Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
SEOUL, Sept. 22 (Xinhua) — South Korean President Lee Jae-myung said his country would face a financial crisis comparable to 1997 if it accepts U.S. investment demands without any guarantees, Reuters reported on Monday.
"Without the currency swap, if we withdraw US$350 billion in accordance with US requirements and invest all of these funds in cash in the US, the Republic of Korea will face a situation similar to the 1997 financial crisis," he told Reuters in an interview on Friday.
Under a verbal agreement reached in July, South Korea promised to invest $350 billion in the United States in exchange for tariff reductions on South Korean goods.
At the end of August, South Korea's foreign exchange reserves stood at $416.29 billion. Seoul proposed a currency swap agreement with Washington.
Regarding the US immigration raid on a South Korean factory earlier this month, Lee Jae-myung said South Korean citizens were naturally outraged by the "harsh" treatment of workers, warning that it could make domestic companies wary of investing in the United States.
On September 4, U.S. time, U.S. Immigration and Customs Enforcement (ICE) raided the construction site of an electric vehicle battery plant operated by a joint venture between Hyundai Motor Group and LG Energy Solution.
475 people were detained, including 316 South Korean workers who were held at the Folkestone Detention Center in Georgia.
“I don’t believe this was done intentionally, the US has apologized for this incident, and we have agreed to take reasonable measures in this regard, we are working on them,” the agency quotes Lee Jae-myung as saying. –0–
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