As tensions in the Middle East rose after attacks by the United States and Israel on Iran, Korean corporations operating there moved in unison to prepare countermeasures.
According to the business community on the 1st, starting with Iran, the epicenter of the current crisis, many Korean corporations have entered sectors such as electronics, construction, and defense in Iraq, the United Arab Emirates (UAE), Kuwait, and Saudi Arabia.
First, Samsung Electronics said there have been no injuries among expatriates in the Middle East, including Iran, and that it would do its utmost, including taking necessary measures to ensure the safety of employees, including those stationed in Iran.
LG Electronics checked the safety of employees working in the Middle East and took safety measures for them. One Korean employee dispatched to Iran left the country last week, and Korean employees and their families at the Israel branch plan to evacuate in line with embassy guidance.
Hanwha Group is also actively working to protect employees stationed in the Middle East. Hanwha Group is currently engaged in exports and local operations in defense, finance, and machinery in Saudi Arabia, the UAE (United Arab Emirates), Qatar, and Kuwait.
Hyundai Motor Group does not conduct business in Iran or Iraq, but it is closely watching the situation as it operates a joint plant in nearby Saudi Arabia.
The transportation industry, including airlines and shipping, which is immediately affected by the situation, is also rolling out measures in real time. Korean Air Lines on Feb. 28, when the U.S. attack on Iran occurred, took emergency return and cancellation measures for flights KE951 and KE952 on the Incheon–Dubai route.
Korean Air Lines decided to cancel flights KE951 and KE952 departing from Incheon and Dubai, respectively, from today through the 5th. Among domestic airlines, Korean Air Lines has been the only one operating the Middle East route Incheon–Dubai with seven round trips a week (daily).
Domestic shipping companies such as HMM and Pan Ocean are also preparing measures. The Strait of Hormuz, where the likelihood of a blockade has grown due to this situation, is a chokepoint that domestic shippers operating tankers and bulk carriers must pass through.
At HMM, the largest container carrier in Korea, one container ship is currently sailing in the Strait of Hormuz. However, about six to seven ships are near the area, either heading to or transiting the strait. HMM plans to decide its response measures depending on how the Iran situation unfolds. Pan Ocean, which operates the largest number of bulk carriers in Korea, is also monitoring for any problems.