Seoul:

The Jeju Air plane crash at South Korea’s Muan, in which 179 of the 181 people on board are feared dead, came at a time when the Asian country’s government is in the middle of a full-blown political crisis. South Korea’s current president, Yoon Suk Yeol, was impeached on December 14, following a short-lived martial law declaration that plunged the country into its worst political chaos in decades.

However, the leadership crisis in Seoul didn’t end there. Country’s Prime Minister Han Duck-soo, who stepped into Yoon’s shoes as acting President of South Korea, was also stripped of his powers by parliament on Friday.

That means the country’s Finance Minister Choi Sang-mok assumed the position of acting president while the country’s top Constitutional Court decided the fate of Yoon and Han. Two days into the new job, acting President Choi now faces South Korea’s worst domestic civil aviation disaster.

New President In The Middle Of Chaos

Acting President Choi has instructed emergency responders to mobilize “all available” equipment and personnel to the plane crash site at the Muan International Airport, He also reached the site where the Jeju Air flight crash-landed earlier in the day and declared it a special disaster zone.

The President has vowed a full investigation into what caused the deadly crash. “We will concentrate all resources on recovery and support for the victims. All necessary resources are being mobilized, and a special disaster zone has been declared,” Choi said in a statement.

A Jeju Air plane carrying 181 people from Thailand to South Korea crashed on arrival Sunday, smashing into a barrier and bursting into flames, leaving all but two feared dead.

A bird strike and adverse weather conditions were cited by authorities as likely causes of the crash that flung passengers out of the plane and left it “almost completely destroyed”, according to fire officials.

Video showed the Jeju Air plane from Bangkok landing on its belly at Muan International Airport, skidding off the runway as smoke streamed out from the engines, before crashing into a wall and exploding in flames. Only two people were rescued, both flight attendants and 120 people were confirmed dead by mid-afternoon, the fire department said in a statement.

Uncertain Political Landscape In South Korea

The impeachment of Prime Minister Han, the acting president since Mr Yoon was impeached on December 14 for declaring martial law on December 3, has pushed South Korea’s once-vibrant democratic success story into uncharted territory. South Korea is Asia’s fourth-largest economy after China, Japan and India.

Yoon, who is currently suspended while the country’s top court decides his fate, faces impeachment and criminal charges of insurrection, which could result in life imprisonment or even the death penalty.

If his impeachment is upheld by the court, which is required to deliver its ruling within six months of the impeachment, a by-election must be held within 60 days of the court’s decision. The move will also make Mr Yoon the shortest-serving president in South Korea’s democratic history.

South Korea’s Finance Minister Choi Sang-mok. File
| Photo Credit: Reuters

South Korea will set up an aid package worth more than $7 billion to support its chip industry, the Finance Ministry said on Sunday, as part of its drive to boost its critical semiconductor sector.

This initiative follows its pledge last year to build the world’s largest chip centre using $240 billion of private investment, primarily from Samsung Electronics, the world’s largest memory chip maker, as it seeks an edge in the global industry.

The government “is preparing an assistance package of more than 10 trillion won ($7.2 billion) to support fabless, chips materials and manufacturing equipment in all areas of chips industry”, Finance Minister Choi Sang-mok said, according to the finance ministry statement released Sunday.

The $7.2-billion package could be created through “a new fund financed by private and public financial institutions”, Mr. Choi told executives of domestic chip makers at a meeting on Friday according to the statement, with further details to be announced.

It comes as Asia’s fourth-largest economy aims to invest heavily in six key technologies, including chips, displays and batteries, all areas where the country’s tech giants are well-established already.

South Korea is home to two of the world’s largest memory chip makers: Samsung Electronics and SK Hynix.

Semiconductors are Seoul’s leading export and hit $11.7 billion in March, their highest level in almost two years, accounting for a fifth of South Korea’s total exports, according to figures released by the trade ministry.

In May 2022, Samsung announced a massive 450 trillion won investment blueprint over the next five years aimed at making it a frontrunner in key sectors from semiconductors to biologics.

Securing supplies of advanced chips has become a crucial issue internationally, with the United States and China locked in a fierce battle for control of the chips market.