S. Korea Awaits U.S. Approval for First Investment Project
Five days have passed since the South Korean government briefed the National Assembly on its plans to pursue investment projects in the United States, yet no official announcement has been made by the U.S. side. The situation is notable given that the United States has repeatedly urged South Korea t
Five days have passed since South Korea briefed the National Assembly on plans to pursue investment projects in the United States, but no official announcement from the U.S. side has been made. Despite repeated U.S. urging for swift South Korean investment, the final authority to select investments rests with the U.S. president under a signed memorandum of understanding.
On September 27, a ministry official stated there are no disagreements, and they are simply waiting for the U.S. to announce their decision. The domestic procedures were completed on September 22, involving the briefing of the National Assembly on a $22.3 billion combined-cycle LNG power plant in Encinal, Texas, and eight large-scale nuclear reactors.
The delay is attributed to the U.S. decision-making process, with President Trump needing recommendations from an Investment Committee before making his selection. Recent diplomatic commitments by Trump, including attending the U.N. General Assembly and hosting Xi Jinping, may have shifted focus away from the investment projects.
The government plans to remit the first $2.2 billion investment as soon as the U.S. announces their decision.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
