By Diplomacy Journal Lee Kap-soo

The Ministry of Economy and Finance is continuing to communicate with the embassies of major countries in Korea to help resolve the martial law situation.

“Our economic system is solid and the government's emergency response system is working stably,” Choi Ji-young, the ministry's international economic director, told Charge d'affaires Fang Kun of the Chinese embassy in South Korea at the Seoul Government Complex on Dec. 10, 2024.

“Our government is proactively responding to financial and foreign exchange market volatility in coordination with the Bank of Korea,” Choi said, explaining that past experiences have shown that shocks caused by non-economic factors such as politics are limited and have little impact in the medium to long term.

“We will continue to take careful policy responses to ensure that all economic actors, including Korean companies and foreign investors, can conduct economic activities as usual,” he said, adding, ”We will strive to further expand human and material exchanges based on trust between the two countries through continuous communication.”

In response, Charge d'affaires Fang Kun said, “As a close neighbor and important cooperation partner, we hope to maintain Korea's economic and social stability.” “As we are actively engaged in economic cooperation in various fields and people-to-people exchanges such as tourism, we will continue to work together through close communication,” he said.

The ministry plans to continue close communication with the embassies of major countries in Korea. The previous day, Deputy Prime Minister and MOLIT Minister Choi Sang-mok met with the Japanese Ambassador to Korea and explained the government's policy response efforts.