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Ulsan City urgently responds to changes in the Middle East situation... Developing regional economic protection measures
Ulsan City held an emergency meeting recently to analyze the impact of the Middle East situation on the regional economy and develop response plans. The instability in the Middle East has directly caused fluctuations in international oil prices and logistics costs, which may directly affect Ulsan’s economy.
The meeting was attended by approximately 20 people, including Ulsan Mayor Kim Doo-gyum, representatives from the Ulsan Institute, relevant agencies, and major companies. Participants shared updates on economic trade and industry trends, announced support measures from various organizations, and discussed difficulties faced by businesses. Based on this, specific response plans for export and logistics environment changes are to be formulated.
To address the potential long-term nature of the Middle East situation, Ulsan City has decided to launch the “Emergency Economic Response Task Force for the Middle East Situation,” led by Vice Mayor Ahn Hyo-dae. This team will monitor economic indicators that reflect real-time changes in the Middle East and develop rapid response strategies.
At the same time, to minimize the impact of rising international oil prices on prices, efforts will be strengthened to monitor and jointly inspect fuel station sales prices. The city plans to closely observe unstable price trends and work to reduce the impact on consumers.
Support measures have also been devised to address liquidity issues faced by small and medium-sized export enterprises. These include expanding support for import/export logistics fees, export insurance and guarantee fee assistance, and overseas certification support. Additionally, a new 10 billion KRW “Trade Change Response SME Development Fund” is planned. These comprehensive measures demonstrate Ulsan’s proactive stance in responding to the Middle East situation and are expected to play a positive role in promoting regional economic stability.