South Korea says talks on $350 billion U.S. investment commitment are progressing

  • South Korea plans to announce U.S. investment projects on the 18th under its $350 billion commitment.
  • South Korea plans to send its first U.S. investment funds on the 29th and 30th.
  • A gas-fired combined-cycle power plant in Encinal, Texas, is the leading first-project candidate.

South Korean Prime Minister Han Seong-sook said Seoul plans to announce U.S. investment projects on the 18th and send the first tranche of funds to the United States on the 29th and 30th under its $350 billion investment commitment. A gas-fired combined-cycle power plant in Encinal, Texas, is viewed as the leading candidate for the first project. Han said Korea and the United States should identify commercially viable projects that allow companies and industries in both countries to grow together. At a meeting with the American Chamber of Commerce in Korea at the Shilla Hotel in Seoul, she also rejected claims that South Korea discriminates against U.S. companies amid scrutiny of Coupang over a major personal-data breach. Han said Korean laws and regulations apply equally to domestic and foreign businesses, while adding that she would pay particular attention to regulation of new industries to prevent unnecessary disputes.

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