Yoo Seung-min, Hyundai Motor's 31 Trillion Won Investment in the U.S... "A Regretful Feeling When Thinking About Korea's Future"

"If Invested Domestically, It Would Have Given Hope to Young People"
Recommendation for Acting President Han Duck-soo to Exercise Veto on Pension Reform

Former lawmaker Yoo Seung-min expressed his regret over Hyundai Motor Chairman Chung Eui-sun's announcement of a $21 billion (31 trillion won) investment plan in the U.S. after meeting with U.S. President Donald Trump, saying, "I cannot help but feel saddened when thinking about the future of the Korean economy."

On the 25th, Yoo shared on social media (SNS) his thoughts on Chairman Chung's investment plan in the U.S., stating, "Amid the intensifying U.S.-China hegemonic competition, I understand Hyundai Motor's strategic choice and global strategy to target the North American market by circumventing the tariff barriers of Trump's second term," but also expressed his disappointment.

Former People Power Party lawmaker Yoo Seung-min is being interviewed at the Asia Economy headquarters in Jung-gu, Seoul on the 10th. Photo by Kang Jin-hyung

He said, "If the 31 trillion won investment had been made domestically, it would have given hope to many young people through numerous quality jobs." Regarding the 24.1 trillion won investment plan in Korea, he commented, "It is unclear how much it will help create good jobs, including 11 trillion won for research and development, 12 trillion won for capital investment, and 8 trillion won for strategic investment."

Yoo added, "We are facing the harsh reality of having to compete with the U.S., China, Europe, and Southeast Asia not only for foreign companies' investments in Korea but also for investments by our own companies," and emphasized, "It is a time when new industrial policies are desperately needed to make Korea a country favorable for investment and job creation, including regulatory reform, labor reform, infrastructure support such as land, water, and energy, talent development, and research and development support."

Meanwhile, Yoo also posted separately on SNS regarding the National Pension Act amendment passed by the National Assembly, urging Acting President and Prime Minister Han Duck-soo to exercise his veto power. He stated, "The argument by some that we can temporarily proceed with '13%/43%' and then carry out structural reforms is mere armchair theorizing by those who have not experienced how politically and practically difficult it is to implement pension reform," and warned, "We must not forget that the heavy responsibility for proper pension reform lies with both the government and the National Assembly."