South Korea PM says U.S. investments will be suspended until visa issues are resolved

South Korea’s prime minister, Kim Min-seok, said Thursday that its financial commitments to the ￰0￱ remain in limbo until it resolves visa ￰1￱ also urged the Trump administration to act quickly to reassure Koreans concerned about getting detained for working ￰2￱ believes that meaningful progress remains virtually impossible without resolving the visa ￰3￱ spoke in an exclusive interview with Bloomberg News in Seoul, and also talked about defense spending and North ￰4￱ South Korean workers in Georgia The country’s official argued that although the projects have not been completely put on hold or formally halted, it will be very difficult for many South Korean workers to enter or re-enter the ￰5￱ the problem is ￰6￱ also believes the visa issue obscures the recent $350 billion investment fund agreed by both parties in a July trade ￰7￱ prime minister was referring to the incident where hundreds of South Koreans were taken into custody in a raid on a Hyundai Motor ￰8￱ LG Energy Solution ￰9￱ plant under construction in Georgia earlier this ￰10￱ ￰11￱ the detainees, who returned home about a week after the ￰12￱ incident cast a shadow over the ties between South Korea and the U.

S., where images of shackled workers circulated widely and fueled public ￰13￱ Korea is now allegedly reconsidering the hefty investment plans for the ￰14￱ its conglomerates. “In the absence of firm assurances regarding their safety, both they and their families are understandably reluctant to enter the ￰15￱ while this matter remains unresolved.” – Kim Min-Seok , Prime Minister of South ￰16￱ to the Korean senior government official, the visa issue has also cast a shadow on the intense negotiations between South Korea and the ￰17￱ finalize a trade ￰18￱ agreement involves a 15% tariff set on South Korean goods, including ￰19￱ two sides remain at a crossroads on finalizing the agreement, since they are divided over how to structure and execute the $350 billion investment package, which is a central pillar of the ￰20￱ revealed that the investment pledge with the ￰21￱ for more than 70% of South Korea’s foreign ￰22￱ believes the shock to the Korean economy would be severe without a currency swap agreement with ￰23￱ previously reported that President Lee Jae Myung acknowledged that a swap agreement between both countries is crucial to avoid an economic ￰24￱ compared a potential economic crisis similar to what South Korea experienced in 1997 during the Asian Financial Crisis if the country tries to meet all ￰25￱ didn’t elaborate further on the ongoing negotiations but maintained that a deal that fiscally jeopardizes South Korea may require parliamentary ￰26￱ Korean official also hopes that talks between both parties over the deal wouldn’t extend into next ￰27￱ believes that it’s difficult for South Korea to accept the deal, not just the negotiating team, but also among the ￰28￱ was referring to ￰29￱ similar to those included in Japan’s $550 billion investment ￰30￱ to the Korean official, the Japanese deal allows Washington to hike levies on Tokyo if it decides not to fund projects Donald Trump puts forward or settle the deal within 45 ￰31￱ Korea raises its defense budget Kim revealed that the country plans to raise its defense spending to 3.5% of its GDP over the next ￰32￱ said the plan is part of a broader push to strengthen its independent national ￰33￱ government official said South Korea mentioned the 3.5% threshold because it judged that it was capable of sustaining that ￰34￱ added that South Korea also plans to spend 2.32% of its GDP on defense this year.

Kim’s office also maintained that a decision on the defense budget hasn’t been officially made since it’s still under ￰35￱ Difference Wire helps crypto brands break through and dominate headlines fast