Kim Yong-bum: 'Sophisticated Management Needed for Export Controls'

Senior Presidential Secretary for Policy Kim Yong-bum stated on the 28th that 'sophisticated management is needed, not stronger controls,' regarding the government's naphtha export ban. The government fully banned naphtha exports starting at midnight on the 27th, and Secretary Kim revealed via SNS on the 28th that the measure was 'an unavoidable decision.'

Secretary Kim pointed out that export controls can solve domestic problems while simultaneously causing international issues. 'The moment we close [our doors], the shock does not spread outwards but returns to us,' he warned of the side effects of controls. He added, 'Export controls during a crisis are long remembered,' and that they can lead to retaliation or alternative strategies.

Secretary Kim emphasized, 'The solution lies in 'restraint,'' arguing that losing a larger trend in an attempt to protect naphtha is 'a small gain leads to a big loss.'