Korea hopeful for Taiwan Strait peace after Lai's election win

Korea voiced hopes for continued peace and stability in the Taiwan Strait following the presidential election victory by William Lai Ching-te of the ruling Democratic Progressive Party.

A Foreign Ministry press briefing in Seoul on Friday. [YONHAP]

Korea voiced hopes for continued peace and stability in the Taiwan Strait following the presidential election victory by William Lai Ching-te of the ruling Democratic Progressive Party, a pro-U.S. figure who might test Sino-U.S. relations.

“There is no change in our government's position on Taiwan, and we hope that peace and stability in the Taiwan Strait will be maintained and cross-Strait relations will develop peacefully,” said the Foreign Ministry in a statement on Sunday.

Stressing that peace and stability in Taiwan is “essential to peace and stability on the Korean Peninsula," the ministry added that it hopes to continue “substantive cooperation” with Taiwan.

On Saturday, Lai secured an unprecedented third-term victory for the Democratic Progressive Party by winning the presidential election with at least 40 percent of the votes.

Taiwan’s Mainland Affairs Council issued a statement directly aimed at Beijing after the election.

“We highly regret that the mainland side intervened in this general election in various ways before the election in an attempt to influence the Taiwan people's voting intentions,” it said, adding that these measures were “counterproductive” to a positive development of cross-strait relations and did not change the Taiwan people's determination “to uphold a democratic, free and free way of life.”

Emphasizing that the newly elected President Lai’s main objective in office is peace and stability in the Taiwan Strait, the council added that it will seek to “maintain the status quo” with mainland China for peace and common prosperity, but that it will also “not yield under pressure” in defending Taiwan's democratic and free institutions.

Taiwanese President-elect Lai Ching-te, also known as William Lai, left, celebrates his victory with running mate Bi-khim Hsiao in Taipei, Taiwan, Saturday. [AP/YONHAP]

Since the bilateral summit in May 2021, peace and stability in the Taiwan Strait have been a key agenda item in the joint statements issued by the leaders of Washington and Seoul, prompting protests from Beijing.

Leaders across Europe and the United States issued statements welcoming Lai’s victory.

“The United States is committed to maintaining cross-Strait peace and stability, and the peaceful resolution of differences, free from coercion and pressure,” U.S. Secretary of State Antony Blinken said in a statement on Saturday.

British Foreign Secretary David Cameron congratulated Lai on his victory in a statement on the same day, as did the European Union (EU).

“The European Union underlines that peace and stability across the Taiwan Strait are key to regional and global security and prosperity,” said an EU spokesperson on Saturday. “The EU remains concerned about growing tensions in the Taiwan Strait and opposes any unilateral attempt to change the status quo.”

In recent weeks, industry insiders in Korea have been projecting the potential consequences of Lai's victory in the election, as it meant Taiwan’s most pro-U.S. candidate was taking office.

“We plan to closely monitor the situation through to the end of this year to see how the U.S.-China relations and cross-Strait relations will stabilize and create opportunities to benefit Korean companies,” a high-ranking official told Yonhap News on Sunday.

Samsung Electronics, Korea’s leading chipmaker, secured second position in a global ranking of the most valuable companies in Asia based on market capitalization last year.

Taiwan Semiconductor Manufacturing Company, or TSMC, which produces high-end chips in Taiwan and mass-market chips in the United States, topped the list.

BY ESTHER CHUNG [chung.juhee@joongang.co.kr]