By Kang Hyun-kyung
Seoul has faced a mounting call to chart a durable foreign policy strategy in Libya where its key trade interests are at stake after the outbreak of a civil war.
Several meetings involving the Ministry of Foreign Affairs and Trade, businesses operating in Libya and other related entities are to take place this week.
At the closed-door meetings, participants will discuss ways to respond to the crisis.
South Korean Ambassador to Libya Jo Dae-sik was called upon to join the get-together to comment on the turbulent location of his mission.
Currently, some 50 Korean firms are involved in a $10.5 billion construction project in the North African country.
The project has been temporarily suspended due to the NATO strikes against Libya in support of rebels seeking to oust Moammar Gadhafi.
Korea has distanced itself from Western nations and the rebels in their military and diplomatic campaign, for fear of harming its business interests in the African nation.
Analysts say there are immense potential business opportunities in the country. The price tag of post-war reconstruction could reach as much $100 billion, they said.
Korean firms have enjoyed a positive reputation as credible builders there as they always complete construction on time.
Industry experts say only Korean firms meet deadlines and this led the Libyan government and business leaders to trust them.
Seoul fears that its reluctance to join the Western-supported effort to get rid of Gadhafi could backfire. Some analysts allege that Korea only calculates how much it could earn in a country at war.
Despite this, giving up trade interests is not deemed an option for the government.
Libya is now undergoing a catastrophic civil war with NATO launching strikes against Gadhafi in support of the rebels after the authoritarian leader ordered the killing of civilians.
In a speech in Ethiopia, U.S. Secretary of State Hillary Clinton urged nations to suspend the operation of Gadhafi’s embassies to ratchet up pressure on him to step down.
She also called on governments to expel pro-Gadhafi diplomats and increase contact and support with the Transitional National Council (TNC) consists of figures who oppose Gadhafi’s rule.
Several countries including France, Italy and the United Arab Emirates (UAE) have endorsed the TNC as the legitimate government, while others are providing financial support.
In a speech in the UAE last week, Clinton said that the U.S. government views the council as the legitimate interlocutor for the Libyan people during this interim period.