Korea's 1st US investment project stalled over unclear terms
Korea’s first project under its $350 billion investment commitment to the U.S. appears to be locked in a stalemate, as the two sides remain at odds over details of the terms, even after a gas-fired power plant in Texas has emerged as the likely first investment. During a ceremony in Washington, D.C., Thursday (local time), Industry Minister Kim Jung-kwan told reporters that an official…
Korea's inaugural investment under its $350 billion pledge to the United States is reportedly stalled, as the parties remain divided over the terms of the deal, even after a gas-fired power plant in Texas was identified as the prospective first venture. During a briefing in Washington, D.C. on Thursday, Industry Minister Kim Jung-kwan indicated that an official declaration regarding the first investment project is anticipated within the current month.
He elaborated, "While there are no major issues, numerous domestic formalities must be concluded before the process can be concluded." Kim's visit followed discussions with Commerce Secretary Howard Lutnick in Washington two weeks prior, where he reported "meaningful progress" in the negotiations. However, the government's initial intention to unveil the first project in late August or early September has been postponed.
The forthcoming project is anticipated to be a gas-fired combined-cycle power plant in Encinal, Texas, intended to provide electricity to adjacent data centers.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Korea's 1st US investment project stalled over unclear terms koreatimes.co.kr
