The Rebuilding Korea Party (Joguk Hyukshindang) has formally proposed implementing remote work across the public sector to brace for economic shocks stemming from the prolonged Middle East conflict. The party argues that response measures should go beyond short-term fiscal spending to focus on reducing energy consumption itself.
Cho Kuk, leader of the Rebuilding Korea Party, said at the party's supreme council meeting held at a political reform protest site in front of the National Assembly main building on the morning of the 2nd, "The Middle East war has continued for six weeks, delivering considerable shocks to our economy and people's livelihoods." He added, "We are worried about how much higher the waves of raw material shortages and growing uncertainty will rise."
"As the war drags on, the pain will only deepen, so the 26.2 trillion won supplementary budget is timely," Cho said. "The Rebuilding Korea Party will push for swift passage, though there may be adjustments during the deliberation process."
Cho stressed that a phased response strategy involving the government, businesses and citizens is needed given the high oil prices and high exchange rates. He said fiscal and tax policies from the government, sector-specific responses from businesses and conservation efforts by citizens must all work in tandem.
On reducing energy consumption in particular, he noted, "We cannot simply keep subsidizing energy costs." He warned that doing so "risks encouraging unnecessary consumption and concentrating benefits on heavy energy users."
"Following my proposal for a temporary public transit fare exemption, measures such as half-price fare schemes could further reduce private car use," Cho said. "The public sector has decided to implement an alternating license plate driving restriction starting the 8th, but it would be worth going a step further and considering remote work measures as well."
Cho also emphasized the need to reexamine energy policy. "The entire nation is feeling firsthand how vulnerable a carbon-dependent energy system is to external shocks," he said. "We must designate renewable energy projects and energy storage system (ESS) projects as national strategic industries and dramatically increase the share of renewables." He called for bold support measures including tax credits for renewable energy investment and the application of regulatory sandboxes.
"South Korea has strengthened its crisis management capabilities by overcoming challenges including the Korean War, the oil shocks, the IMF financial crisis, the COVID-19 pandemic and the insurrection," Cho said. "This time will not be easy either, but I am confident that South Korea will overcome it and once again turn crisis into opportunity."