By Yi Whan-woo
Speculation is growing over whether President Moon Jae-in will visit Washington with an investment package that can impress U.S. President Donald Trump as other foreign leaders have done.
Analysts say Korea’s possible contribution to revitalizing the U.S. economy could liven up the mood of their first summit amid concerns about possible diplomatic friction over a U.S. missile shield in Korea.
Moon may follow the footsteps of other world leaders and urge South Korean companies and investors to detail their investment plans in the U.S.
Cheong Wa Dae was initially tepid about Moon being accompanied by a business delegation but changed its plans following a dispute over Korea’s delay in the deployment of a U.S. Terminal High Altitude Area Defense (THAAD) battery, sources said.
Japan and Saudi Arabia unveiled massive U.S. investment plans when Trump met with Japanese Prime Minister Shinzo Abe in February and Saudi Arabian King Salman bin Abdulaziz Al Saud in May.
Trump had accused both Tokyo and Riyadh of not paying their fair share to keep American military forces in their countries.
Japan then promised to make a $400 billion direct investment and help create 1.7 million jobs in the U.S.
Saudi Arabia and the U.S. agreed on potential investments valued at $300 billion, including a $110 billion arms deal.
“It will be fair game for Moon to unveil an investment plan during his U.S. visit,” said Chung Jae-hung, a research fellow at the Sejong Institute. “The U.S. complaint over delay of the THAAD deployment is apparent and an investment package may help in wooing the Trump administration.”
Park Won-gon, an international relations professor at Handong Global University, echoed a similar view.
Citing his own studies, he claimed that Seoul should promise to make at least $100 billion for Trump to “appreciate” Seoul’s efforts at reviving U.S. industries in line with Trump’s campaign pledges.
According to Cheong Wa Dae officials, the Seoul business delegation is expected to be comprised of conglomerates, such as Samsung Group and Hyundai Motor Group, as well as small- and medium-sized enterprises.
The presidential office has been discussing the size of the delegation and other relevant details with the Korea Chamber of Commerce and Industry, the country’s largest business lobby group, and Small and Medium Business Administration, a government-affiliated agency.
Referring to the scales of investment by Japan and Saudi Arabia, some experts speculate that Korea’ s possible investment plan may fall short of impressing Trump.
They said Korea should refer to China’s case and try to “keep up” with the U.S. foreign policy.
It is speculated that Trump and Chinese President Xi Jinping made a secret deal by having Beijing put more pressure on Pyongyang in line with Trump’s call, while the U.S. promised not to label China as a currency manipulator.
“I understand it will be tough considering Trump puts priority on sanctions on Pyongyang while Moon ultimately seeks to resume dialogue with the Kim Jong-un regime,” Chung said. “But for the U.S., it may be more appreciated if Seoul keeps up with its trilateral security alliance efforts involving Tokyo than coming up with an investment plan for the U.S.”