A series of recent events led many people to expect the revival of the hibernating Israel-Palestine peace process. These events included the conflict in Gaza between Israel and Hamas,Palestine’s upgraded UN status from "observer entity" to "observer state," and Israel’s most recent general elections. A closer analysis, however, shows the situation is not so optimistic. Each party tries to use each development to its own advantage and does not show interest in compromise. The peace process lacks needed momentum. Even the United States has been showing waning enthusiasm for Israeli-Palestinian dialogue. Under this situation, Korea’s influence over the Middle East peace process is limited. The Korean government, however,should seek a role in the peace process that corresponds to its international status by effectively implementing development cooperation programs with Palestine. This is where Korea can play a role and demonstrate its capability to nurture the Palestinian economy into self reliance. Having dealt with North Korea for nearly 70 years, Korea can also enlarge its role as an intermediary between Israel and Palestine. One idea would be to organize joint forums of intellectuals and experts on both inter-Korean and Middle Eastern issues to exchange views and share experiences and insights. This could help Korea expand its diplomatic influence beyond Northeast Asia and contribute to promoting peace around the world.