Updated : 2026-03-18 18:56:10 KST
Also here on the local front. The government is taking tangible action to protect its supply chain of raw materials and related businesses. Ahn Sung-jin covers the latest countermeasures. As tensions prolong in the Middle East, South Korea has been gearing up measures to respond to economic disruptions.
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disruption 파열; 분열, 붕괴
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Speaking at an emergency economic ministers' meeting on Wednesday, Finance Minister Koo Yun-cheol stated that South Korea will temporarily designate naphtha, a raw material used by the petrochemical industry, as a strategic economic security item amid growing shortages.Roughly 54 percent of the country's naphtha imports pass through the Strait of Hormuz, raising concerns over potential bottlenecks.
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bottleneck 좁은[번잡한] 도로, 병목 지역
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"Timing is critical in responding to a crisis. We will mobilize all available policy tools and closely monitor supply conditions." This move comes as South Korea seeks to stabilize supply chains, such as securing alternative import routes and implementing export restrictions if necessary, as the Middle East crisis begins to strain not only oil markets but also broader raw material supply chains.
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strain 긴장시키다
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To further address industry concerns, the government also seeks to expand financial support through a new supply chain stabilization fund that offers up to roughly 1 billion U.S. dollars for affected companies. Firms heavily reliant on items from the Middle East will also receive preferential loan rates. Koo emphasized that Seoul will also prepare a supplementary budget aimed at easing the pressure on households, small businesses and key industries.
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He called for further reductions in fuel prices following the implementation of a government-imposed price cap on petroleum products and noted that the government will monitor fuel price trends while cracking down on unfair practices such as hoarding. Additional controls, such as vehicle-use restrictions, remain under consideration.
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Officials have also announced that they have alleviated short-term supply concerns over ethylene, an essential material used in shipbuilding, by coordinating with the petrochemical and shipbuilding industries. Meanwhile, during the same emergency meeting, the Finance Minister also addressed the United States' initiation of a probe under Section 301 of the U.S. Trade Act.
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initiation 시작, 개시
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He emphasized that Seoul will respond comprehensively to ensure its industries are not disadvantaged compared to global competitors by establishing a joint public-private response system and systematically responding at the pan-government level. Ahn Sung-jin, Arirang News.
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영어 원문 출처 및 동영상 링크;
arirang news/Economy
https://m.arirang.com/news/view?id=293855