026By Yonhap
Lee to preside over emergency economic meeting on Middle East tensions

Experts see growing links between European, Asian security amid Ukraine war

Security developments in Europe and East Asia are becoming increasingly intertwined in the wake of the Russian invasion of Ukraine, experts said at the Inaugural Strategic Dialogue in Seoul last week. Participants said the war had accelerated debate over whether to view crises in different regions as part of a broader strategic environment rather than isolated regional challenges. They also pointed to growing pressure from the United States for allies to assume greater responsibility for their own defense, as well as expanding opportunities for Europe-Asia cooperation in fields such as defense and advanced technologies. The discussion took place at the Korea Military Academy, where the International Policy Studies Institute (IPSI) and Hungary’s Danube Institute jointly hosted the event, titled “Changing Dynamics of Geopolitics in Europe and East Asia: Assessing Constraints and Opportunities for Cooperation.” Hong Kyu-dok, president of IPSI, said the forum was intended to promote deeper exchanges between experts from Europe and Asia as geopolitical risks continue to grow. “This fo

Mar 8, 2026By Bahk Eun-ji
Experts see growing links between European, Asian security amid Ukraine war

Lee to meet executives of large firms, SMEs this week

President Lee Jae Myung will meet with senior officials from major conglomerates and small and medium-sized enterprises (SMEs) this week to discuss ways to promote a co-prosperity business model, Cheong Wa Dae said Monday. Lee plans to host the meeting with business and government officials on Tuesday to encourage mutually beneficial cooperation between large companies and SMEs and to share best practices, presidential spokesperson Kang Yu-jung said in a press notice. Senior executives from Samsung Electronics, Hyundai Motor, SK Group, Hanwha Ocean and Naver as well as representatives from SMEs and experts will participate, alongside Finance Minister Koo Yoon-cheol, SME Minister Han Sung-sook and senior presidential aides, Kang said. Participants will introduce examples of cooperation between large corporations and smaller firms and discuss ways to build a co-prosperity business ecosystem, Kang said.

Mar 8, 2026By Yonhap
Lee to meet executives of large firms, SMEs this week

Lee pledges to promote gender equality on International Women's Day

President Lee Jae Myung on Sunday pledged to advance gender equality and foster a more inclusive society, marking International Women's Day. "I will fulfill my given role and responsibility to ensure that the Republic of Korea is reborn as a gender-equal society," Lee wrote on his Facebook page, referring to Korea's official name. Lee said gender equality policies were scaled back under the previous administration, which had pledged to abolish the Ministry of Gender Equality and Family but failed, noting that his administration will work to restore and strengthen those efforts. "(The government) is reversing that trend by restoring gender equality policies to their rightful place, filling the gaps left in the past and moving step by step toward a gender-equal society," he said. Reflecting on the long journey of those who have worked to advance women's rights, Lee reviewed the remaining tasks needed to achieve gender equality and protect the rights of those who have been discriminated against or marginalized. "We will build a society where differences do not lead to discrimination and dive

Mar 8, 2026By Yonhap
Lee pledges to promote gender equality on International Women's Day

Korea secures 6 mil. barrels of crude from UAE as fuel prices surge amid Iran conflict

Korea will import more than 6 million barrels of crude oil from the United Arab Emirates in an emergency effort to stabilize fuel prices, the presidential office said Friday, as the conflict involving Iran roils global energy markets. Presidential chief of staff Kang Hoon-sik said the decision was made following consultations directed by President Lee Jae Myung. “I would also like to share the welcome news that we will purchase crude oil from the UAE,” Kang told reporters. “We discussed measures to secure additional oil imports, and as a result, emergency imports totaling more than 6 million barrels of crude have been confirmed.” Kang added that the additional supply is expected to help ease pressure on domestic fuel prices. Korea, the world’s fourth-largest crude oil importer, relies almost entirely on overseas energy supplies due to a lack of domestic petroleum resources. The country imports the vast majority of its crude oil from the Middle East, particularly from major producers such as Saudi Arabia, the United Arab Emirates and Kuwait. The emergency purchase comes as global

Mar 6, 2026By Kim Hyun-bin
Korea secures 6 mil. barrels of crude from UAE as fuel prices surge amid Iran conflict

Ex-President Moon calls for minimizing use of force, diplomatic solution in Iran crisis

Former President Moon Jae-in called for minimizing the use of force and making efforts for a diplomatic solution in the U.S.-Iran conflict during his visit to the United States on Thursday. Moon, who led Korea from 2017 to 2022, made the call at a dinner event hosted by the nonprofit Pacific Century Institute in Los Angeles in his first overseas trip since leaving office. As he mentioned the war in the Middle East, Moon said the use of force leads to a cycle of hatred and revenge, urging against it and calling for making efforts to resolve the conflict in a diplomatic and peaceful way. He also voiced concern over extremism around the world, saying peace through dialogue and cooperation is the only solution in an era of growing tension and confrontation. Moon's trip comes at the invitation of the U.S. think tank RAND and the Pacific Century Institute. He is scheduled to participate in a roundtable discussion with security experts at RAND on Friday to discuss inter-Korean relations and the international order.

