Yoon Emphasizes International Cooperation to Block North Korean Funds... Urges China to Make "Constructive Efforts" (Comprehensive)

President Yoon Suk-yeol Conducts Written Interview with AP Before ASEAN Departure
Yoon: "China Has Significant Influence on North Korea... Must Make Constructive Efforts for Denuclearization"
From Ideological Politics Back to 'Economy' Focus... Maximizing ASEAN and G20 Economic Achievements

President Yoon Suk-yeol stated on the 4th, "The international community must respond firmly to North Korea's increasingly escalating missile provocations and nuclear threats, and closely cooperate for the denuclearization of North Korea." He particularly urged monitoring of illegal activities aimed at cutting off North Korea's funding sources, such as virtual asset theft and dispatching workers overseas, and also called for China's role in denuclearization.

On the day before his departure to attend the Association of Southeast Asian Nations (ASEAN) Summit and the Group of Twenty (G20) Summit, President Yoon said in a written interview with the Associated Press, "North Korea's development of nuclear weapons and missiles is a violation of United Nations Security Council resolutions and an act that directly challenges peace on the Korean Peninsula as well as world peace." He added, "The international community must clearly demonstrate that its determination to prevent North Korea's nuclear development is much stronger than North Korea's will to develop nuclear weapons." President Yoon will visit Indonesia and India sequentially from the 5th for a 5-night, 7-day trip.

[Image source=Yonhap News]

President Yoon specifically called on the international community to impose concrete sanctions on North Korea. He stated, "If the current UN Security Council sanctions on North Korea are faithfully implemented, it can significantly cut off funding sources for North Korea's weapons of mass destruction (WMD)." He further explained, "At the G20 meeting, I plan to emphasize the need to actively block North Korea's illegal activities such as virtual asset theft, dispatching overseas workers, and maritime transshipment, which are major funding sources for nuclear and missile development, and also to pay attention to the horrific human rights situation of North Korean residents, who are being mobilized as a means for the North Korean regime to maintain power."

He also called for China's role in North Korea's denuclearization. President Yoon mentioned North Korea's economic dependence on China (with trade with China accounting for 96.7% of North Korea's total trade as of 2022), saying, "China holds considerable influence over North Korea. As a permanent member of the Security Council responsible for maintaining international peace and stability, China should make constructive efforts for North Korea's denuclearization." He added, "It should also be considered that North Korea's nuclear development is causing undesirable outcomes from the perspective of China's national interests, such as increasing instability in the regional order."

Through this trip, President Yoon plans to call for strong cooperation and solidarity among G20 member countries, which account for about 86% of the world's GDP. He said, "To strengthen the resilience of supply chains, diversifying exports and imports of key items that affect the national economy and establishing stable supply chains are of utmost importance."

The Presidential Office also plans to actively promote Korea's export industries such as nuclear power, defense, and infrastructure during the ASEAN and G20 summits, and to strengthen cooperation in advanced industrial supply chains with countries like Indonesia and the Philippines, where electric vehicle and battery supply chains are closely linked. Since ASEAN and India account for about 21% of Korea's exports, the government intends to enhance cooperation with them and engage in attracting promising export sectors. Additionally, there are plans to review the status of free trade agreement (FTA) negotiations and implementation by country. A session is also expected to be held to focus on addressing difficulties faced by Korean companies in entering foreign markets.

Efforts have also been made to eliminate domestic economic uncertainties to maximize the achievements of 'sales diplomacy.' After the Korea-US-Japan summit, controversies arose over the Japanese government's discharge of contaminated water and the relocation of General Hong Beom-do's bust, which focused on 'ideological politics,' but the Presidential Office directly intervened to dispel the 'September economic crisis' rumors. On the 1st, Chief Secretary for Economic Affairs Choi Sang-mok held an emergency briefing, stating, "There is no September crisis," and added, "We expect indicators to show a pattern of 'high in summer, low in winter' from September onward, with an expanding recovery trend." Although economic indicators such as domestic demand, exports, and investment convey a sense of crisis in the second half of this year, the overall assessment is that the rate of decline is continuously decreasing and the improvement trend is ongoing.

The Presidential Office is paying close attention to the favorable trend in foreign direct investment (FDI). The total amount of FDI reported in the second half of last year and the first half of this year, after the launch of the Yoon Suk-yeol administration, reaches $36.45 billion. This far exceeds the annual record of $30.45 billion in 2022. Chief Secretary Choi explained, "The increase in foreign direct investment is due to trust in the medium- to long-term outlook of our economy and policy direction."

It is also notable that foreign investors are increasing investments in Korea's advanced manufacturing industries. They are focusing investments in sectors such as semiconductors, batteries, and biotechnology. The Presidential Office said, "President Yoon will emphasize during this trip that the Korean market offers favorable economic conditions for global companies to operate," and added, "Support such as deregulation to align with global standards will continue to be promoted."

This content was produced with the assistance of AI translation services.