South Korea is awaiting a formal U.S. announcement on the first project under its $200 billion investment program after completing domestic procedures and briefing the National Assembly on Sept. 22. The government plans to pursue a $22.3 billion combined-cycle liquefied natural gas power plant in Encinal, Texas, while projects involving eight large-scale nuclear reactors and an Alaska LNG development remain subject to further consultations. Under the countries’ investment memorandum of understanding and South Korea’s special law, an Investment Committee led by Commerce Secretary Howard Lutnick must consult a committee chaired by South Korea’s industry minister before recommending projects to President Donald Trump, who has final selection authority. A South Korean ministry official said Sept. 27 that no disagreements or outstanding issues remained and that Seoul was waiting for Washington’s announcement. Trump’s recent diplomatic schedule and U.S. preparations for releasing U.S.-China trade-talk results were cited as possible reasons for the delay. Once Washington announces the project, South Korea plans to remit the first $2.2 billion as early as the end of the month. Separately, the National Tax Service is preparing a notice on virtual-asset taxation, which the government and ruling party plan to introduce next year despite calls for another delay.