Israel-Hamas conflict, what is the diplomatic and economic impact on S. Korea?

UAE 대통령 방한 연기 이팔 사태, 한국에 미치는 외교, 경제 영향은? Ever since the Palestinian militant group Hamas’ attack on October 7th, tensions in the Middle East have been escalating. In response to Hamas attacks that killed more than one-thousand-400 people in Israel, Tel Aviv has been continuing its weeklong aerial bombardment campaign of the Gaza Strip. Worldwide efforts are being taken including U.S. President Joe Biden’s scheduled visit to Israel soon, but the impact of such a war is already affecting the globe. The planned summit between President Yoon Suk Yeol and UAE counterpart has already been delayed, and authorities are bracing for a surge in oil prices which would affect the Korean economy. We first invite Doctor Paik Seunghoon, a Researcher at the Institute for Middle Eastern Studies from Hankuk University of Foreign Studies to ask about impact on diplomacy. Doctor Paik, welcome. Q1. The Israel-Hamas conflict has amplified the ominous North Korean presence on the peninsula. A Joint Chiefs of Staff official even assessed that Hamas is believed to be directly or indirectly linked to North Korea in various areas. What do you think of this view? Q2. That makes us wonder, is there any possibility that North Korea could use Hamas’s attack methods for a surprise attack on South Korea? Q3. The president of the United Arab Emirates postponed his visit to South Korea, amid rising conflict in the region. The Presidential office said UAE’s investment commitments of 30-billion U.S. dollars would not be affected. What are the details? Q4. But still, some reports say President Yoon’s sales diplomacy inevitably had to face some obstacles given that the UAE’s president was set to attend defense trade show ADEX and also specify certain cooperative efforts in the energy and defense sectors. What impact do you expect this war to have on President Yoon’s sales diplomacy in the region? Q5. Two major wars are now at the center of global attention, the war in Ukraine involving Russia and the Israel-Hamas conflict. How should South Korea position itself in dealing with these conflicts? (EXTRA) Q6. Saudi Arabia and Israel tried to normalize ties but as the conflict between Israel and Palestinian militant group Hamas escalates, these plans have apparently been put on ice. Some say intention behind Hamas’ attacks is related to this as well. How do you see this? (EXTRA) Q7. In order to prevent the Israel-Hamas conflict from going out of control, U.S. top diplomat and Chinese foreign minister held a phone conversation, and urged China to use its influence. After having been neutral for a while however, China slammed Israel’s actions. Why change in position and to what extent do you believe China would be able to diplomatically resolve the current situation? That’s all the questions we have for you, for now. Thank you Doctor Paik for you insights on how this conflict in the Middle East region might affect Seoul’s diplomatic efforts. Thank you. Now, as we have said earlier diplomacy is not the only area South Korea needs to consider it is highly likely this war is going to have much more impact on the economy. And thus we invite Professor Kim Sei-wan from Ewha Womans University to discuss this. Welcome, Professor Kim. Q1. First of all, there are Korean companies located close to the conflict and they are worried about the potential fallout. Not just those there, but also businesses that mainly export to the Middle East are concerned about the war escalation. How serious are such issues? Q2. There are also growing concerns over the need to manage the supply chain, for specific materials South Korea is highly dependent on Israel. What kind of supply disruptions might we have to face? And is there a way to tackle this? Q3. Most importantly might be a rise oil prices. Many worry the price per barrel could exceed a hundred dollars. What’s more concerning is that a rise in oil prices could worsen the inflation, right? To what extent would it affect inflation in South Korea? Q4. Volatility in the foreign exchange market also needs to be monitored. As cash flow over to the safe-haven dollar, there are worries that this conflict will affect the won-dollar exchange rate, and make the won depreciation more serious. How do you see this, and if volatility does get high, how should South Korean authorities tackle this? Q5. What also matters is possible market turbulence. Many are worrying about capital flows in stocks. How do you see the market... #Israel #Hamas #War #SouthKorea #Diplomacy #Economy #이스라엘 #하마스 #전쟁 #대한민국 #외교 #경제 #Arirang_News #아리랑뉴스 📣 Facebook : 📣 Twitter : 📣 Homepage : 2023-10-17, 18:30 (KST)