PM Han calls price stability top priority, urges preparation for Middle East cooperation

Prime Minister Han Seong-sook said Wednesday that managing prices to ease the burden on ordinary citizens must be the government's top priority, speaking at an emergency economic review meeting held ahead of her inauguration ceremony.

Chairing the 14th Emergency Economic Review Meeting at the Government Sejong Building, Han called on officials to monitor price trends for everyday goods in real time and swiftly implement targeted supply-and-demand measures. "Please make price stability your absolute top priority," she said.

She also said expectations for stabilization in the Middle East were growing, noting that international oil prices had fallen to pre-war levels as the United States and Iran signed an end-of-war memorandum of understanding and continued working-level talks.

"However, this is not a situation where we can afford to let our guard down. Our economy is still in a crisis," she said, adding that high oil prices and a high exchange rate — on top of a growing possibility of benchmark interest rate hikes by major economies — made close government monitoring essential.

Han also said the government needed to address gaps in the welfare safety net to protect vulnerable groups. "I believe that if the Ministry of Health and Welfare and the Ministry of Interior and Safety work together, it will be possible to bring about a transformative change in the welfare delivery system — proactively identifying households in crisis by making full use of public data and AI technology the government already holds," she said.

She then called on officials to prepare in advance for strengthened cooperation with the Middle East as the region stabilizes. "Please actively explore ways to restore exports and identify areas where we can contribute to post-war reconstruction efforts," she said.

Han expressed deep gratitude to crew members, shipping companies and officials from related ministries after 24 of the 26 South Korean vessels stranded in the Strait of Hormuz managed to leave. "The government will continue to do everything it can to ensure the safe return of the remaining two vessels and their crews," she said.