South Korean Companies Hesitant about U.S. Investments After ICE Raid
(MENAFN) South Korean President Lee Jae-myung warned Thursday that last week’s sweeping U.S. immigration crackdown, which resulted in the detention of hundreds of South Korean workers, is causing significant hesitation among domestic companies considering investments in the United States.
“At this point, our companies will inevitably be very hesitant about direct U.S. investment,” Lee stated during a televised press conference marking his first 100 days in office, emphasizing the potential long-term impact on investment flows.
Lee emphasized that talks are currently underway between Seoul and Washington regarding visa regulations tied to U.S. investments, and he indicated that the United States would address the issue if there is a practical necessity.
The U.S. Immigration and Customs Enforcement (ICE), working with other agencies, conducted a raid on September 4 at an electric vehicle battery plant construction site. The facility is a joint venture between Hyundai Motor Group and LG Energy Solution.
A total of 475 individuals were arrested, including more than 300 South Korean nationals, who remain detained at the Folkston detention center in Georgia.
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