(LEAD) Seoul, Washington pick Texas power plant as 1st project under strategic investment
SEOUL, Oct. 1 (Yonhap) -- South Korea and the United States have formally select...
South Korea and the United States have officially chosen a gas-fired power plant project in Texas as the inaugural project under Seoul's $350 billion investment commitment to the U.S., according to the industry ministry. The Ministry of Trade, Industry and Resources disclosed the three projects, including the Texas facility, following the signing of a memorandum of understanding in November last year.
This agreement outlined South Korea's pledge to invest in the U.S. in exchange for reduced U.S. tariffs on Korean imports. The formal announcement came after U.S. President Donald Trump revealed South Korea's investment plans at the White House on Wednesday. The investment will involve $150 billion for shipbuilding cooperation and $200 billion for projects in various strategic sectors.
The ministry emphasized that taxpayer money would be used judiciously, prioritizing the commercial viability and national interest of each project to ensure that funds are not wasted. Industry Minister Kim Jung-kwan stated during a briefing that consultations with the U.S. side were conducted throughout the process.
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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