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Apologies Without Outreach: Lee Jae Myung’s  September 18 Press Conference Speaks to His Coalition

Stephanie Bulega-Nasuna

On September 18, President Lee Jae Myung held a national press conference at the Cheong Wa Dae State Guest House, divided into one session on politics and foreign affairs and a second on policy and the economy. Reporters from both local and foreign outlets were invited and could ask questions without restrictions. The administration framed the press conference around the message of national unity, but to the opposition his remarks seemed to only appease his own base. Seong Ghi-hong, senior presidential secretary for public relations and communication, viewed the event as “an opportunity to convey the president’s  firm commitment to reform, his principle of putting people's livelihoods first in state affairs and a stronger message of national unity,” adding that Lee would “state and explain to the people his clear position and direction on key issues.”

On stage, President Lee dropped his usual humor and adopted a more conciliatory tone, saying “shortcomings” 13 times. The program lasted for 100 minutes and covered 14 questions, closing near the scheduled 90 rather than stretching past it as his previous conferences did. His June anniversary conference lasted 167 minutes and 21 questions; his January new year conference, 173 minutes and 25.

Lee promised to “pay closer attention to the peoples’ will and lives,” addressing criticism of his judicial reform agenda, appointment of a former prosecutor to a serious crimes investigation agency, and failed effort to bring moderates and conservatives into his coalition. He asked his supporters to understand, “It was not that our direction changed, but that the government and I were lacking in process and methods. Please do not doubt the sincerity of those who have stood with us just because our paths and methods differ.” 

He also took responsibility for the friction between his supporters and other factions of his party, likely in an attempt to minimize any potential loss of the administration's momentum. Lee applied the same logic to constitutional revision, ruling out any amendment that would let him serve a second term. Overall, he hinted any reform of the constitution should be focused on the structure of government, rights, and decentralization, not on the length of his own tenure.

The People Power Party (PPP) criticized Lee’s remarks quickly, faulting Lee for sidestepping the hardest questions and speaking only to his own party. Party leader Jang Dong-hyeok said Lee “claims to be a president for everyone, yet he has extended his hand only to the left.” The Lee Jae Myung administration is navigating contested appointments, stalled prosecutorial reform, and a divided party that chose a shorter, more apologetic conference than any held before. For the current administration to make progress on several of these issues there needs to be support from both parties. To the opposition the rhetoric on “national unity” seems like a dismissal on the issues that have yet to be resolved. 
 

Update: South Korea Announces First Investment Project Under $350 Billion Deal with Trump Administration

Sophia Shum Gagnier

On September 22, South Korea announced its pick for its first investment project pursuant to its agreement with the United States. To mollify the Trump administration after it announced increased sanctions on South Korea in January 2026 to 25%, the South Korean government passed a special bill in March to establish a state-run investment corporation to manage the $350 billion investment total.

The agreement specifies a planned $150 billion in funding for shipbuilding and an additional $200 billion for other projects, capped at $20 billion per year. Initially, this total was demanded as a direct cash transfer, modelled after the United States’ trade deal with Japan. However, given limitations on South Korea’s foreign reserves and President Lee’s desire to maintain the stability of the Korean won, this was ultimately ruled out.

Now, South Korea has confirmed the recipient of its first round of investment, a Texas gas-fired power plant project. The power plant, located outside of Encinal, Texas, is reported to supply electricity to AI data centers and chip factories. 

South Korean government officials also confirmed ongoing negotiations for further investment in U.S. energy infrastructure, including the construction of several South Korean-designed nuclear reactors along with other models from Westinghouse. Reportedly, disagreement over South Korean investment in Westinghouse have revolved around ownership negotiations, with South Korean negotiators seeking a share between 15% and 20%, which would grant board representation, while Westinghouse was set at a maximum South Korean share of 10%.  

After months of delays in South Korea’s promised investments, this is a welcome movement for U.S. officials. South Korean Foreign Minister Cho Hyun responded to rumors of a Seoul-Washington rift the day before the announcement saying delays were driven by “domestic procedural” differences, rather than inter-governmental disputes. For South Korea, cash swaps of billions of dollars threaten currency stability while also being restrained by agreements which deliver between 50% and 90% of net profits from joint investment projects to the U.S. partners. 

Regardless, the Trump administration has reportedly requested the acceleration of South Korean investments, hoping to receive as much as $9.4 billion by January, despite further projects having yet to be finalized and announced. Rumored projects include investment in Alaskan liquified natural gas projects. 

The finalization of this project represents the culmination of months of stop-and-go negotiations, first with the U.S.-South Korea trade talks, then the domestic South Korean law to govern investment, and now the actual delivery of the outlined investment. This achievement was months in the making, yet the rumors of challenges in negotiations up until the final hour may be indicative of the long process that lays ahead for future investment projects until the next $10 billion is received. However, with projections showing that under a 50-50 profit sharing agreement South Korea would recover its principal and interest payments only after 40-years, as well as the reported fact that the Texas power plant has yet to fully confirm its long-term contracted energy buyers, the economic success of this move is questionable at best.  

This Week in Korean History

On September 22, 1983, a group of South Koreans detonated a bomb at the American Cultural Center in Daegu. The blast - staged in protest to the United States’ perceived complicitness in the 1980 Gwangju Massacre - claimed the life of a 17-year-old South Korean student. A similar incident occurred in Busan the year prior.