Seoul to seek financial support for Mideast partners amid geopolitical crisis

Seoul to seek financial support for Mideast partners amid geopolitical crisis By Kang Yoon-seung SEOUL, May 21 (Yonhap) -- South Korea's finance minister said Thursday the country will seek to provide financial support to partners in the Middle East facing temporary liquidity shortages due to the prolonged conflict in the region. Finance Minister Koo Yun-cheol announced the plan during a meeting with related ministries on external economic issues, saying South Korea hopes to extend support to close economic partners in the Middle East, according to the Ministry of Finance and Economy. "As the saying goes, a friend in need is a friend indeed. The government will seek to offer financial support to countries in the Middle East that have maintained close ties with South Korea's economic development and are facing temporary liquidity difficulties due to the prolonged conflict," Koo said. In detail, the Export-Import Bank of Korea and Korea Trade Insurance Corp. will provide US$3 billion and $6 billion, respectively, to major clients in the Middle East. South Korea will pursue additional financial support in cooperation with overseas multilateral development banks and export credit agencies, he added. "Uncertainties surrounding the South Korean economy remain high due to tensions in the Middle East and changes in the global trading environment," Koo said. "The government will focus its efforts on rolling out measures that can be felt by the market and businesses." Koo said South Korea will pursue closer economic ties with emerging economies, including China, Mongolia, India and other Asian nations. Asia's fourth-largest economy will also seek to conclude a comprehensive economic partnership agreement (CEPA) with Serbia to help South Korean companies expand their presence in the European market, he added. Regarding the U.S. administration's trade inquiries into South Korea under the Section 301 investigation, Koo said the government has been proactively conveying Seoul's position to Washington that interests reached under existing agreements should not be undermined. colin@yna.co.kr (END) - Soaked but undeterred, fans see hope in rare inter-Korean match - BTS to headline halftime show at 2026 World Cup final - (LEAD) Teenage pianist Son Se-hyeok wins Prague Spring competition - (Yonhap Interview) 'Wars have limits,' but 'blatant disregard' for rules growing: ICRC Korea head - Teenage pianist Son Se-hyeok wins Prague Spring competition - Soaked but undeterred, fans see hope in rare inter-Korean match - (LEAD) Teenage pianist Son Se-hyeok wins Prague Spring competition - SeMA retrospective revisits works of abstract art master Yoo Young-kuk - (Yonhap Interview) 'Wars have limits,' but 'blatant disregard' for rules growing: ICRC Korea head - (URGENT) U.S., China agree Strait of Hormuz must remain open during Trump-Xi summit: White House official - Military begins formal procedures to acquire nuclear-powered submarines - Chinese President Xi likely to visit N. Korea as early as next week: sources - (4th LD) Samsung Electronics union holds off strike plan, puts tentative wage deal to vote - (News Focus) Samsung wage deal eases fears of economic shock, global chip supply disruption - (3rd LD) Samsung, union resume last-minute talks mediated by labor minister