U.S. Unilaterally Announces 'Alaska LNG Project'; Opposition Calls It 'Incompetent, Subservient Diplomacy' and Demands National Assembly Approval

[Financial News] After U.S. President Donald Trump unilaterally announced that South Korea would invest approximately $54 billion in the Alaska LNG Project, the People Power Party called it "incompetent and subservient diplomacy" and urged the government to disclose the full details of its negotiations on investments in the United States. The party maintains that the investment plan must undergo the National Assembly approval process under the Special Act on Investment in the United States.
Lawmakers from the People Power Party serving on the Trade, Industry, Energy, SMEs and Startups Committee and the Finance, Economy and Planning Committee held a press conference at the National Assembly Communication Hall on the 1st. They explained, "Today, President Trump officially and unilaterally announced at the White House South Korea's $200 billion investment plan in the United States, equivalent to approximately 270 trillion won. Specific figures were even presented, including approximately $54 billion for the Alaska LNG pipeline construction project and investments in the construction of eight large nuclear power plants."
They asked, "The joint fact sheet released by the governments of South Korea and the United States contains no specific investment amount for the Alaska LNG Project. In the September 22 report to the National Assembly on investments in the United States, the project was described as one whose final implementation would be decided after further review. If so, where exactly did the figure of $54 billion come from?"
They continued, "If the government had already discussed investments worth tens of billions of dollars with the United States but described them to the National Assembly as being merely under review, that would be a serious matter involving deception of the public and the National Assembly and damage to South Korea's national interests. If the U.S. president forced through a unilateral announcement without sufficient discussion or consent, it would represent a serious diplomatic disaster for the Lee Jae-myung administration."
The People Power Party urged the government to transparently disclose the full details of the negotiations between the South Korean and U.S. governments and questioned whether it had known in advance about President Trump's unilateral announcement. The party also said the government should disclose the criteria for assessing the commercial viability of the Alaska LNG development project and follow the National Assembly approval process.
The party added, "Faced with this appalling situation in which an astronomical investment plan that has not even been finalized was presented as a fait accompli by the top leader of an allied country, we cannot help but ask what efforts the government is making to protect the national interest. The People Power Party will never stand by and watch any form of subservient diplomacy that turns taxpayers' money into an election fund for a foreign leader or undermines South Korea's national interests and sovereignty."
Bae Jun-young, the People Power Party's ranking member on the Finance, Economy and Planning Committee, told reporters after the press conference, "If something happened during President Lee's visit to the United States or in his discussions with President Trump that we do not know about, it must be confirmed and verified." Koo Ja-keun, the party's ranking member on the Trade, Industry, Energy, SMEs and Startups Committee, said, "We cannot help but suspect that there may have been pressure to invest related to a deployment to the Strait of Hormuz or semiconductors, and that a decision may have been made hastily afterward."
Earlier, President Trump announced on the 30th local time that South Korea planned to invest up to $200 billion in the United States, including investments in the Alaska LNG development project and the construction of eight large nuclear power plants. Last month, the South Korean government designated a Texas gas-fired combined-cycle power plant construction project as the first project, while leaving the Alaska LNG development project for further discussion. The announcement therefore contained entirely different details. In response, the Ministry of Trade, Industry and Energy explained, "Nothing has been decided regarding whether to invest or the size of any investment."

[email protected] Lee Hae-ram Reporter