Trump, South Korean President Lee welcome progress on US strategic investment projects

U.S. President Donald Trump and South Korean President Lee Jae Myung welcomed "significant progress" in discussions on strategic investment projects during a 30-minute meeting on the sidelines of the UN General Assembly, Seoul’s presidential office said on Wednesday. The meeting followed South Korea’s Industry Ministry briefing lawmakers on Tuesday regarding implementation plans for the countries’ $350 billion investment package. Potential investments include a Texas gas-fired power project, nuclear energy initiatives, and an Alaska LNG project.

National Security Adviser Wi Sung-lac stated that the leaders welcomed the progress and agreed to deepen cooperation on issues such as nuclear fuel enrichment and reprocessing, nuclear-powered submarines, shipbuilding, and the transfer of wartime operational control from the U.S. to South Korea. Trump also reiterated his willingness to engage in dialogue with North Korea, with both leaders agreeing to maintain close communication for a peace process.

US Secretary of State Marco Rubio had previously urged the swift execution of South Korean investment commitments. A senior presidential official noted that progress on these investments paved the way for the summit, with discussions still ongoing regarding the package's details. The leaders also discussed increasing South Korea's defense spending and accelerating talks on developing nuclear-powered submarines.