US Frustrated by Delayed South Korean Investment
The US government is growing increasingly frustrated with South Korea's delayed investment in the country. Nearly a year after agreeing to a $350 billion investment package, implementation delays are fueling mounting frustration within the US administration.
Washington is reportedly pressing Seoul to accelerate capital deployment while simultaneously demanding South Korean participation in the Alaska liquefied natural gas (LNG) project.
The Financial Times reported that 'the South Korean government needs to pick up the pace,' warning that failure to do so 'could trigger a backlash from President Donald Trump.' Another source told the FT that Trump's recent public criticism of South Korea's lack of support regarding the Iran conflict was partly driven by frustration over the investment delays.
According to Jennifer Lee, a partner at US consultancy The Asia Group, 'unlike Japan, which has rolled out successive large-scale investment announcements, South Korea's slow progress is breeding discontent within the US government.'
The Alaska LNG project is one of Trump's signature policy priorities. However, the project has drawn widespread skepticism over its ability to secure profitability and demonstrate commercial viability.