1st U.S. investment project under tariff agreement nears deal but needs further negotiations: minister

South Korea's Industry Minister Kim Jung-kwan announced on Sunday that the nation's inaugural investment project in the United States under the recent bilateral tariff agreement is close to being finalized, though additional discussions are required. During a visit to Incheon International Airport following his three-day trip to the U.S., Kim highlighted his efforts to finalize the details of Seoul's first U.S. investment project in collaboration with U.S. officials, including Commerce Secretary Howard Lutnick.

In exchange for reducing U.S. reciprocal tariff rates from 25 percent to 15 percent, South Korea pledged to invest US$350 billion in the U.S., with $150 billion earmarked for the shipbuilding sector. Despite making significant progress, Kim acknowledged that "there remain differences" and that negotiations are ongoing. He expressed his intention to continue discussing the remaining issues via video conference early this week.

Kim emphasized that "it is not over until we finally sign (the deal)" and stated that Seoul aims to conclude the agreement within the current week, with hopes of announcing the successful deal to the public in the same timeframe. While the specific industrial sectors targeted by the first investment project have not been disclosed, possibilities have been explored, including the construction of a large-scale gas-fired power plant in Texas and a nuclear power plant.