Minister of Trade, Industry and Energy Kim Jung-kwan reported to the National Assembly on a project aimed at U.S. investment, stating, "I will present one project that the government has decided to pursue through the project management committee chaired by the Minister of Industry and the operation committee chaired by the Minister of Finance and Economy."
During a meeting of the National Assembly's Committee on Trade, Industry, Small and Medium Enterprises, Kim added, "While this is not a specific project that has been decided for implementation, I would also like to report on two project plans that reflect the interests of both countries."
Last year, South Korea and the U.S. agreed to a $350 billion investment plan, which included reducing U.S. tariffs from 25% to 15% and committing $150 billion in shipbuilding and $200 billion in strategic investments. A framework was also established for an annual execution of $20 billion in strategic investments. There are speculations that the first project may involve the construction of a gas combined cycle power plant in Texas.
Kim explained, "Last year, the two countries agreed on the basic direction for strategic investment in the U.S. as part of the tariff negotiations, and the government has been establishing a legal framework to ensure the smooth implementation of this agreement." He noted that the Korea-U.S. Strategic Investment Special Act passed the National Assembly in March with bipartisan support, providing a legal basis for these investments, and that the government launched the Strategic Investment Corporation in June.
He also mentioned, "The Ministry of Trade, Industry and Energy has established an implementation system to professionally review U.S. investment projects through the establishment of a project management team. The government has actively sought out projects that would benefit us and has closely examined proposals from the U.S. based on commercial viability as a consistent principle."
Kim emphasized, "The government has been vigorously negotiating with the U.S. to pursue commercially viable projects. U.S. investment should not merely be about capital input and recovery; it should also expand our companies' entry into the U.S. market and serve as a stepping stone for entering global markets, necessitating a strategic approach from the perspective of national interest."
After Kim's opening remarks, the committee transitioned to a closed session to receive a report from Park Jeong-seong, head of the Trade Negotiation Bureau at the Ministry of Trade, Industry and Energy, regarding the U.S. investment project plans.
* This article has been translated by AI.
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