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, has set a goal to finalize the investment negotiations with the United States within this week. While agreements have been reached on many key issues, the remaining points of contention will be coordinated through video consultations. However, it is expected that the investment scale will 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

After returning to Korea through Incheon International Airport on the afternoon of the 13th, Minister Kim told reporters, "We will seek to finalize the investment negotiations with the U.S. this week, and if a final agreement is reached, we will make an announcement."

From the 10th for three days, Minister Kim met in New York with U.S. Secretary of Commerce Howard Lutnick and others to discuss the targets, scale, and conditions of the U.S. investment projects. Initially, Minister Kim was expected to report the details and first projects of the U.S. investment to the National Assembly on or about the 17th and then sign the memorandum of understanding (MOU) as early as the 18th.

Regarding the pace of progress in the negotiations, he explained, "It is true that we are close to an agreement on many issues," but cautioned, "Negotiations are not complete until the final signature." He added, "A few issues remain unresolved," and stated, "After completing internal procedures, we need to hold another round of video consultations early this week."

He declined to comment on detailed project plans, saying, "As nothing has been finalized yet, it is difficult to provide specific information."

Minister Kim emphasized that the investment scale will not exceed the originally promised limit. "The strategic investment ceiling of 200 billion dollars and the annual limit of 20 billion dollars will be maintained as originally agreed with the U.S.," he explained. "There will be no exceeding these limits, as agreed between both sides."

Meanwhile, the most likely project candidates currently under discussion include the construction of a combined cycle gas power plant in Encinal, Texas, and a large-scale nuclear power project.

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