South Korean leader seeks closer ties with Britain
President Yoon Suk Yeol received a ceremonial welcome in London today as he embarked on the first state visit to Britain by a South Korean leader in a decade, in a bid to strengthen trade, technology and defence ties with the UK.
That Yoon is the first world leader to be hosted by King Charles III since his coronation signals that Seoul is an increasingly important ally for Britain as it seeks to consolidate influence in the Indo-Pacific.
Tonight, Yoon and his wife Kim Keon Hee will enjoy a state banquet hosted by the monarch at Buckingham Palace. Tomorrow, Yoon and his entourage of 70 business leaders will meet with the Prime Minister and trade secretary Kemi Badenoch.
South Korea was the first country in Asia to sign a post-Brexit Free Trade Agreement with Britain and, now, the two nations are looking to upgrade it. Since leaving the EU, Britain has been keen to strike trade deals with fast-growing economies in the Indo-Pacific region and Seoul is an obvious candidate; its economic rise over the last few decades has been quite remarkable.
As Sam Miley wrote in Reaction, in the aftermath of the Korean War, South Korea was one of the poorest economies on the planet. In 1953, its GDP per capita was lower than that of Somalia and Haiti. Since then, South Korea has experienced unprecedented growth, stimulated by market reforms, effective use of foreign aid and an export-led growth strategy. So much so that it is now the world’s 13th largest economy and, by 2024, the IMF forecasts that its GDP per capita will exceed the UK’s.
Tomorrow, Yoon is expected to announce £21 billion of investment in UK renewable energy and infrastructure projects. Meanwhile, Sunak will solidify plans to invest in South Korea’s semiconductor manufacturing as part of international efforts to diversify supply and reduce dependance on an increasingly vulnerable Taiwan.
Defence will also be a key theme during Yoon’s visit.
The “Downing Street Accord” which the leaders are expected to sign will see British and Korean militaries agree to step up joint training and sea patrols “to create the most comprehensive exercise regime between the UK and any partner other than the US”.
Central to the defence talks between the two leaders will be the evolving nuclear threat posed by North Korea.
Yoon and Sunak will no doubt discuss their concerns over Kim Jong Un’s increasingly cosy relationship with Vladimir Putin. For Yoon, the biggest concern of all is not so much the generous supply of ammunition Pyongyang has given Moscow to replenish its dwindling stocks as it wages war on Ukraine but, rather, what Moscow could offer in return: possible technical assistance with North Korea’s escalating nuclear-armed missile programme.
This looming threat, combined with growing Chinese aggression in the South China Sea, leaves South Korea ever keener to deepen security ties with Western allies, including Britain.
Both Yoon and Sunak have plenty to gain from strengthening their alliance.
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