South Korea has gained permanent observer status on the Arctic Council. The unanimous decision was made on Wednesday at a meeting in Sweden.

The Arctic Council was launched in 1996 for the environmental protection and sustainable development of the arctic region. The eight member nations, including the United States, Russia, Canada, and five Nordic countries, decide on issues relating to the region.

South Korea has now secured a foothold in the development of the artic region, where strategic and economic value is ever increasing.

Other countries gaining observer status on the council include China, Japan, India, Italy, and Singapore. But eight parties including the European Union and international agencies that had also requested the status failed to obtain it.

Foreign ministry director, Sin Dong-ik, said that all council members granted South Korea the status after reviewing the nation's expertise in promoting arctic interest and its contribution to arctic-related global cooperation.

Council membership is limited to only the founding members. Other nations or agencies can take part in council meetings as a permanent or ad-hoc observer.

In principle, an ad-hoc observer can attend meetings only at the council's invitation, and it doesn’t have the right to extend opinions.

But a permanent observer can take part in meetings, express its view, and propose projects. It can also participate in the council's six working groups including one on sustainable development.

South Korea has been taking part in council activities since November 2008 as an ad-hoc observer after applying for the status in May that year.

Observer status allows Seoul to have a larger voice in the council.

About 25 percent of global oil reserves and 45 percent of natural gas reserves are believed to be in the Arctic. The Arctic Sea also supplies 37 percent of the world’s seafood demand.

Mineral and fishing resources of the region are estimated at over 13 trillion dollars. Shipping routes at the North Pole are also considered the dream maritime route with travel time expected to be much shorter than seaways passing through the Suez Canal. Arctic routes began to emerge as glaciers melted due to climate change.

Only two vessels worldwide used the arctic route three years ago, but that number increased to 35 last year.