A $200 billion investment in the United States is set to fire its opening shot in the 'energy sector' as early as the end of August, with Minister of Industry, Trade and Energy Kim Jung-gwan announcing that discussions on-site in the U.S. have reached their final stages.
On the 22nd (local time), shortly after arriving in Washington, D.C., Minister Kim met with reporters and said that the first project from the total $200 billion investment in the U.S. under the Korea-U.S. trade agreement is being negotiated with a focus on the energy sector, and can be announced as early as the end of August or in September. He explained the strengths of the energy project, saying "a project with stable cash flow is naturally a better project," and emphasized that current discussions are at an "almost final" stage.
This $200 billion investment in the U.S. is a key issue of the Korea-U.S. trade agreement, and Kim Yong-beom, Director of the Presidential Policy Office, had previously projected that the first project would materialize around August or September. Minister Kim indicated that this investment is being considered with commercial rationality as the top priority under the principle of "creating a win-win situation between Korea and the U.S."
Minister Kim will stay in Washington D.C. from the 23rd to the 25th and consult with key figures including U.S. Commerce Secretary Howard Lutnick on investment in the U.S. and trade issues. In particular, on the 23rd, he will attend the opening ceremony of the Korea-U.S. Shipbuilding Cooperation Center to expand the scope of industrial cooperation between the two countries.