'Korean economy tol remain resilient amid a political turmoil'

“The current uncertainties associated with impeachment will mostly disappear early next year, and thus the momentum will continue for foreign investment,” Chancellor of the Exchequer Philip Hammond told reporters of the Dong-A Ilbo at the British Embassy in Korea on Friday. “The U.K.’s relationship with South Korea and the U.S. will remain solid whoever leads the country as it is based on common interests and set of standards. The new administration in the U.S. will not shake up our bonds no matter what.

After serving as Defense Secretary and Foreign Secretary, Hammond is a member of Parliament for Weybridge, where Samsung’s European Headquarter is located. During his first visit to Korea after becoming the Chancellor of the Exchequer in July, Hammond met with Korea's Acting President and Prime Minister Hwang Kyo-ahn, Bank of Korea Governor Lee Ju-yeol and Foreign Minister Yun Byung-se and discussed how to improve relationship between the U.K. and South Korea. ”Brexit added some uncertainties, but the U.K. has not chosen a path of isolation,” Hammond said. “The U.K. is hoping for stronger cooperation in economy, trade and security with allies beyond Europe.” When asked why not visiting China after Japan and Korea during this trip, Hammond responded, “I had visited China four times this year and have been engaged in continuous dialogue. However, unlike South Korea and Japan, China is not the U.K.’s partner on security and national defense fronts. ”

“South Korea is one of the close allies of the U.K. and our partnership is not only limited to economy and expands to security. The U.K. worries situations unspooled in the East and South China Sea. During the first joint military training between South Korea and the U.S this year, the U.K. sent its fighters, and I hope that the U.K. would participate in the training regularly from next year,” Hammond said.

“The U.K. will proceed with Brexit procedures without any delays, and it will take effect in March next year. After the U.K.’s exit from the European Union, the U.K. will sign free trade agreement with South Korea, and it will be the same with South Korea’s free trade agreement with the E.U.,” Hammond said.

Soong-Ho Cho shcho@donga.com