Economic and Diplomatic Chiefs Address Concerns

In the midst of ongoing political turmoil, South Korea's economic and diplomatic leaders convened a joint press conference on December 18 to clarify the government's stance on economic and foreign policy. Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok and Minister of Foreign Affairs Cho Tae-yul held the conference at the Korea Press Center in Seoul, aiming to address concerns and outline strategies for maintaining stability.

Deputy Prime Minister Choi reassured the international community, stating, "The volatility in the financial and foreign exchange markets, which expanded at the onset of the domestic political situation, is gradually stabilizing." He emphasized that the political uncertainty is being managed according to constitutional procedures, thereby reducing the "uncertainty of the resolution process."

Choi highlighted South Korea's resilience, noting, "We have experienced similar political difficulties in the past, but each time, the constitutional, economic, and emergency response systems operated to minimize the economic impact, showing resilience. We are confident that this time, too, the sound and resilient economic system will quickly stabilize."

Minister Cho announced that a roadmap for the North Korean nuclear issue would be prepared soon to facilitate potential direct dialogue between the second Trump administration and North Korea.

The economic and diplomatic ministries plan to regularize the Ministerial Meeting on Foreign Relations and expand the Ministerial Meeting on Strengthening Industrial Competitiveness into a public-private joint meeting, aiming to enhance coordination and cooperation between the government and private sectors in addressing economic and diplomatic challenges.