Minister Kim Jungkwan Aims to Finalize U.S. Investment Deal This Week...$200 Billion Cap Will Be Maintained

Returned to Korea After Concluding U.S. Investment Project Negotiations
Early This Week, Video Consultations on Remaining Issues
"Agreement Near on Many Points... Investment Scale Will Stay Within Limits"

Kim Jungkwan, Minister of Trade, Industry and Energy, announced a goal to finalize investment negotiations with the United States within this week. With agreements nearly reached on several key issues, remaining differences are expected to be coordinated through video conferences. However, the scale of the investment is projected to remain within the limits originally agreed upon.

Kim Jungkwan, Minister of Trade, Industry and Energy, who visited the U.S. to finalize the investment negotiations, arrived at Incheon International Airport Terminal 2 on the 13th and is answering questions from the press. Photo by Yonhap News Agency

Speaking to reporters at Incheon International Airport upon his return to Korea on the afternoon of the 13th, Minister Kim stated, "We are aiming to conclude our investment negotiations with the United States by the end of this week, and if an agreement is finalized, we plan to make an official announcement."

Previously, Minister Kim spent three days in New York, United States, from September 10, meeting with U.S. Secretary of Commerce Howard Lutnick and others to negotiate the targets, scale, and terms of the investment project. Initially, Minister Kim was expected to report the first U.S. investment project and its specifics to the National Assembly around September 17, and to finalize the signing of a Memorandum of Understanding (MOU) as early as the 18th.

Regarding the pace of progress in the negotiations, Minister Kim explained, "It is true that we are close to an agreement on many issues," but added, "Negotiations are not complete until the final signature is secured." He further commented, "Several outstanding issues remain," stating that an internal review would be conducted, after which another round of video consultations should be held early this week.

He refrained from providing details about the specific project plans. Minister Kim said, "Since no final decision has been made yet, it is difficult to share information at this moment."

He made it clear that the investment amount would not exceed the limits previously promised. Minister Kim stated, "The previously agreed strategic investment cap of 200 billion dollars and the annual limit of 20 billion dollars will be strictly kept, as determined in our initial agreement with the United States. There will be no exceeding of these limits; this is what both sides have agreed upon."

Meanwhile, the current leading candidates for the project include the construction of a gas-fired combined cycle power plant in Encinal, Texas, and a large-scale nuclear power plant project.

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