Trade representatives from Korea and the United States will meet in Washington, D.C., this week to discuss a plan for $350 billion (about 523 trillion won) in investment in the U.S. under the Korea-U.S. trade agreement, according to reports.
On the 16th (local time), Bloomberg News said, "Korean government officials and representatives from the U.S. Department of Commerce and the National Energy Council are scheduled to meet to discuss potential investments in U.S. energy projects and other venture sectors."
The discussions on this investment were reportedly arranged on the occasion of the two-day Indo-Pacific Energy Security Ministerial and Business Forum (IPEM) hosted by the U.S. in Tokyo on the 14th–15th. The event was co-hosted by the U.S. National Energy Dominance Council and Japan's Ministry of Economy, Trade and Industry. From Korea, Minister Kim Jung-kwan of the Ministry of Trade, Industry and Resources attended, and from the U.S., Interior Secretary Doug Burgum and Energy Secretary Chris Wright attended, according to reports.
According to Bloomberg News, one of the Korean officials repeatedly emphasized a national plan to move at "Trump speed" to complete Korea-U.S. energy investment projects under this investment initiative.
Korea's Ministry of Trade, Industry and Resources said it is in close communication with the U.S. side but declined to comment on the planned talks. The U.S. Department of Commerce did not immediately respond to Bloomberg's request for comment.
Talks on Korea's investment in the U.S. progressed quickly after Jan. 26, when U.S. President Donald Trump threatened to raise tariffs on some Korean products to 25% from 15%, citing delays in the passage of Korea's special law on investment in the U.S.
The National Assembly then passed the special law by bipartisan agreement on the 12th, three and a half months after the two countries signed a memorandum of understanding (MOU) on a total of $350 billion in strategic investment.