With procedures for the impeachment of U.S. President Donald Trump started, South Korean enterprises are paying much attention to how their investment in the United States and export to the United States and China will be affected. There is a possibility that he will urge foreign companies to invest even more in his country to emphasize his economic achievement as a way to avoid impeachment.
“The current global economic uncertainties triggered by the U.S.-China trade war, the recent terrorist attacks in Saudi Arabia, Brexit, and so on surpass those that followed the Sept. 11 terrorist attacks in 2001 and the 2008 global financial crisis,” the Federation of Korean Industries remarked on Sept. 25, adding, “The procedures may lead to even more uncertainties and South Korean companies may be seriously affected by the uncertainties.”
The president of the United States visited South Korea in June this year. At that time, he met with entrepreneurs such as Samsung Electronics vice chairman Lee Jae-yong, Hyundai Motor Group executive vice chairman Chung Eui-sun and SK Group chairman Chey Tae-won to ask for more investment in the United States. South Korean companies related to large-scale infrastructure investment in the country are expressing concerns over the progress of their projects in the country.
“The initiation of the procedures is unlikely to immediately affect South Korean companies’ investment in the United States,” said a high-ranking executive, adding, “Still, they need to adjust the pace of their investment while monitoring what is going on.”