South Korea's Minister Meets US Officials on $350 Billion Investment Plan

During a four-day visit to Washington, Kim met with Lutnick and explained South Korea's progress in drafting follow-up regulations and establishing an implementation framework following the passage of a special law related to Seoul's pledged investment in the United States, according to the Ministry of Trade, Industry and Resources.

The two countries are discussing investment plans in line with last year's trade agreement that commits Seoul to investing US$350 billion -- with an annual cap of $20 billion -- in the U.S. Following the agreement, the National Assembly passed the investment act in March, reports Yonhap news agency.

"The two sides held in-depth discussions on more concrete directions for strategic investment projects in the U.S., focusing on such areas of mutual interest as shipbuilding and energy," the ministry said in a release.

On the sidelines of the meeting, the two ministries signed a memorandum of understanding (MOU) on the bilateral shipbuilding partnership initiative, it added.

Shortly after the MOU was signed, U.S. President Donald Trump expressed support for South Korea during a press availability at the White House.

"I love South Korea," he said in response to a reporter's question about his social media post on Monday that Iran fired at a South Korean-operated cargo ship in the Strait of Hormuz, a claim that Tehran has denied.

Separately, Kim met with U.S. Energy Secretary Chris Wright, and the two sides reviewed progress in discussions on energy ties, including nuclear power, and discussed ways to further strengthen cooperation.

Kim also met with U.S. White House budget chief Russell Vought and requested his agency's active support for the smooth implementation of Seoul's investment in the U.S.

While in the U.S., Kim held a video conference with Sen. Bill Hagerty (R-TN) to discuss cooperation on nuclear energy and other major industry sectors, and to explain pending issues in the digital sector.

"We will continue to maintain close communication with the U.S. on strategic investment projects while striving to further strengthen industrial and energy cooperation, and ensure stable management of trade issues," the ministry said in a release.

- IANS