South Korea’s Lee says ‘bewildering’ Hyundai raid could hit US investment

President Lee Jae-myung warned on Thursday that the arrest of hundreds of South Korean workers by US immigration authorities could have a “considerable impact on future direct investment” in America.

Lee said last week’s raid on a Hyundai-LG battery factory site in the US state of Georgia raised serious doubts about the business climate for South Korean companies at a time when Seoul is seeking stability following the failed December 3 martial law decree by impeached former president Yoon Suk-yeol.

“Our companies that have already expanded investment there must be in a very bewildered state,” Lee said at a news conference marking his 100 days in office.

“From their perspective, they can’t help but wonder, ‘if establishing a local plant in the US only brings various disadvantages or difficulties in the future, should we really do it?’”

Lee added that the 316 South Koreans detained in Georgia will be released at 3pm (Seoul time) on Thursday and flown back home on a chartered flight.

The operation, which sent shock waves through South Korea, was seen as a blemish on the first 100 days of Lee’s presidency – a period otherwise marked by what observers describe as “visible and diligent leadership”.