South Korea's Industry Minister Kim Jung-kwan announced on Thursday that significant and meaningful progress has been made in discussions with the United States regarding South Korea's strategic investment projects in the U.S.
Kim made the remarks upon returning from a trip to the U.S. where he met with U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer. He stated that a wide range of issues were resolved during his two-day meetings with Lutnick.
The talks are occurring as the two nations negotiate their first investment project under South Korea's strategic investment initiative in the U.S., following the passage of the Special Act on Korea-U.S. Strategic Investment Management in March. Last year, Seoul and Washington had agreed on South Korea's US$350 billion investment pledge.
Kim indicated that a virtual meeting is planned for next month to reach a final agreement, with the outcome likely to be announced in September. He noted that Lutnick did not mention the semiconductor industry during their discussions, which were concentrated on the energy sector.
Additionally, Kim met with U.S. Trade Representative Jamieson Greer, and both sides reaffirmed a 15 percent cap on tariffs. Negotiations with Greer were previously led by South Korea's former chief trade negotiator, Yeo Han-koo, who was dismissed last week.
