Urgent need for Swift resolution of US visa issues highlighted by top Korean diplomat as a crucial factor for investment strategies.
South Korea, the largest foreign investor in the US in 2023 with an investment of $21.5 billion, is facing a critical issue concerning the visa status of its workers. Foreign Minister Cho Hyun has expressed concern over the US visa bottleneck, stating it is a "critical issue of substance" for South Korean investments in the US.
The visa challenge has come to the forefront following the detention of 317 South Korean workers during an immigration raid at an EV battery plant in Georgia. Testimonies have poured in alleging abusive conditions at detention facilities in Georgia, including human rights violations and racist remarks by US Immigration and Customs Enforcement officials directed at the Korean detainees.
Most of the detained Korean workers entered the US on nonimmigrant short-term business visas, intended for brief business visits rather than employment. South Korean companies view the lack of appropriate US work visa options for their employees as the primary reason they resort to using these visas, despite the potential increase in dispatching South Korean workers with growing US-bound investments.
In response, the Lee Jae Myung administration has pledged an additional $350 billion in investment under a new trade framework signed in July. Cho has disclosed that the administration intends to work with Russia on North Korean issues, emphasizing that its "top priority is to swiftly reduce military tensions and establish peace on the Korean Peninsula."
Seoul and Washington are in consultations to address the shortage of US work visas, a problem exacerbated by the massive inflow of South Korean investment into the US. Cho intends to ensure the visa problem is resolved before South Korean investments begin, but it is not a precondition for investment.
The Foreign Ministry in Seoul plans to launch a joint, full-scale investigation into potential human rights violations of South Korean detainees, involving the Justice Ministry and the companies involved. In the long term, Seoul aims to consult through a working group to create a new visa category, reach a Korea-US agreement related to visas, or establish a special visa desk for businesspeople at the US Embassy in Seoul.
Cho has also addressed concerns about the potential impact of the current issues between Seoul and Washington on anti-US sentiment in Korea. He brushed off these concerns, stating, "My quick answer is that it is very serious. Nevertheless, I'm not concerned about the rise of anti-American sentiment in Korea."
Cho emphasized that South Korea will make diplomatic efforts to de-escalate tensions on the Korean Peninsula and establish peace, while engaging in dialogue with North Korea by harnessing all available diplomatic means. He candidly admitted the limitations in diplomatic ties between Seoul and Moscow, saying, "However, at the current stage, it is a bit burdensome to proceed with the restoration of official diplomacy with Russia."
Despite these challenges, South Korean companies have separately committed $150 billion in US investments at the Aug. 25 summit in Washington. Cho Hyun's candid approach to addressing these issues demonstrates the South Korean government's commitment to resolving the visa challenge and ensuring the smooth flow of investments between the two nations.
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