Opposition "US Investment, 9.4 Million Won Per Person".. Lee Government "Will Ensure No Loss"

[Financial News] President Lee Jae-myung is scheduled to hold his first Korea-US summit on the 25th in the United States. As it is a turning point where the direction of follow-up discussions on the Korea-US tariff negotiations is determined, attention is focused, and on the 18th, the ruling and opposition parties pointed out the burden of large-scale US investments and increases in defense and defense cost-sharing to the Ministry of Foreign Affairs.
The People Power Party stated in the current affairs inquiry of the National Assembly's Foreign Affairs and Unification Committee that the result of the Korea-US tariff negotiations, a US investment of 450 billion dollars, imposes a burden of 9.4 million won per person. They particularly highlighted that Japan's US investment of 550 billion dollars is lower at 6 million won per person. In response, the Lee Jae-myung government stated its policy to ensure that US investments also benefit national interests through detailed consultations.
In Yo-han, a member of the People Power Party, explained the gap when dividing the US investment amounts of Korea and Japan per person to Cho Hyun, Minister of Foreign Affairs, saying "It is very unpleasant and unacceptable," and "Additionally, the increase in defense and defense cost-sharing is also concerning."
In response, Minister Cho countered, "Such calculations can come out from certain perspectives," but "The contents agreed upon by our country and Japan with the US are not similar, and depending on how the contents are filled, the larger amount can be made not to be a loss for us."
For example, he mentioned the Korea-US shipbuilding cooperation project 'MASGA (Make America Shipbuilding Great Again),' arguing that "in the process of newly creating America's outdated shipbuilding industry, both countries can 'win-win.'"
The government and the ruling Democratic Party of Korea have set a policy to increase domestic shipbuilding investment from the planning stage of MASGA. In addition to the acquisition and investment form of Korean shipbuilding companies in US shipyards, investments for the construction, maintenance, repair, and overhaul (MRO) of US ships in Korea can also be carried out.
Regarding the repeated demands for defense cost and Korea-US defense cost-sharing increases by US President Donald Trump, both the People Power Party and the Democratic Party expressed concerns. Despite the high proportion of defense spending relative to GDP compared to NATO (North Atlantic Treaty Organization) member countries or Japan, additional increases are burdensome.
Minister Cho responded, "Looking at the new war patterns brought about by recent technological advancements, we urgently need to prepare, and we can use the US's demand for increased defense spending as an opportunity to strengthen our defense capabilities through modernizing US extended deterrence," and "If we strengthen defense technology research and development (R&D) in cooperation with the US military, it will also benefit our defense industry."

uknow@fnnews.com Kim Yun-ho Reporter