ID :
62331
Tue, 05/26/2009 - 08:00
Auther :
Shortlink :
https://www.oananews.org//node/62331
The shortlink copeid
S. Korea forms task force on economic impact of N.K nuke test
By Koh Byung-joon
SEOUL, May 25 (Yonhap) -- South Korea's government said Monday that it formed a task force to monitor the impact of North Korea's nuclear test on the local economy and financial markets.
Pyongyang announced earlier in the day that it successfully conducted a second
nuclear test to prop up its nuclear deterrent for self-defense. North Korea
conducted its first nuke test in October 2006.
According to South Korea's Ministry of Strategy and Finance, the task force, led
by Vice Finance Minister Hur Kyung-wook, is comprised of officials from the
Financial Services Commission and the Ministry of Knowledge Economy.
"The task force will monitor financial markets, external business conditions and
price levels of key necessities especially when the nation is struggling to
stimulate the economy buffeted by a global recession," the ministry said.
The North' surprise announcement initially made a big dent in South Korea's
financial markets, but they recovered in later trading as investors digested
risks from North Korea's nuclear activity.
After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI)
dropped 2.85 points, or 0.2 percent, to 1,400.90, with the local currency closing
at 1,249 won to the U.S. dollar, down 1.6 won from Friday's close.
Slamming North Korea's nuclear experiment for threatening world peace and raising
tension on the Korean Peninsula, South Korea's major business organizations
called on the Seoul government to try to cushion its impact on the slumping
economy.
"North Korea's nuclear test is a reckless provocation to peace on the Korean
Peninsula and the world. The government needs to clearly let North Korea know
that its brinkmanship tactics are unhelpful," said the Federation of Korean
Industries, the nation's largest business lobby group.
"We hope that the government should make every efforts to minimize a possible
negative impact of the nuclear test on the local economy," it said.
The state-run Korea Trade-Investment Promotion Agency said the North's nuclear
experiment make it more difficult to improve inter-Korean economic cooperation,
which has worsened significantly since mid-2008.
"Instead of stoking international tension with nuclear tests, North Korea should
actively come forward to foster economic cooperation between the Koreas and to
open its economy to the outside world," it said.
SEOUL, May 25 (Yonhap) -- South Korea's government said Monday that it formed a task force to monitor the impact of North Korea's nuclear test on the local economy and financial markets.
Pyongyang announced earlier in the day that it successfully conducted a second
nuclear test to prop up its nuclear deterrent for self-defense. North Korea
conducted its first nuke test in October 2006.
According to South Korea's Ministry of Strategy and Finance, the task force, led
by Vice Finance Minister Hur Kyung-wook, is comprised of officials from the
Financial Services Commission and the Ministry of Knowledge Economy.
"The task force will monitor financial markets, external business conditions and
price levels of key necessities especially when the nation is struggling to
stimulate the economy buffeted by a global recession," the ministry said.
The North' surprise announcement initially made a big dent in South Korea's
financial markets, but they recovered in later trading as investors digested
risks from North Korea's nuclear activity.
After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI)
dropped 2.85 points, or 0.2 percent, to 1,400.90, with the local currency closing
at 1,249 won to the U.S. dollar, down 1.6 won from Friday's close.
Slamming North Korea's nuclear experiment for threatening world peace and raising
tension on the Korean Peninsula, South Korea's major business organizations
called on the Seoul government to try to cushion its impact on the slumping
economy.
"North Korea's nuclear test is a reckless provocation to peace on the Korean
Peninsula and the world. The government needs to clearly let North Korea know
that its brinkmanship tactics are unhelpful," said the Federation of Korean
Industries, the nation's largest business lobby group.
"We hope that the government should make every efforts to minimize a possible
negative impact of the nuclear test on the local economy," it said.
The state-run Korea Trade-Investment Promotion Agency said the North's nuclear
experiment make it more difficult to improve inter-Korean economic cooperation,
which has worsened significantly since mid-2008.
"Instead of stoking international tension with nuclear tests, North Korea should
actively come forward to foster economic cooperation between the Koreas and to
open its economy to the outside world," it said.
