Korean PM says first US investment project could set co-operation model

Republic of Korea Prime Minister Han Seong-sook announced on Wednesday that talks on a $350 billion Korean investment commitment to the US are making progress. She stated that the first project could serve as a model for broader future cooperation between the two nations, emphasizing that such projects should benefit both countries and maintain commercial rationale.

Han, who heads the Korean delegation, highlighted the importance of ensuring profitability in these investments. Korea's Industry Minister Kim Jung-kwan is in the US to finalize talks on the first project, expected to be announced this month. Addressing concerns raised by US business leaders, Han reaffirmed that Korea does not discriminate against companies based on nationality.

She cited Naver's experience as an example, where the company faced a significant surcharge after receiving a complaint from US-owned eBay Korea. Han stressed the need to balance fair competition with a better understanding of platform businesses. The issue of regulatory concerns among US digital companies has become more prominent in the bilateral economic dialogue, overshadowing cooperation on technology, investment, and economic security.

US lawmakers have accused South Korea of discriminatory treatment towards US-listed e-commerce firm Coupang, following a data breach investigation. Han disclosed that the government is reviewing regulations affecting new industries and utilizing AI to identify conflicting rules imposed by various ministries. She also mentioned that foreign officials have shown interest in investing in Korean mega projects, and the government is exploring ways to simplify these investments.