Minister Kim Jung-kwan of the Ministry of Trade, Industry and Resources left for the United States on the 1st to attend the Group of 20 (G20) innovation ministers meeting and to hold last-minute talks on a U.S.-bound investment project.
Meeting reporters as departing through Incheon International Airport that day, the Minister said, "The United States happens to be hosting the G20 innovation ministers meeting, and Howard Lutnick, the U.S. commerce secretary, invited me to attend."
On a question about the first U.S.-bound investment project to be announced this month, the Minister said, "A meeting with the commerce secretary is scheduled," adding, "Since related timelines have been discussed in Korea, we need to finalize those details." The Minister added, "We are continuing discussions," and "We are doing our best to keep to the schedule."
A gas combined-cycle power plant construction project has reportedly emerged as the leading candidate for the first project. The Minister said, "This is a negotiation with counterparts, so I ask for your understanding," and refrained from giving specifics.
According to the Ministry of Trade and Industry (MOTI), the Minister will visit North Carolina, Washington, D.C., and Louisiana from the 1st to the 4th (local time). On the 2nd, the Minister will attend the G20 innovation ministers meeting in Chapel Hill, North Carolina, to discuss global cooperation on artificial intelligence (AI) intellectual property rights, AI standards, and AI supply chains.
On the 3rd in Washington, D.C., the Minister will hold an investment filing ceremony and a roundtable with KOTRA to attract investment in Korea by U.S. corporations in semiconductors, advanced materials, and offshore wind, and will also hear their difficulties. During this period, the possibility is being discussed of coordinating trade issues, including the U.S.-bound investment project, with Secretary Lutnick.
Earlier, on the 16th of last month, the Minister made an unscheduled trip to the United States and met Secretary Lutnick for two consecutive days to iron out sticking points, and said "there was quite meaningful progress." Under a trade agreement last year, Korea and the United States agreed that Korea would pursue a total of $350 billion in U.S.-bound investment, of which $150 billion would go to shipbuilding and the remaining $200 billion would be negotiated as strategic investments for specific projects.
On the 4th, the Minister will also attend the groundbreaking ceremony for the Hyundai-POSCO Louisiana Steelworks (HPLS) in Donaldsonville, Louisiana. Hyundai Motor Group plans to invest $26 billion in the United States by 2028, of which the Hyundai Steel investment amounts to $5.8 billion. Before the ceremony, the Minister will meet with Louisiana Gov. Landry to discuss energy cooperation.
The Minister said, "This will be an opportunity to confirm our corporations' commitment to supply chain cooperation through U.S.-bound investment while also attracting U.S. corporations' investment in Korea, thereby affirming active two-way investment cooperation between the two countries."