851. Arctic Prospects and Challenges from a Korean Perspective
- Author:
- Young Kil Park
- Publication Date:
- 12-2013
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- South Korea's interest in the Arctic reached a peak on May 15, 2013, when the country obtained permanent observer status in the Arctic Council. The country's interest in the Arctic began in the 2000s, following reports of new sea route created by accelerated thawing in the Arctic due to increasing temperatures. A South Korean shipping company completed Korea's first commercial freight voyage via the Arctic Ocean on October 22, 2013, after taking 35 days to make the journey from Ust-Luga port of Russia to Gwangyang port of Korea. This paper examines South Korea's interest and involvement in the Arctic and analyzes its challenges. The paper summarizes the Arctic-related activities the country has pursued so far; examines specific interests in the fields of science, sea routes and hydrocarbon resources, fishing and governance; and, finally, evaluates the challenges ahead. South Korea has made significant progress in entering the Arctic Ocean but many grave challenges must be addressed before the Arctic can become the source of economic prosperity.
- Topic:
- Economics, Oil, Maritime Commerce, Natural Resources, and Governance
- Political Geography:
- Russia, Israel, South Korea, and Korea