Minister of Trade, Industry and Energy Kim Jung-kwan stated on May 10 that the fundamental principle for South Korean investments in the United States is "commercial rationality," adding that the U.S. side fully understands this aspect.
Speaking to reporters after concluding his visit to the U.S. and Canada, Kim explained that his trip aimed to consolidate discussions on U.S. investment projects that had previously been held at the working level.
From May 6 to 9, Kim visited Washington, D.C., where he met with key U.S. officials to discuss strengthening cooperation in the industrial and trade sectors, including a $350 billion investment project.
The first U.S. investment initiative, known as Project 1, is expected to be unveiled following the enactment of the Special Act on U.S. Investments on June 18, when the Korea-U.S. Strategic Investment Corporation is launched. The leading candidate for this initial project includes the construction of a liquefied natural gas (LNG) export terminal in Louisiana and new energy infrastructure projects such as nuclear power plants.
However, Kim urged patience regarding specific projects, stating, "Negotiations are currently ongoing, so please watch carefully as things develop."
Regarding Coupang, he mentioned, "I actually brought up Coupang first and explained the South Korean government's basic stance on the matter. It seems that this provided an opportunity to clarify any misunderstandings that existed."
Before his visit to the U.S., Kim traveled to Canada from May 5 to 6, where he held meetings with cabinet-level officials to discuss specific industrial and resource cooperation related to submarine projects.
On the potential $60 billion submarine project in Canada, he remarked, "We are currently in a friendly competition with Germany, and I will do my best until the end to bring good news to our citizens without making any assumptions."
* This article has been translated by AI.
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