{"id":2202446,"date":"2023-10-09T08:00:22","date_gmt":"2023-10-08T23:00:22","guid":{"rendered":"https:\/\/koreapro.org\/?p=2202446"},"modified":"2023-10-08T23:11:27","modified_gmt":"2023-10-08T14:11:27","slug":"south-korea-issues-travel-advisory-amid-attack-on-israel-economic-impact-looms","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/10\/south-korea-issues-travel-advisory-amid-attack-on-israel-economic-impact-looms\/","title":{"rendered":"South Korea issues travel advisory amid attack on Israel: Economic impact looms"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A spokesperson for South Korea\u2019s Ministry of Foreign Affairs <\/span><a href=\"https:\/\/www.mofa.go.kr\/eng\/brd\/m_5676\/view.do?seq=322297\"><span style=\"font-weight: 400;\">stated<\/span><\/a><span style=\"font-weight: 400;\"> that Seoul strongly condemns the \u201cindiscriminate attacks on Israel\u201d from Gaza and called for an immediate halt of these attacks. The spokesperson also expressed the South Korean government\u2019s \u201cdeep concern\u201d over the large number of civilian casualties caused by these attacks and conveyed condolences to the victims and their families. These remarks come after Hamas launched a surprise land, sea and air <\/span><a href=\"https:\/\/www.cnn.com\/2023\/10\/07\/middleeast\/israel-hamas-rocket-attack-what-we-know-intl\/index.html\"><span style=\"font-weight: 400;\">attack from Gaza<\/span><\/a><span style=\"font-weight: 400;\"> during the weekend, killing hundreds and infiltrating Israeli territory. Israel responded with <\/span><a href=\"https:\/\/www.timesofisrael.com\/liveblog_entry\/idf-says-it-is-carrying-out-wave-of-intense-airstrikes-in-gaza\/\"><span style=\"font-weight: 400;\">air strikes<\/span><\/a><span style=\"font-weight: 400;\">, which Palestinian health authorities say led to <\/span><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/israeli-forces-clash-with-hamas-gunmen-after-hundreds-killed-2023-10-08\/\"><span style=\"font-weight: 400;\">hundreds more casualties<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The ministry also issued a <\/span><a href=\"https:\/\/www.mofa.go.kr\/www\/brd\/m_4080\/view.do?seq=374178\"><span style=\"font-weight: 400;\">travel advisory<\/span><\/a><span style=\"font-weight: 400;\"> on Sunday regarding Israel following rocket attacks by Hamas. The South Korean government advised its nationals in Israel to depart through a third country and urged those considering travel to Israel to cancel or delay their plans. South Korea\u2019s advisory can be active for up to 90 days.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Israeli Prime Minister Benjamin Netanyahu <\/span><a href=\"https:\/\/twitter.com\/IsraeliPM\/status\/1710867498772406344\"><span style=\"font-weight: 400;\">described<\/span><\/a><span style=\"font-weight: 400;\"> the situation as the beginning of a \u201clong and difficult war.\u201d A significant escalation in Middle Eastern tensions can have immediate and substantial effects on global energy prices, directly influencing South Korea\u2019s industrial costs and balance of payments. South Korea relies on the Middle East for nearly <\/span><a href=\"https:\/\/www.mofa.go.kr\/eng\/wpge\/m_5657\/contents.do#:~:text=Furthermore%2C%20Korea%20is%20highly%20dependent,solely%20from%20the%20Middle%20East.\"><span style=\"font-weight: 400;\">60% of its oil imports<\/span><\/a><span style=\"font-weight: 400;\">, making it vulnerable to regional disruption.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rising energy prices will also likely impact South Korean conglomerates undertaking large-scale regional <\/span><a href=\"https:\/\/koreapro.org\/2023\/06\/saudi-arabia-entrusts-largest-petrochemical-complex-to-hyundai-engineering\/\"><span style=\"font-weight: 400;\">infrastructure projects<\/span><\/a><span style=\"font-weight: 400;\">, including <\/span><a href=\"https:\/\/news.samsung.com\/kr\/%ec%9d%b4%ec%9e%ac%ec%9a%a9-%ed%9a%8c%ec%9e%a5-%ec%a4%91%eb%8f%99-3%ea%b0%9c%ea%b5%ad%ec%84%9c-%eb%aa%85%ec%a0%88-%ed%98%84%ec%9e%a5%ea%b2%bd%ec%98%81-%ea%b8%80%eb%a1%9c%eb%b2%8c-%ec%82%bc\"><span style=\"font-weight: 400;\">Saudi Arabia\u2019s NEOM project<\/span><\/a><span style=\"font-weight: 400;\">. Rising energy prices can increase the operational costs of these projects, requiring businesses to reevaluate certain projects that were economically viable under previous energy cost estimates. On the other hand, heightened regional tensions could increase Middle Eastern countries\u2019 <\/span><a href=\"https:\/\/koreapro.org\/2022\/11\/the-three-big-drivers-of-the-south-korean-defense-industry\/\"><span style=\"font-weight: 400;\">demand for arms<\/span><\/a><span style=\"font-weight: 400;\">, likely benefiting South Korean arms manufacturers.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/defense-security\/\"><span class=\"tag\">Defense &amp; Security<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>A spokesperson for South Korea\u2019s Ministry of Foreign Affairs stated that Seoul strongly condemns the \u201cindiscriminate attacks on Israel\u201d from Gaza and called for an immediate halt of these attacks. The spokesperson also expressed the South Korean government\u2019s \u201cdeep concern\u201d over the large number of civilian casualties caused by these attacks and conveyed condolences to [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2202447,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,26,28],"class_list":["post-2202446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-defense-security","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea issues travel advisory amid attack on Israel: Economic impact looms - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/10\/south-korea-issues-travel-advisory-amid-attack-on-israel-economic-impact-looms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea issues travel advisory amid attack on Israel: Economic impact looms - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"A spokesperson for South Korea\u2019s Ministry of Foreign Affairs stated that Seoul strongly condemns the \u201cindiscriminate attacks on Israel\u201d from Gaza and called for an immediate halt of these attacks. 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