Prime Minister Kim Minseok: "Investment in the U.S. Difficult Without Visa Issue Resolution"

Prime Minister Kim, Bloomberg Interview on the 25th
"Progress on Korea-U.S. Joint Projects Is Impossible"

Prime Minister Kim Minseok is speaking at the State Affairs Ministers' Meeting held on the 24th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Yonhap News

Prime Minister Kim Minseok stated that investment in the United States would be difficult unless the U.S. visa issue is resolved.

In an interview with Bloomberg, released on September 25, Kim said, "If a solution is not found, it will be difficult to invest in the United States or carry out the various joint projects currently planned between Korea and the United States."

Kim emphasized, "We must find a solution," and explained, "Although several Korea-U.S. joint projects are underway without the visa issue being resolved, making meaningful progress is virtually impossible." He added, "The detention incidents were a major blow not only to our citizens but also to the workers who were detained without any guarantee of personal safety," and pointed out, "It is only natural that workers and their families are now reluctant to re-enter the United States."

Regarding the Trump administration's demand for a $350 billion investment fund in cash, Kim stressed the importance of a currency swap. He said, "As the President mentioned, the current amount is equivalent to 70 to 80 percent of Korea's foreign exchange reserves," and added, "Without a currency swap or a similar mechanism, the shock to the Korean economy would be severe."

In particular, Kim reiterated, "Because Korea is a country that has experienced a foreign exchange crisis, public vigilance is high," and emphasized, "I believe these factors must be taken into consideration."

Kim also revealed that the government is discussing raising defense spending to 3.5 percent of gross domestic product (GDP) over the next 10 years in order to strengthen self-reliant national defense. He said, "The recent mention of 3.5 percent was because we judged that to be a sustainable level."

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