South Korean minister in U.S. to finalize major investment project amid last-minute talks

South Korean Minister of Trade, Industry and Energy Kim Jeong-kwan has traveled to the United States for the third time in three months to finalize details for the first major investment project between the two nations. The visit comes just three weeks after his previous trip to attend the opening of the Korea-U.S. Business Council.

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We have continued video conferences and working-level contacts, but there is a need to organize everything at once, so I came here.

Kim stated that while the U.S. is pushing for speed in the investment, he has not directly faced pressure regarding tariffs. He acknowledged the U.S. administration's desire to accelerate investment, noting that "over a year has passed since President Trump mentioned speeding up legislation at the beginning of the year." He added that South Korea agrees with this sentiment and is continuing negotiations.

Addressing the project's announcement, initially slated for late August or early September, Kim explained that "various issues are emerging" during the final practical discussions. "We have continued video conferences and working-level contacts, but there is a need to organize everything at once, so I came here," he said. He remained cautious about the timeline for the energy sector's combined cycle power plant project, a leading candidate for the first investment, stating, "Please wait. We are watching the situation as we initially discussed."

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Over a year has passed since President Trump mentioned speeding up legislation at the beginning of the year, so we agree with the intention to accelerate investment.

Regarding the recent replacement of Yeo Han-koo, the former trade negotiator, Kim stated it was inappropriate to comment on the president's decision. He assured that while Yeo focused on non-tariff and FTA issues, the entire organization is responding, and Deputy Minister Park Jeong-seong will act as interim head to ensure no gaps in work. The minister also commented on the timing of the U.S.'s Section 301 investigation into overproduction, noting it appears to be taking longer than the late August timeframe initially mentioned by the U.S., and that there is no set sequence between the investigation and their project announcement.

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Please wait. We are watching the situation as we initially discussed.