It was learned that the government's scheduled briefing to the National Assembly tomorrow (September 17) regarding the first project under the USD 350 billion investment plan in the United States has been postponed.

Accordingly, projections are emerging that the signing and announcement of the memorandum of understanding (MOU) between South Korea and the US regarding the US investment project will also likely extend past this week.

According to the government and political circles today (September 16), the Ministry of Trade, Industry and Energy (MOTIE) requested the National Assembly's Trade, Industry, Energy, SMEs and Startups Committee and the Strategy and Finance Committee to postpone the briefing scheduled for tomorrow.

MOTIE had planned to conduct closed-door briefings for the two committees on the first US investment project and its details.

Although the ministry did not disclose the reason for the postponement, analyses inside and outside the government suggest it is because South Korea and the US failed to reach an agreement during the final negotiation stages for the US investment.

The two countries are known to have shown differences over issues such as South Korea's participation in the Alaska liquefied natural gas (LNG) development project and profit distribution through an umbrella-shaped special purpose vehicle (SPV) for investment.

An official from MOTIE said, "Negotiations with the US side are ongoing."

Domestic procedures to finalize the US investment project conclude with a report to the National Assembly, following review by the South Korea-US Strategic Investment Project Management Committee chaired by the Minister of Trade, Industry and Energy, and deliberation and resolution by the South Korea-US Strategic Investment Operation Committee chaired by the Minister of Economy and Finance.

With the National Assembly briefing delayed, the possibility has grown that the MOU signing and project announcement, initially expected as early as the day after tomorrow (September 18), will also be postponed.

(Photo courtesy of the Ministry of Trade, Industry and Energy, Yonhap News)