▲ Minister of Trade, Industry and Energy Kim Jung-kwan, who visited the U.S. to finalize US investment negotiations, answers questions from reporters after arriving at Incheon International Airport Terminal 2 on the 13th. (Photo: Yonhap News)
Minister of Trade, Industry and Energy Kim Jung-kwan, who visited the United States to make final arrangements for the US investment project, stated today (the 13th) that some areas of negotiation still remain.
Upon returning via Incheon Airport this afternoon, Minister Kim met with reporters and said, "There are still a few issues remaining," adding, "We plan to go through internal procedures and hold discussions once again through a video conference early this week."
He explained, "It is true that we are close to reaching an agreement on many issues, but points of contention remain until the final signature is placed," and emphasized, "It is not over until the signature is done."
Initially, it was projected that Minister Kim would report the first US investment project and detailed matters to the National Assembly around the 17th and proceed to finally sign a memorandum of understanding (MOU) as early as the 18th.
Regarding this, Minister Kim said, "I am thinking of trying to make it happen within this week," and added, "If the (negotiations) are finally concluded, we are thinking of even making an announcement."
As for the specific project plans, Minister Kim withheld comments, saying, "It is difficult to speak about it yet as final decisions have not been made."
However, he emphasized that the scale of strategic investment demanded by the U.S. will not exceed the 200 billion dollars promised by South Korea.
Last year, the government promised a total of 350 billion dollars in investments to the U.S., including 150 billion dollars in the shipbuilding sector and 200 billion dollars in strategic investment sectors, under the condition of lowering tariffs from 25% to 15%.
The annual investment cap for South Korea agreed upon by both sides is 20 billion dollars.
Minister Kim stated, "(Strategic) investment limits of 200 billion dollars and an annual limit of 20 billion dollars will be kept as originally agreed upon with the U.S.," and added, "I believe there will be no case of exceeding this. It is a matter agreed upon between both sides."
Minister Kim visited the United States on a three-day schedule starting from the 10th to make final arrangements for the US investment project with U.S. Secretary of Commerce Howard Lutnick and others.
Currently, leading candidates for the project include the construction of the Encinal gas-combined cycle power plant in Texas and large-scale nuclear power plant construction projects.
(Photo: Yonhap News)
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