Mar 6, 2026By Yonhap
Ex-President Moon calls for minimizing use of force, diplomatic solution in Iran crisis

Rival parties agree to create state-run agency to implement US investment pledge

The ruling Democratic Party Korea (DPK) and the main opposition People Power Party (PPP) agreed Thursday to establish a new state-run entity specialized in implementing South Korea's investment package for the United States, officials said. The agreement came a day after the rival parties said they were expected to pass a special U.S. investment bill without delay on March 12 under a bilateral trade deal with Washington. With a paid-in capital of 2 trillion won ($1.36 billion), the South Korean government will fully finance the new entity, lawmakers said. During a subcommittee meeting of a special parliamentary committee dedicated to advancing legislation on South Korea's $350 billion investment pledge to the U.S., the two parties agreed to establish the special corporation with a total workforce of up to 50 employees. "After discussions on whether to entrust the task to the Korea Investment Corporation or establish a new corporation, we agreed to create a new corporation at a minimal scale," PPP Rep. Park Soo-young told reporters after the meeting. The corporation will have three members

Mar 5, 2026By Yonhap
Rival parties agree to create state-run agency to implement US investment pledge

Unification ministry adopts new English term for North Korean defectors

The Ministry of Unification said it will use “North Korean-born citizens” as the standard English expression for people from North Korea who now live in the South. The ministry recently circulated guidance on the new term, explaining that it was chosen to better reflect both their birthplace and their legal status as citizens protected under South Korea’s Constitution. Previously, several English terms have been used to describe them, including “defectors,” “refugees” and “escapees.” Officials said those expressions tend to focus on the act of fleeing North Korea rather than the individual’s identity. The new phrase, they said, reflects both their birthplace in North Korea and their status as citizens under South Korean law. The ministry added that the term also reflects the constitutional principle that people from North Korea are recognized as South Korean citizens, even if they are currently residing in a third country. The guidance comes as the government promotes a new Korean term referring to people whose hometown lies in the North, rather than the commonly used

Mar 5, 2026By Bahk Eun-ji
Unification ministry adopts new English term for North Korean defectors

Ruling party voices concerns about possible plunge in exports to Middle East amid escalating war

The chief policymaker of the ruling Democratic Party of Korea (DPK) on Thursday warned that South Korea's exports to the Middle East could be tanked due to a widening U.S.-Israeli strike on Iran, saying that measures are being prepared to cope with a longer-than-expected geopolitical crisis in the region. Rep. Han Jeoung-ae, chair of the National Assembly's policy committee, made the remarks at a meeting with DPK lawmakers from relevant parliamentary committees, noting that the escalating conflict could affect South Korean exports to major Middle Eastern countries, which reached about 200 trillion won ($136.7 billion) last year. "We cannot ignore the possibility that projects in the Middle East worth about 100 trillion won, which our companies have developed as future growth engines, including smart cities, nuclear power plants and artificial intelligence data centers, could be delayed or even scrapped," she said. Han added that the government is preparing a 100 trillion-won market stabilization program amid mounting geopolitical concerns triggered by U.S.-Israel attacks on Iran last we

Mar 5, 2026By Yonhap
Ruling party voices concerns about possible plunge in exports to Middle East amid escalating war

Head of Seongdong district steps down to join Seoul mayoral race

The head of the Seongdong district, Chong Won-o, stepped down from his post Wednesday to join the race for Seoul mayor in the June 3 local elections. Chong, who has officially declared his bid for Seoul mayor, held a retirement ceremony at the Seongdong District Office earlier in the day. He plans to register as a preliminary candidate on Thursday. Chong will be competing with four other contenders in the ruling Democratic Party's primary for Seoul mayor: three-term lawmakers Rep. Park Ju-min and Jeon Hyeon-hui, two-term lawmaker Kim Young-bae and Kim Hyoung-nam, former secretary general of the Center for Military Human Rights Korea. Under the country's election law, public officials must step down from their positions by March 5, or 90 days prior to the vote, to run for a seat in the upcoming election. Cho, who served 12 years as the district's chief, drew attention late last year when President Lee Jae Myung shared on social media platform X a news report on a survey that showed 93 percent were satisfied with Chong's performance. Lee praised Chong in the post, saying he "must be doing a

Mar 4, 2026By Yonhap
Head of Seongdong district steps down to join Seoul mayoral race
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