South Korea PM says first US investment project could set cooperation model

Seoul, South Korea - Prime Minister Han Seong-sook announced on Friday that discussions on a $350 billion South Korean investment proposal for the United States are advancing well, with the first project potentially serving as a framework for future bilateral cooperation. According to Han, the projects should not be limited to the interests of one country but should provide clear benefits to both nations while maintaining economic justification.

The Prime Minister emphasized during an American Chamber of Commerce in Korea event that the investment discussions are also focused on ensuring profitability. If the initial project sets a positive precedent, Han believes that subsequent cooperation could proceed more smoothly across various sectors. South Korea's Industry Minister Kim Jung-kwan is currently in the U.S. to finalize talks on the first project, which is expected to be disclosed this month.

Han, who previously served as CEO of a leading South Korean technology firm, Naver, also addressed concerns from U.S. business leaders regarding the treatment of companies based on nationality. She affirmed that Seoul does not discriminate against companies based on their origin, citing Naver's past experience where the company faced a significant surcharge after an American-owned firm, eBay Korea, lodged a complaint with the Korea Fair Trade Commission.

Han stressed the need for a balance between fair competition and a greater understanding of platform businesses.

U.S. digital companies have increasingly raised concerns about South Korea's regulatory environment, which has at times overshadowed other areas of economic dialogue, such as technology, investment, and economic security. AMCHAM Korea Chairman James Kim highlighted these concerns, noting that they have intensified due to a dispute over the U.S.-listed e-commerce company Coupang, which faced an investigation and fine from South Korea over a major data breach. Seoul has denied allegations of discriminatory treatment.

Han also mentioned that the government is reviewing regulations impacting new industries and employing AI to identify conflicting rules imposed by various ministries. She stated that foreign officials have shown interest in investing in South Korean mega projects, and the government is actively reviewing ways to facilitate such investments.