The U.S. midterm elections have changed the political situation. Lee Jae-myung calls for cross-party support from the U.S. Congress

South Korean President Lee Jae-myung urged the government to seek cross-party support in the U.S. Congress on the 10th to deal with the economic and security impacts of the U.S. midterm elections. (Reuters)

The Democratic Party won a big victory in the U.S. midterm elections, winning control of the Senate and House of Representatives by an advantage. In response to changes in the political situation in the United States, South Korean President Lee Jae-myung on the 10th urged the government to seek cross-party support in the U.S. Congress to deal with the economic and security impacts of the U.S. midterm elections.

According to Reuters, Lee Jae-myung said at a cabinet meeting that contacts with U.S. state governments and businesses should be expanded, financial markets should be closely monitored, and contingency plans should be formulated to limit any economic impact. Lee Jae-myung said, "The most important thing is to concentrate diplomatic efforts to strengthen and expand trust and cooperation between South Korea and the United States from the perspective of mutual benefit."

Lee's comments come as South Korean officials assess how changes in the U.S. political landscape will affect investment in artificial intelligence and a host of bilateral issues covering trade, corporate treatment and defense.

South Korean Finance Minister Lee Hyoung-il (transliteration) told members of Congress that despite the stock market volatility after the U.S. midterm elections, investment in artificial intelligence in the real economy remains strong. Kim Jung-kwan, South Korea's Minister of Industry, Trade and Energy, also said the U.S. election results were unlikely to slow down such investment.

In addition, South Korea and the United States are still making slow progress on issues such as the transfer of wartime operational command and South Korea's pursuit of nuclear-powered submarines. Analysts pointed out that South Korea's nuclear energy-related initiatives, including plans to promote uranium enrichment and used nuclear fuel reprocessing, may face stricter scrutiny after the Democratic Party takes control of Congress.