Seoul, Washington pick Texas power plant as 1st project under strategic investment
South Korea and the United States have formally selected a gas-fired power plant project in Texas as the first project under Seoul's US$350 billion investment commitment to the U.S., the industry ministry said Thursday. The Ministry of Trade, Industry and Resources announced the three projects, including the Texas plant, after the two sides signed a memorandum of understanding in November last…
South Korea and the United States have announced the selection of a gas-fired power plant project in Texas as the first project under Seoul's $350 billion investment commitment to the U.S., according to the industry ministry. The investment agreement, signed in November last year, sees South Korea pledging funds in exchange for reduced U.S. tariffs on Korean imports.
The formal announcement follows remarks by U.S. President Donald Trump at the White House, revealing South Korea's investment plans, which include $150 billion for shipbuilding and $200 billion for various strategic sectors. Industry Minister Kim Jung-kwan emphasized that taxpayer money would be invested with a focus on commercial viability and national interest, stating that consultations were held with the U.S. counterpart to ensure the prudent allocation of funds.
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