Kim Junggwan: "Significant Progress in US Investment Talks... First Project to Be Announced in September"

Kim Junggwan, Minister of Trade, Industry and Energy, stated that significant progress has been made in negotiations regarding investment with the United States. However, the announcement of the first Korea-US investment project, which was initially expected between the end of August and the beginning of September, is now likely to be postponed until sometime in September.

Returning from his visit to the United States, Minister Kim met with reporters at Incheon International Airport on August 20 and commented on the negotiations between the two countries. He said, "There has been significant and meaningful progress," and added, "I had meetings over two days with U.S. Secretary of Commerce Howard Lutnick, and I believe we managed to resolve a lot of issues."

Kim Jung-kwan, Minister of Trade, Industry and Energy, returned to Korea through Incheon International Airport on the 10th after completing his visit to the United States and is answering questions from the press. Photo by Yonhap News

Minister Kim explained that unresolved working-level issues surrounding the first investment project made it necessary for him to make an urgent visit to the United States on August 16. He said, "There were several unresolved points among the working-level staff, and during the discussions, there was a suggestion to resolve them at the ministerial level through direct talks."

The two countries will continue to coordinate remaining issues through virtual meetings next week. Minister Kim stated, "We agreed to hold more virtual meetings next week to work toward reaching a final agreement."

As a result, the announcement of the first investment project, originally discussed for the end of August or early September, is now highly likely to be postponed to September. Minister Kim said, "I expect it will be sometime in September," and explained, "Realistically, there are processes and procedures to work through, and there was mutual understanding between the two countries about announcing it in September."

It has been reported that the first project is being discussed mainly around the energy sector, which has been previously mentioned. Regarding some speculation that the United States is demanding investment in the semiconductor sector, Minister Kim clarified, "During this visit, I did not discuss semiconductors with Secretary Lutnick."

Minister Kim also noted that during his meeting with Jamieson Greer, the U.S. Trade Representative, the two sides reconfirmed their shared understanding concerning the 15% cap on U.S. tariffs. In the past, negotiations with Representative Greer were primarily handled by former Trade Minister Yeo Hankoo, but since he was dismissed on August 15, Minister Kim has taken over the negotiations directly.

Minister Kim said that the results of the U.S. Section 301 overproduction investigation are expected to be announced in early September, and added, "There was mutual understanding about the 15% tariff cap discussed last year." However, he also remarked, "There are often situations beyond our prediction, so we will stay vigilant and closely monitor developments to prepare for any variables that may arise during the continued negotiations."

Regarding the absence of the former minister, Minister Kim said, "We have been coordinating with the U.S. Trade Representative and shared the current situation," and added, "Vice Minister Park Jeongseong will serve as acting (representative), so negotiations should continue smoothly." He continued, "If a gap should arise, as was the case this time, I will meet directly with Representative Greer. I will work closely to ensure that our national interests are not harmed."

This content was produced with the assistance of AI translation services.