Seoul, June 22 (IANS) South Korea’s finance ministry said on Sunday it will hold an emergency meeting to assess the economic impact of U.S. strikes on Iran’s nuclear facilities and the escalating conflict in the Middle East.

The meeting was to be chaired by acting Finance Minister Lee Hyoung-il, according to the ministry. Officials are expected to discuss the potential effects of the Iran-Israel conflict on the South Korean economy and explore measures to mitigate possible adverse outcomes.

Separately, the Ministry of Trade, Industry and Energy also held a related meeting to examine the implications of the U.S. attacks on South Korea’s trade, energy and supply chains, reports Yonhap news agency.

South Korea relies entirely on energy imports, with the majority sourced from the Middle East.

U.S. President Donald Trump said on Saturday (U.S. time) that American warplanes have bombed Iran’s three key nuclear facilities, marking a major escalation in the ongoing war between Iran and Israel.

The presidential National Security Council convened on Sunday to discuss ways to minimise the impact of the Middle East crisis following the United States’ strikes on nuclear facilities in Iran, the presidential office said.

National Security Adviser Wi Sung-lac held the meeting with presidential aides on foreign affairs and security after the U.S. conducted precision strikes on three key nuclear facilities in Iran in an escalating conflict between Israel and Iran.

During the meeting, Wi stressed the importance of protecting the lives and safety of the Korean people and ensuring the stability of daily life, according to presidential spokesperson Kang Yu-jung.

“He urged close communication and cooperation among relevant ministries to minimize the impact of the recent series of developments in the Middle East on the Korean Peninsula’s security and economic conditions,” Kang said.

—IANS

na/