'Travel advisory: Korea': Martial law scare threatens tourism with national warnings

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'Travel advisory: Korea': Martial law scare threatens tourism with national warnings

Published: 04 Dec. 2024, 17:39

SARAH CHEA
[email protected]

Audio report: written by reporters, read by AI

Foreign tourists wearing hanbok, or Korean traditional clothing, walk by police officers positioned in front of Gyeongbok Palace in central Seoul Wednesday, a day after President Yoon Suk Yeol's declaration of emergency martial law. [YONHAP]

Korean airline and tourism companies are suffering a sharp drop in shares Wednesday after countries like Britain and Israel issued travel warnings for the country, citing safety concerns deriving from the emergency martial law issued Tuesday night.

The sluggish market performances were driven by a potential downturn in travel sentiment that may throw a wet blanket on Korea's tourism industry, which was getting closer to fully recovering to pre-pandemic levels.

Shares of Korean Air, the country's flag carrier, slid 3.5 percent to close at 24,750 won ($17.5) Wednesday, while T'way Air plunged 4.6 percent to 2,705 won and Jin Air fell 3.4 percent to 10,830 won.

Travel agencies were also hit hard. Hana Tour, the country's largest travel agency, closed down 3.1 percent at 57,100 won, while Kosdaq-listed Mode Tour fell 1.8 percent to 10,210 won.

Smaller tour agency Yellow Balloon Tour edged down 1.5 percent to 4,780 won, while Very Good Tour plummeted 4.2 percent to close at 5,520 won.

Military forces mobilized under martial law attempt to access the National Assembly to get inside the chamber in Yeouido, in western Seoul, on Wednesday. [YONHAP]

Immediate after the declaration, Britain's Foreign Office issued a travel advisory warning British nationals who plan to travel to or are currently in Korea to "follow the advice of local authorities," adding that it is "deeply concerned by the events."

The U.S. and Canadian governments also issued similar alerts urging their nationals to "exercise caution" as the "situation remains fluid" even after the law was lifted.

The U.S. Embassy said it will halt visa application acceptance and maximize telework for U.S. nationals in Korea and limit in-person school attendance for the children of U.S. Embassy staff.

Israel even advised all Israelis planning to visit Korea to "consider the necessity of visiting the country."

"The martial law declaration harms the country's image and certainly influences foreign tourists to eliminate Korea from their travel wish list," said tourism professor Kim Nam-jo from Hanyang University, adding that it raises the awareness of Korea “hindering” freedom, which must be the "most fundamental condition behind travel."

“Korea is a divided country with no peace treaty officially ending the Korean War, and the recent issuance of martial law will make foreigners shun the country.”

A foreigner, far left, walks by police positioned in Gwanghwamun in central Soul Wednesday, a day after President Yoon Suk Yeol's declaration of emergency martial law. [YONHAP]

It is likely to pour cold water on the recently growing number of overseas tourists to Korea on the back of the popularity of K-content like K-pop and Korean dramas.

The number of tourists totaled 13.74 million this year through the end of October, up 54.7 percent from the same period last year, reaching around 94 percent of the total in 2019 during the same period.

It recorded 1.46 million in September alone, surpassing the monthly pre-pandemic average.

“We are cautiously monitoring the situation regarding potential ticket cancellations,” a spokesperson for Korean Air told the Korea JoongAng Daily, adding that their aircraft are so far in full operation.

Korean President Yoon Suk Yeol unexpectedly declared emergency martial law at around 10:30 p.m. Tuesday citing the need to eradicate "antistate forces,” which then was reversed six hours later when the National Assembly voted unanimously to lift it.

This marked the first declaration of martial law in Korea in 45 years and the 17th in its history.

BY SARAH CHEA [[email protected]]