Korea's Industry Minister Kim Jung-kwan, third from right, and U.S. Commerce Secretary Howard Lutnick, second from left, attend talks on renewed trade tensions between the two countries at the Department of Commerce in Washington, Jan. 29. Courtesy of Ministry of Trade, Industry and Resources
The government has sent a working-level delegation to Washington for discussions on Korea's potential investment projects in the United States, Seoul officials said Thursday, after Japan confirmed its first investment projects in the U.S. under their bilateral trade deal.
The delegation, led by Vice Trade Minister Park Jung-sung, left for the U.S. capital on Wednesday, according to the Ministry of Trade, Industry and Resources.
The delegation is expected to hold talks with U.S. Commerce Department officials to discuss Korea's potential investment projects in the U.S. and their commercial rationality.
The Korean government launched a committee last week to begin a preliminary review of the potential projects as part of efforts to uphold its own bilateral trade deal with the U.S. finalized late last year, under which Seoul made a $350 billion investment pledge to Washington.
The details of the candidate projects have yet to be disclosed but experts say energy development and power infrastructure are major areas the U.S. will likely show interest in.
On Tuesday (U.S. time), U.S. President Donald Trump announced the first set of Japan's investment projects in the U.S. as part of the Asian country's $550 billion commitment under a bilateral trade deal.
The projects are investments for the development of a natural gas generation facility in Ohio, the construction of a deepwater crude oil export facility in Texas and the creation of a synthetic industrial diamond manufacturing facility in Georgia.
Trump has recently been pressuring Korea to expedite its process for investment in the U.S., threatening to raise "reciprocal" tariffs and auto duties on the country back to 25 percent, citing a delay in Seoul's legislative process needed to move the trade deal forward.
Source: Korea Times News
