President Lee Jae-myung, during his state visit to Brazil, held a video conference on the night of his arrival to focus on domestic inflation measures amid international oil price volatility.

On the evening of July 26, local time, in Brasilia, President Lee stated, "The situation in the Middle East has become unstable again, causing fluctuations in international oil prices. Given the likelihood of continued volatility, we must take proactive measures to minimize its impact on domestic prices."

He further instructed, "Until the oil price instability is definitively resolved, please maintain the maximum price system for oil and keep policies such as fuel tax reductions in place as much as possible. If the situation worsens, we should actively consider additional measures to alleviate the burden on the public."

President Lee called for tailored support for sectors and groups directly affected by rising oil prices. He emphasized the need for measures to ease the burden on truck drivers, construction equipment operators, farmers, fishermen, and mobile workers.

He also urged strong crackdowns on market disruptions, stating, "There are those who exploit this difficult time for illegal profit. Investigations have revealed that domestic refiners engaged in collusion worth tens of trillions of won amid the ongoing conflict in the Middle East."

He requested that authorities ensure there are no hoarding or collusion activities in essential consumer goods, not just oil, and to thoroughly monitor market disruptions.

As the peak vacation season approaches, President Lee directed a careful review of living costs and safety measures. He noted, "With the end of the monsoon season, this week marks the start of the summer heat and vacation period. The government should meticulously check overall measures related to living costs and safety to ensure that families can enjoy comfortable time together."

While acknowledging recent improvements in economic indicators, President Lee pointed out that the benefits of growth have not yet reached the broader public. He mentioned, "The growth rate for the second quarter was 3.7%, and the real gross national income growth rate reached a 38-year high of 15.6%. However, there are dark shadows such as poor youth employment and high loan delinquency rates among small businesses."

He added, "Just as warmth must be evenly distributed in a room for the temperature to be maintained, sustainable economic development requires the warmth of growth to be widely shared. We must accelerate the implementation of policies that channel abundant liquidity into local businesses and small enterprises."

Additionally, President Lee called for follow-up measures regarding the San Francisco AI declaration, which he described as a national commitment for South Korea to become an irreplaceable leader in the AI era.

He stated, "Through large-scale supply and investment cooperation, we have elevated our partnership with global big tech to the level of an AI alliance, and we have also strengthened our collaboration with leading venture capital firms."

President Lee emphasized, "The government must ensure that these achievements lead to greater leaps in our economy and tangible improvements in the lives of our citizens. We will strive to lead not only in AI but also in other advanced industries and cultural sectors."

Regarding the significance of his first visit to South America since taking office, President Lee remarked, "In a rapidly changing international order, diversifying and multilayering our diplomatic network is essential for the stable development of the nation. South America, with its vast population and rich resources, is one of the most critical regions for expanding our diplomatic horizons."

He concluded, "Through this South American visit, we will further strengthen our diplomacy with the Global South and solidify South Korea's status and role as a key global player."