South Korea offers economic incentives to North in return for denuclearization
August 15, 2022, 9:49 am

South Korea offers economic incentives to North in return for denuclearization

South Korean president-elect Yoon Suk-yeol (File photo: Jung Yeon-je / AFP)

Local media in South Korea reported, President Yoon Suk-yeol on Monday (August 15) offered economic incentives to rival North Korea in return for denuclearization and vowed to set on track bilateral relations with Japan.

Yoon Suk-yeol said his government will improve relations with Japan on the basis of the 1998 joint declaration, the Anadolu Agency reported. the announcement came as he was peaking at an event in his office on the occasion of Liberation Day

Yonhap News Agency quoted Yoon as saying: "In the past, we had to unshackle ourselves from the political control imposed upon us by imperial Japan so that we could regain and defend our freedom.”

South Korea marked the 77th year of independence from Japan's 1910-45 colonial rule.

He added: "Today, Japan is our partner as we face common threats that challenge the freedom of global citizens.”

A projectile is fired during North Korea's missile tests in this undated picture released by KCNA. (Reuters)

Bilateral relations worsened between Tokyo and Seoul during the administration of former South Korean President Moon Jae-in as the two sides launched rival tariffs on imports.

He also offered economic incentives to North Korea in return for denuclearization and said Pyongyang's denuclearization is "essential" for peace in the region.

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The agency quoted Yoon as saying: “The audacious initiative that I envision will significantly improve North Korea's economy and its people's livelihoods in stages if the North ceases the development of its nuclear program and embarks on a genuine and substantive process for denuclearization.”

He added: "We will implement a large-scale food program; provide assistance for power generation, transmission and distribution infrastructure; and carry out projects to modernize ports and airports for international trade.”

Tension on the peninsula rose in 2020 when North Korea attacked and blew up the inter-Korean liaison office along the border. Seoul warned of a strong response if Pyongyang "further worsens the situation."

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However, tensions soared further last year when both Seoul and Pyongyang ramped up drills to show off their military might.

The US and South Korea have extended several offers of dialogue to North Korea to ease current tensions on the peninsula, but North Korea has not responded.

Source: aa

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.