South Korea and U.S. Strengthen Strategic Alliance with Investment Projects

by WOO JOOSEONG Posted : October 2, 2026, 15:36Updated : October 2, 2026, 15:36

South Korea's Foreign Minister Park Jin stated on October 2 that the Korea-U.S. strategic investment project represents a "significant historical milestone" in strengthening the alliance into a future-oriented comprehensive strategic partnership. The government plans to accelerate discussions on security issues, including nuclear-powered submarines and uranium enrichment and reprocessing, alongside the investment initiatives.


During a press briefing, Park evaluated the strategic investment project announced the previous day by both countries. He emphasized that the successful implementation of this project will lead to greater prosperity for both nations and enhance their capabilities in key future industries.


Park also highlighted the outcomes of last month's Korea-U.S. summit, noting that it provided momentum for advancing discussions on investment and security matters. He stated that the summit created a driving force for the follow-up consultations outlined in the joint statement from the previous November's summit.


To ensure that diplomatic agreements translate into tangible results, the government is managing 610 follow-up tasks identified since its inception, with approximately 35% (212 tasks) completed or yielding substantial results. The Foreign Ministry reported that 64.5% of 1,257 business-related issues have been resolved.


A senior government official assessed that the frustrating atmosphere surrounding issues accumulated from last month's summit has been "largely alleviated." He added that security discussions will soon resume, aiming to expedite negotiations as much as possible.


Regarding the Alaska liquefied natural gas (LNG) project, the Foreign Ministry downplayed its potential as a stumbling block in security discussions. An official explained that there was no disagreement but rather a lack of time to consider commercial rationality.


On the topics of nuclear-powered submarines, uranium enrichment and reprocessing, and shipbuilding discussions, Park indicated that negotiations would resume quickly based on previous discussions. He reiterated the commitment to accelerate consultations between the U.S. and South Korea to achieve visible results.


The Foreign Ministry also addressed recent tensions with Ukraine over the disclosure of North Korean prisoners, stating that the foreign ministers of both countries are coordinating the announcement, which includes an apology from Ukraine. A senior official noted that discussions are ongoing regarding how to present the content and level of the announcement, with no agreement reached yet.


Earlier, Ukrainian Foreign Minister Dmytro Kuleba described the situation as a "diplomatic misunderstanding" and expressed hope for a resolution soon, emphasizing the importance of South Korea as a partner.


In response, President Lee Jae-myung warned on social media that if Ukraine continues to refuse to acknowledge the facts and issue a public apology, further actions will be taken. He criticized Ukraine for violating a private agreement and denying the existence of the agreement, expressing serious regret over Ukraine's mention of potential military conflict on the Korean Peninsula.


A senior official reiterated that there was a clear agreement to keep the entire matter of North Korean prisoners confidential, with a final agreement reached during the foreign ministers' meeting in June. He added that efforts were made to keep the disclosure of the repatriation confidential for the safety of the individuals and their families.


Meanwhile, regarding the recent landmine explosion incident in the Demilitarized Zone (DMZ), the government emphasized that it will respond diplomatically based on the final investigation results. A senior official remarked that this incident has underscored the importance of national security, stating that all possible actions, including those involving the United Nations, are being reviewed.





* This article has been translated by AI.