Lee Jae-myung, leader of the main opposition Democratic Party (DP), and other lawmakers stand in front of the National Assembly gates on Dec. 7 | Image: Democratic Party of Korea<\/p><\/div>\n
ECONOMIC REALIGNMENT AND OPPORTUNITIES<\/b><\/p>\n
Economic priorities could significantly shape South Korea\u2019s foreign relations under new leadership, with the semiconductor sector likely becoming a focal point.<\/span><\/p>\nSemiconductors are not only central to South Korea\u2019s economy but also integral to U.S. efforts to reduce reliance on Chinese technology. A Lee government, however, might shift toward enhancing trade ties with Beijing, potentially prioritizing economic pragmatism over alignment with U.S.-led industrial policies.<\/span><\/p>\nThis could create friction within the U.S.-South Korea alliance, particularly as a second Trump administration may demand greater concessions in defense cost-sharing or trade negotiations to address perceived shifts in security priorities.<\/span><\/p>\nDespite these challenges, a pivot in economic strategy could unlock new opportunities in the Global South and Southeast Asia in particular.<\/span><\/p>\n\u201cA more independent Korea approach may well be welcomed [by the Global South] \u2026 as in keeping with the more multipolar world system,\u201d former Ambassador Turner noted. \u201cA return to more active support for climate change is also possible, which would be welcomed by most in the region.\u201d<\/span><\/p>\nFor instance, Lee\u2019s administration might strengthen South Korea\u2019s stance on climate change advocacy, appealing to nations within the Association of Southeast Asian Nations and the Pacific Islands that are keen on green development. By investing in renewable energy cooperation, green finance and technology transfers, South Korea could bolster its influence in these regions, offsetting potential tensions with traditional partners.<\/span><\/p>\nSamsung workers present their semiconductors, June 30, 2022 | Image: Samsung<\/p><\/div>\n
SHIFTING NUCLEAR ENERGY POLICY<\/b><\/p>\n
South Korea\u2019s nuclear energy strategy could shift dramatically under a Lee administration, potentially reversing the pro-nuclear trajectory set by Yoon. Yoon has emphasized nuclear power as a cornerstone of South Korea\u2019s energy security and industrial competitiveness, while also pushing for South Korea to become a leading exporter of nuclear technology.<\/span><\/p>\nHis administration secured high-profile deals, such as with Poland and the Czech Republic, showcasing South Korea\u2019s advanced reactor designs as a key offering in global energy markets.<\/span><\/p>\nLee\u2019s less favorable stance on nuclear energy may slow these export ambitions and reduce South Korea\u2019s engagement in nuclear energy diplomacy. A retreat from nuclear exports could weaken South Korea\u2019s partnerships with countries seeking alternatives to Russian or Chinese technologies.<\/span><\/p>\nDomestically, de-emphasizing nuclear energy could lead to greater reliance on renewables and natural gas, potentially increasing South Korea\u2019s exposure to volatile global energy markets. This would not only heighten vulnerabilities in securing stable energy supplies but also complicate South Korea\u2019s ability to meet its carbon neutrality targets.<\/span><\/p>\nOn the foreign policy front, nuclear energy exports have been a key element of South Korea\u2019s economic diplomacy under Yoon, serving as a bridge to strengthen ties with emerging markets. A reduced focus on nuclear energy could diminish South Korea\u2019s role as a trusted partner in global energy transitions, allowing competitors like China to fill the void.<\/span><\/p>\n