Trade minister vows utmost efforts to ensure fair treatment of Korean companies in US
Trade Minister Yeo Han-koo speaks during a meeting with export companies in Gumi, North Gyeongsang Province, Sept. 5. Courtesy of the Ministry of Trade, Industry and Energy
The government will make "utmost" efforts to make sure Korean companies do not face unfair treatment in the United States, the trade minister said Monday, following the U.S. immigration authorities' recent raid on a battery plant in Georgia, which resulted in the arrests of hundreds of Korean nationals.
"We are deeply aware of the concerns surrounding Korea's investment in the U.S. due to the immigration crackdown at the plant construction site in Georgia," Trade Minister Yeo Han-koo said.
"We will do our utmost to ensure that our companies and people are not unfairly deprived of their rights and interests."
Yeo's remarks come after over 300 Koreans were taken into custody by U.S. immigration officials during a raid on the construction site of a joint electric vehicle battery facility by Hyundai Motor Group and LG Energy Solution in Georgia.
Yeo said the government will closely communicate with related industries to gather opinions on the matter and work to improve the visa system between Seoul and Washington.
Regarding tariff issues, the minister said the Seoul government will continue its follow-up negotiations with the U.S. on the details of a bilateral trade agreement signed in late July, highlighting the need to minimize the impact of U.S. tariffs on Korean companies.
"The government will hold close talks with the U.S. to minimize the tariffs' impact on Korean companies and safeguard national interests, taking into account the outcome of the U.S.-Japan trade agreement," he said.
Last week, U.S. President Donald Trump signed an executive order, officially implementing his country's bilateral trade deal with Japan, which lowered U.S. tariffs on Japanese cars to 15 percent.
Korea reached its framework trade deal with the Trump administration on July 30, in which the latter agreed to lower auto tariffs for Korea to 15 percent from the current 25 percent, but the two sides have yet to formalize the deal.
Seoul and Washington are reportedly working to bridge their differences over the specifics of the $350 billion investment package proposed by Korea in exchange for tariff cuts.
The Korean government earlier said it plans to invest $150 billion for shipbuilding cooperation with the U.S. and another $200 billion to expand bilateral cooperation in advanced industries, such as semiconductors and batteries.
Seoul officials have said the planned investment will mostly comprise loans and guarantees, while the U.S. is said to be demanding more direct investment.