Lee Hyung-il, the Deputy Prime Minister and Minister of Economy and Finance nominee, stated that he is committed to adhering to an annual investment cap of $20 billion and a total limit of $200 billion in negotiations regarding investments in the United States. He explained that safety measures concerning the payment and recovery of investment funds are currently under discussion with U.S. officials.
During a National Assembly confirmation hearing on the 15th, when asked by lawmaker Yoon Young-seok about compliance with the U.S. investment cap, Lee responded, "We are negotiating within the framework of not exceeding $20 billion annually and a total of $200 billion."
Yoon raised concerns about a reported investment of $22.3 billion for a power plant, questioning whether it exceeds the initially proposed annual limit. In response, Lee noted that specific details are difficult to disclose as individual projects are still under negotiation, stating, "We will negotiate within the limits outlined in the MOU."
The effectiveness of investment safety measures was also a topic of discussion. Yoon referenced reports suggesting that the mechanism to secure a minimum of 45 business days for investment payments and the risk pooling for recovering principal and interest across multiple projects are unstable. Lee acknowledged, "We are also negotiating those aspects," but refrained from providing specifics on the application of these measures or the outcomes of the negotiations.
When Yoon pressed for assurances regarding compliance with the annual investment cap, exclusion of projects lacking commercial viability, and securing risk pooling, Lee reiterated, "We are negotiating according to the MOU." He added that specific details would be reported to the relevant committee in accordance with future legislation.
On the same day, Yoon expressed concerns that trust issues between South Korea and the U.S. regarding responses to the Hormuz crisis might negatively impact investment negotiations for South Korea. Lee stated that he would need to verify the situation accurately, emphasizing a commitment to strengthening the South Korea-U.S. alliance while considering strategic interests in negotiations.
* This article has been translated by AI.
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