Korean Firms May Hesitate on US Investment Without Better Visas: President
Lee warns visa hurdles for skilled workers could curb future US investments.
South Korean President Lee Jae-myung has cautioned that Korean companies may scale back or avoid direct investments in the United States unless the US overhauls its visa system to better accommodate skilled Korean workers. Speaking at a televised press conference marking his 100 days in office, Lee highlighted how current restrictions are deterring economic partnerships, potentially straining bilateral ties and affecting global supply chains in key industries like automotive manufacturing. This statement underscores growing tensions in US-South Korea relations, where immigration policies could influence foreign direct investment and economic cooperation amid rising geopolitical uncertainties.
Lee's remarks were prompted by the recent detention of over 300 South Korean workers following a September 4 immigration raid at a battery factory under construction at Hyundai's expansive auto plant in Georgia. He announced that these workers are scheduled to be repatriated on Friday via a charter plane, emphasising the human and economic costs of the incident. The president criticised the existing US visa framework, noting that it creates significant hesitation for South Korean firms considering investments, as it complicates the deployment of essential skilled personnel to industrial sites.
Ongoing discussions between South Korean and US officials aim to address potential improvements to the visa system, according to Lee. He stressed that without reforms allowing easier access for Korean experts, companies "can't help hesitating a lot" about committing resources to the US market. This dialogue reflects broader efforts to resolve immigration hurdles that have emerged as barriers to multinational projects, particularly in high-tech sectors where specialised labour is critical.
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The president's warning signals a potential shift in South Korea's investment strategy, which could redirect capital to more accommodating regions and impact US efforts to attract foreign manufacturing. As economic interdependencies deepen, resolving these visa issues may be pivotal for sustaining robust alliances and fostering mutual growth in the face of global competition.
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