Kim Min-seok "Without Visa Resolution, Progress on U.S. Investment Uncertain"

Prime Minister Kim Min-seok said on the 25th regarding the detention incident in Georgia, U.S., that "without visa issues being resolved, things can practically not progress."

In a Bloomberg News interview released that day, the prime minister said, "(U.S.) projects have not been completely halted or officially suspended, but unless visa issues are resolved in a situation with no assurances on safety, Korean workers and their families would be very reluctant to enter the United States." Bloomberg News interpreted that "Prime Minister Kim is casting uncertainty over the $350 billion additional U.S. investment fund agreed under the Korea-U.S. trade agreement."

U.S. immigration authorities arrested about 300 Koreans on the 4th at the Hyundai Motor and LG Energy Solution battery joint plant in Georgia. They returned home in the form of voluntary departure after being detained in immigration custody for eight days. Diplomatic authorities of the two countries are discussing improvements to the visa system in light of this incident. The Prime Minister's Office elaborated that the prime minister's remarks were not meant to imply a complete halt to U.S. investment.

He said that although Korea agreed in July to $350 billion in U.S. investment through a trade agreement with the United States, differences remain over the composition and implementation of the investment package, and "there is a perception not only among the negotiating team but also among the public that it is difficult for us to accept the U.S. proposals," he said. Kim said, "Without a currency swap agreement, it would deliver a severe shock to the Korean economy."

Reporter Bae Seong-su baebae@hankyung.com