Kim Junggwan: "One U.S. Investment Project Decided, Plans for Two More Reported to National Assembly"

Confidential Reports on U.S.-Bound Investments Submitted to Industry and Strategy Committees

Kim Junggwan, Minister of Trade, Industry and Energy, reported to the National Assembly on the 22nd regarding investments in the United States. The government has decided on one project, and also plans to report on two additional projects that reflect the interests of both South Korea and the United States.

At the plenary session of the Industry, Trade, Energy, Small and Medium Venture Business Committee at the National Assembly, Minister Kim stated, "I am here to report on one project for which the government, through the Project Management Committee chaired by the Minister of Trade, Industry and Energy, and the Operations Committee chaired by the Minister of Economy and Finance, has decided to move forward." He continued, "Although the government has not yet made a concrete decision to pursue these projects, I would like to present plans to advance two additional projects that reflect the interests of both countries."

Kim Junggwan, Minister of Trade, Industry and Energy, is making a remark at the full committee meeting of the Industry, Trade, Energy, Small and Medium Enterprises Committee held at the National Assembly on the 22nd. On this day, Minister Kim reported the progress and details of the investment negotiations with the United States in a closed session. 2026.09.22 Photo by Yoon Dongju

Previously, at the Operations Committee meeting held on September 7, the government resolved to pursue the Encinal Gas Combined Cycle Power Plant project in Texas, worth $22.3 billion, as the first candidate project.

Minister Kim explained, "The government has engaged in intensive negotiations with the United States to promote projects that are commercially viable. U.S.-bound investments must not only involve the injection and recovery of capital; there should be a principled approach with the national interest in mind, so that our companies can expand into the U.S. market and eventually use this as a springboard to enter global markets." He added, "Today's report includes sensitive information, such as the specifics of the negotiations between Korea and the United States and the detailed investment conditions for the projects. If these details were to be made public, they could affect the country's critical interests, including national security and diplomatic relations, and could also harm companies' business secrets and legitimate interests, so I request that the proceedings remain confidential."

According to the Korea-U.S. Strategic Investment Act, the government is required to report to the relevant standing committee before initiating consultations with the United States on outbound investments. Accordingly, in addition to the Industry, Trade, Energy, Small and Medium Venture Business Committee, the Strategy and Finance Committee is also receiving U.S.-related investment reports on a confidential basis.

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