Seoul Mayor Oh Se-hoon said the Ukraine crisis had cemented his conviction that denuclearisation had lost its appeal. EPA
Seoul Mayor Oh Se-hoon said the Ukraine crisis had cemented his conviction that denuclearisation had lost its appeal. EPA
Seoul Mayor Oh Se-hoon said the Ukraine crisis had cemented his conviction that denuclearisation had lost its appeal. EPA
Seoul Mayor Oh Se-hoon said the Ukraine crisis had cemented his conviction that denuclearisation had lost its appeal. EPA

South Korea needs nuclear weapons, says influential Seoul mayor


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One of South Korea’s most influential politicians has called for the country to be armed with nuclear weapons.

Seoul Mayor Oh Se-hoon said North Korea’s continued progress with its nuclear weapons programmes would justify a South Korean nuclear option for the sake of deterrence.

Seoul would bear the brunt of a conflict on the Korean peninsula, even in the event that nuclear weapons were not used.

The city is within artillery range of North Korea and in 2017, the US estimated that a new conflict would cost 20,000 lives a day.

North Korea’s nuclear arsenal and weapons tests are a persistent fear for Seoul, a city of about 10 million people that is less than 24km from the North Korean border.

  • North Korea's leader Kim Jong-un monitoring a missile launch at an undisclosed location. The country has carried out a string of such launches in recent weeks. AFP
    North Korea's leader Kim Jong-un monitoring a missile launch at an undisclosed location. The country has carried out a string of such launches in recent weeks. AFP
  • A North Korean government image purports to show a missile test. AP
    A North Korean government image purports to show a missile test. AP
  • North Korean military exercises. AP
    North Korean military exercises. AP
  • A missile test at a clandestine location in North Korea. AP
    A missile test at a clandestine location in North Korea. AP
  • A North Korean military drill checks the country's deterrent and nuclear counterattack capability. EPA
    A North Korean military drill checks the country's deterrent and nuclear counterattack capability. EPA
  • Units of the Korean People's Army stage a military drill. EPA
    Units of the Korean People's Army stage a military drill. EPA

According to estimates made in 2022 by the Federation of American Scientists, North Korea may have between 20 and 30 nuclear weapons, an assessment based on the country's likely stockpile of enriched uranium.

President Yoon Suk Yeol said in January that his country would examine the option of nuclear weapons to deter the North and that if such a decision were made, South Korea could develop the bombs “pretty quickly, given our scientific and technological capabilities”.

Mr Oh is a member of the president’s conservative People Power Party, and has been tipped as a potential presidential candidate in 2027.

The mayor of Seoul is a powerful position in South Korean politics and several mayors have gone on to lead the country.

“North Korea has nearly succeeded in miniaturising and lightening tactical nuclear weapons, and secured at least dozens of warheads,” Mr Oh said.

“We've come to a point where it is difficult to convince people with the logic that we should refrain from developing nuclear weapons and stick to the cause of denuclearisation.”

However, surveys show unprecedented levels of public support in South Korea for the once unthinkable idea of a home-grown nuclear arsenal.

In a poll released on March 1 by Data Research, more than 70 per cent of South Koreans supported developing nuclear weapons while 27 per cent opposed the idea. The poll also showed that 59 per cent believe North Korea will probably use nuclear weapons if war breaks out on the peninsula.

Mr Oh said the Ukraine crisis had cemented his conviction that denuclearisation had lost its appeal, and that nuclear weapons would be the most effective deterrent against the North.

“Russia freely violates Ukraine's air space, flying bombers and firing missiles … but Ukraine barely attacks Russian territory because of the psychological inferiority to a nuclear state,” Mr Oh said.

He dismissed opponents who warned of punishments from other countries, including sanctions, saying a South Korean nuclear programme would send a message to countries such as China to curb the North's military build-up.

“There may be some initial resistance from the international community, but I believe that it will gain more support eventually,” he said.

A former senior US official said the increase in rhetoric from the Yoon administration seems to be driven by a desire to pile pressure on Washington into giving South Korea more say in nuclear planning.

Mr Yoon said America's extended deterrence was “falling short of convincing” South Koreans.

Washington has agreed to establish more information-sharing and conduct tabletop drills to enable greater allied co-operation.

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

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