Seoul: South Korea's first investment project in the United States under a bilateral trade deal is expected to be unveiled as early as late next month. Discussions between the two countries have been focusing on the energy sector, as stated by South Korea's Industry Minister Kim Jung-kwan.
According to Yonhap News Agency, Minister Kim made these remarks during a meeting with Korean reporters after arriving near Washington for a four-day visit. During this visit, he plans to meet with Commerce Secretary Howard Lutnick and other officials to discuss investment, trade, and other issues. The ongoing discussions are part of last year's trade deal under which South Korea has committed to investing $350 billion in the U.S., with an annual cap of $20 billion.
Kim emphasized that projects with stable cash flows are more desirable for South Korea, and energy-related projects are seen as advantageous in this regard. The discussions are reportedly in the final phase, and if agreements on key issues are reached, announcements could be made in late August or September. This timeline aligns with earlier statements from Kim Yong-bum, the presidential chief of staff for policy.
The minister highlighted the close collaboration between Seoul and Washington, noting that both sides are aiming for a mutually beneficial outcome. He reiterated that commercial rationality is a key standard for investment cooperation with the U.S. and expressed a commitment to creating a win-win situation for both countries.
During his stay in Washington, Kim's schedule also includes attending the opening ceremony of the Korea-U.S. Shipbuilding Partnership Center in the U.S. capital.