On Thursday, members of the People Power Party from the National Assembly’s Industry, Trade, Small and Medium Enterprises Committee and the Finance and Economy Committee demanded an explanation from the government regarding President Donald Trump’s unilateral announcement. Trump had stated on Wednesday that South Korea would invest approximately 54 billion USD in Alaska’s liquefied natural gas (LNG) development project.
Representative Kim Sung-won, chair of the Industry Committee, held a press conference at the National Assembly, stating that President Trump officially announced at the White House that South Korea plans to invest 200 billion USD in the U.S. Notably, he provided specific details, including a 54 billion USD investment in the Alaska LNG pipeline project and the construction of eight large nuclear power plants.
The lawmakers referenced a joint fact sheet previously signed by both countries, arguing that in its September 22 report to the National Assembly on U.S. investments, the government described the Alaska LNG project as one requiring further review before a final decision. So where did this $54 billion USD figure come from?
They pressed further, asking, did the government already negotiate specific investment amounts with the U.S. while telling the National Assembly it was still under review? Or did the U.S. government unilaterally announce a figure without South Korea’s consent?
The lawmakers emphasized that if he government negotiated billions of dollars in investments with the U.S. while only describing it as under review to the National Assembly, this is a serious deception of the public and legislature, undermining South Korea’s national interests.
They also criticized that if the U.S. President made a unilateral announcement prioritizing American interests without proper discussion or agreement from our side, it represents a major diplomatic failure for the Lee Jae Myung administration.
The lawmakers demanded immediate action from the government, including: disclosure of prior knowledge and agreement to the announcement, a report to the National Assembly on U.S.-South Korea negotiations and investment details, release of criteria for assessing commercial viability, and adherence to the National Assembly’s approval process as required by the U.S.-South Korea Strategic Investment Act.
They stressed that it must question the government’s efforts to protect the national interests when an unconfirmed, astronomical investment plan is announced as fact by the leader of the ally. It will not tolerate any form of submissive diplomacy that compromises South Korea’s national interests and sovereignty.
After the press conference, Representative Koo Ja-geun, the opposition’s spokesperson for the Industry Committee, told reporters that it can’t help but wonder if there was pressure related to the Hormuz deployment or semiconductor investments that led to this sudden decision. He called for a thorough explanation from the Lee Jae Myung administration and the Ministry of Trade, Industry and Energy.
Representative Bae Jun-young, the opposition’s spokesperson for the Finance Committee, added that if there were undisclosed developments during President Lee’s U.S. visit or talks with President Trump, they must be confirmed and verified.