The current political crisis in South Korea, involving the impeachment and attempted arrest of President Yoon Suk Yeol, is an unprecedented situation that could impact Sri Lankans living in South Korea, the crisis might bring certain implications, particularly for migrant workers, students, and professionals.
The Srilankan embassy in Korea is closely monitoring the situation
If the South Korean economy slows down, remittances to Sri Lanka could decline.
As of October 2023, over 5,000 Sri Lankans have secured employment in South Korea, marking a 44% increase compared to the same period in 2022.
The majority of these workers are employed in the production sector, with others in fisheries, construction, and agriculture.
This trend reflects the growing appeal of South Korea as a destination for Sri Lankan workers, facilitated by agreements between the Sri Lanka Bureau of Foreign Employment and South Korean authorities.
The cumulative Sri Lankan workers’ remittance inflows for the first seven months of 2023 rose by 78% to US$3.36 billion from US$1.89 billion a year ago.
There is a steady increase in bilateral trade between Sri Lanka and the Republic of Korea which currently stands at approximately USD 400 million.
The Crisis
South Korea is facing a political crisis after the impeachment of President Yoon Suk Yeol, who is under investigation for inciting insurrection and other serious charges. The situation escalated when attempts to arrest him were blocked by his security team and loyal supporters, raising concerns about the rule of law and deepening divisions in the country.
This is uncharted territory for South Korea. It is the first time a sitting president has ever faced arrest, so there is no rule book to follow – but the current situation is nonetheless astonishing.
After a dramatic six-hour-long standoff with security, South Korean police have called off an attempt to arrest suspended President Yoon Suk Yeol.
