South Korean Industry Minister Kim Jung-kwan engaged in talks with US Commerce Secretary Howard Lutnick and other senior American officials to explore strategic investment projects and bolster cooperation in energy, shipbuilding, and other vital sectors, as confirmed by the industry ministry. Kim, during a four-day visit to Washington, updated Lutnick on South Korea’s advancements in formulating follow-up regulations and setting up an implementation framework subsequent to the enactment of a special law linked to Seoul’s committed investment in the United States, as per the Ministry of Trade, Industry, and Resources.
The discussions between the two nations revolved around investment strategies aligned with the previous year’s trade pact, which mandates South Korea to invest $350 billion in the US, with an annual limit of $20 billion. Following the accord, the National Assembly passed the investment act in March, as reported by Yonhap news agency. The ministry disclosed that both sides delved into specific directions for strategic investment projects in the US, with a particular focus on sectors of mutual interest such as shipbuilding and energy.
Moreover, a memorandum of understanding (MOU) on the bilateral shipbuilding partnership initiative was inked by the two ministries on the sidelines of the meeting. Subsequently, US President Donald Trump voiced his backing for South Korea following the signing of the MOU during a press interaction at the White House, expressing his fondness for the country. In a separate meeting, Kim held discussions with US Energy Secretary Chris Wright, reviewing advancements in energy collaborations, including nuclear power, and exploring avenues to fortify cooperation further.
Additionally, Kim met with US White House budget chief Russell Vought, seeking active support from his agency to facilitate the smooth execution of Seoul’s investments in the US. While in the US, Kim engaged in a video conference with Sen. Bill Hagerty (R-TN) to deliberate on cooperation in nuclear energy and other significant industry sectors, addressing pending matters in the digital domain. The ministry reiterated its commitment to maintaining close communication with the US on strategic investment projects, aiming to reinforce industrial and energy partnerships and ensure the stable management of trade affairs.
