[2025 Audit] Foreign Minister Cho Hyun: "US Retreats from $350 Billion Direct Investment Demand... Proposes New Alternative"

Maintaining Stance Against Direct Investment Due to Forex Concerns
Seeking Progress in Negotiations Before APEC Summit
Protest Delivered to Acting US Ambassador Over Georgia Detention Incident
"Equivalent to a Summons"

Cho Hyun, Minister of Foreign Affairs, is responding to questions from lawmakers at the Foreign Affairs and Unification Committee's National Assembly audit held on the 13th. 2025.10.13 Photo by Kim Hyunmin

Minister of Foreign Affairs Cho Hyun announced that the United States has proposed a new alternative regarding the $350 billion investment negotiations with the US.

At the National Assembly audit by the Foreign Affairs and Unification Committee on the 13th, Minister Cho stated, "If the entire $350 billion were to be carried out as direct investment, it would place a burden on the foreign exchange market and could have a serious impact on the overall economy. We have sufficiently explained these issues to the US side, and as a result, a new alternative has been proposed, which is currently under review."

He explained, "The original $350 billion proposal from the United States included not only direct investment but also loans and guarantees. However, it was later changed to a plan for the entire amount to be direct investment. Our government maintains the position that it is difficult to accept such terms."

Minister Cho added, "A Korea-US summit is scheduled on the occasion of the APEC (Asia-Pacific Economic Cooperation) Summit next month. We will do our best to achieve substantive progress in the negotiations by then."

Immediately after Minister Cho's remarks, the presidential office stated, "Our side proposed a revised financial package last month, and the US side has shown some response to it."

Meanwhile, Minister Cho also revealed that he summoned the acting US Ambassador to Korea to lodge a protest regarding the large-scale detention of 317 Korean nationals in Georgia, USA, last month.

In response to a question from Assemblyman Kim Junhyung of the Innovation Party for the Fatherland, who asked, "Why did you not summon the US Ambassador?" Minister Cho replied, "We summoned and discussed the matter." Currently, the US Embassy in Korea is without an ambassador, and Ambassador Joseph Yun is temporarily fulfilling the duties as acting ambassador.

However, in a subsequent inquiry, Minister Cho softened his expression, stating, "Although it was not a separate summons solely for this matter, it was at a level equivalent to a summons."

'Summoning' is an official diplomatic act that carries the meaning of protest or warning, used when a foreign minister calls in the ambassador of another country to convey a protest. It is extremely rare for the Korean government to summon the US Ambassador to Korea.