The delay in formally announcing the first project under Korea’s massive U.S. investment commitment is a reminder that the Korea-U.S. economic relationship has entered a new and complicated phase. Five days after Seoul briefed the National Assembly on its first proposed project, the two governments had yet to issue a formal announcement as of Sept. 27. Seoul says the latest delay reflects U.S. internal procedures rather than a new dispute. The final selection of investment destinations is reportedly subject to procedures involving the U.S. investment committee and President Donald Trump. Nevertheless, the direction is becoming clearer. Seoul has reported plans to invest roughly $22.3 billion in a gas-fired combined-cycle power project in Encinal, Texas, as the first project under the broader U.S. investment package. The 6.3-gigawatt facility is intended to meet growing electricity demand associated with semiconductor manufacturing and data centers. The government has argued that the project meets its requirement of commercial viability and could generate substantial returns over two