▲ Minister of Trade, Industry and Energy Kim Jeong-gwan answers questions from reporters as he departs for the United States through Terminal 2 of Incheon International Airport on the 1st.
Minister of Trade, Industry and Energy Kim Jeong-gwan departed for the United States today (the 1st) to attend the G20 Innovation Ministerial Meeting and expand economic cooperation between South Korea and the U.S.
Speaking to reporters at Incheon International Airport prior to his departure, Minister Kim stated, "The host country for the G20 Innovation Ministerial Meeting happens to be the U.S., and U.S. Secretary of Commerce Howard Lutnick extended the invitation."
Asked whether discussions will take place regarding the first major U.S. investment project scheduled for announcement this month, he said, "A meeting with the Secretary of Commerce is scheduled," adding, "Since we have been discussing relevant schedules domestically, there is a need to finalize those details."
Minister Kim added, "Discussions are ongoing," and "We are doing our best to ensure everything proceeds on schedule."
A gas-fired combined cycle power plant construction project is reportedly being strongly considered as the first U.S. investment project.
Asking for understanding as negotiations involve a counterpart, Minister Kim refrained from elaborating on specific details.
According to the Ministry of Trade, Industry and Energy, Minister Kim will visit North Carolina, Washington, D.C., and Louisiana sequentially from the 1st to the 4th (local time).
Minister Kim will first attend the G20 Innovation Ministerial Meeting held in Chapel Hill, North Carolina, on the 2nd.
The meeting will focus on global cooperation strategies for artificial intelligence (AI) innovation centered around AI intellectual property rights, AI standards, and AI supply chains.
On the 3rd, he will host an investment declaration ceremony and roundtable in Washington, D.C., alongside the Korea Trade-Investment Promotion Agency (KOTRA).
He plans to attract foreign direct investment (FDI) into South Korea from U.S. companies in the semiconductor, advanced materials, and offshore wind sectors, while listening to their current investment statuses in Korea and collecting suggestions.
In particular, as Minister Kim stays in Washington, D.C., discussions are expected regarding bilateral trade pending issues between South Korea and the U.S., including the U.S. investment projects, with Secretary Lutnick.
Previously, Minister Kim made an unscheduled trip to the U.S. on August 16, meeting with Secretary Lutnick for two consecutive days to coordinate key issues surrounding the U.S. investment projects.
Minister Kim explained that there had been opinions to reach a ministerial-level breakthrough on issues unresolved at the working level, noting that there was "significant progress" in the negotiations.
Through a trade agreement last year, South Korea and the U.S. agreed to pursue a total of $350 billion in investments in the United States.
Of this amount, $150 billion has been allocated for shipbuilding cooperation, while both countries are negotiating specific investment projects for the remaining $200 billion in strategic investments.
On the 4th, Minister Kim will attend the groundbreaking ceremony for the Hyundai-POSCO Louisiana Steel Mill (HPLS) in Donaldsonville, Louisiana.
Hyundai Motor Group plans to invest a total of $26 billion in the United States by 2028 across sectors including steelmaking, automobiles, and robotics.
Among them, Hyundai Steel's investment scale stands at $5.8 billion, which is expected to contribute to building a stable supply chain in the North American region through the construction of this steel mill.
Prior to the groundbreaking ceremony, Minister Kim is scheduled to meet with Louisiana Governor Jeff Landry to discuss mutually beneficial and strategic cooperative measures between the two countries, including the energy sector.
Minister Kim stated, "This will serve as an occasion to reaffirm our companies' commitment to supply chain cooperation through investment in the U.S., while also attracting U.S. corporate investment into South Korea, thereby confirming active two-way investment cooperation between the two nations."
(Photo: Yonhap News)
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