As military clashes between Israel and Hezbollah have sharply deteriorated the situation in the Middle East, attention is also focused on the potential impact on our industry. The government and industry are on high alert, concerned about the possibility of a prolonged situation. Kim Joo-young reports.

Our country is the world's fourth-largest oil importer, and given our high dependency on energy imports, the unstable situation in the Middle East raises concerns about oil supply instability. According to the Korea Petroleum Association, the increase in oil production in the Middle East is significant, so the likelihood of a supply shortage is low. However, if the situation persists, there could be a reduction in oil demand, which may lead to a decline in production across various industries.

The shipping industry has already begun using alternative routes instead of the Suez Canal since mid-December of last year due to heightened tensions in the Middle East. The aviation industry is also avoiding routes through high-risk areas.

Although flights are not currently operating, we are closely monitoring the situation, as rising fuel prices will also impact fuel surcharges. Hyundai and Kia recorded market shares of 1st and 2nd place in the Israeli market last year, but there are concerns that sales may shrink if the situation worsens. Samsung Electronics and LG Electronics also have local sales corporations, research organizations, and sales points in Israel. Fortunately, none of our companies operating in the region have reported any damage, and we are strengthening our monitoring efforts. Meanwhile, the government has assessed that the impact of the conflict in the Middle East on domestic industries is limited at the moment. The current situation in the Middle East is expected to have a limited effect on our exports, oil supply, and overseas production in the short term. However, in preparation for the possibility of escalation or prolonged conflict, we will establish an emergency response system to respond effectively. The government and industry have been working on sustainable measures for about seven months.

We are securing the excess gas storage obligation to prepare for emergencies. This is News T, Kim Joo-young.

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