The Canadian Embassy and the Korea Polar Research Institute hosted a symposium on economic opportunities in an ever-melting Arctic amid the opening of the region as a transportation corridor due to global warming.

The Canada-Korea Arctic Policy Symposium was hosted at the embassy’s chancery on Thursday, as part of celebrations for the 50th anniversary of the establishment of diplomatic relations between Canada and South Korea.

“It will provide an opportunity to deepen mutual understanding and strengthen bilateral cooperation between Canada and Korea on Arctic issues,” the embassy said in a press statement ahead of the meeting.

The symposium came at an important time for the two countries. South Korea joined other East Asian powers on the Arctic Council when it gained observer status in May, and Canada’s term as chair of the council started this year, running through 2015.

The so-called “Northwest Passage” had been a fabled route between Asia and Europe since the 16th century. Due to global warming, the Arctic is now opening up to trans-global transportation for the first time.

Several nations recognize the important role of scientific and environmental research on the impact of climate change on the Arctic, but there is also growing interest in the Arctic’s economic potential due to shorter sea routes and the region’s potential wealth of natural resources, including oil, gas, minerals and fish stocks.

(ephilip2011@heraldcorp.com)