South Korea and the US on Thursday unveiled the first initiatives under Seoul’s $200 billion investment commitment, led by a confirmed Texas gas-fired power project.
A proposed eight-reactor nuclear program still requires approval, while participation in an Alaska liquefied natural gas project remains under review.
The distinction emerged after US President Donald Trump presented all three as firm commitments. South Korean Industry Minister Kim Jung-kwan stressed that the nuclear and Alaska proposals would proceed only after commercial assessments and further negotiations.
The commitment forms part of Seoul’s broader $350 billion US investment package agreed to alongside last year’s bilateral trade deal, under which Washington lowered tariffs on most Korean goods to 15 percent.
Trump called the initiatives “one of the largest energy infrastructure investments in American history,” saying they would strengthen energy security and bilateral ties.
Kim offered a more qualified assessment, particularly on Alaska.
“We will assess the Alaska project based on its commercial viability, and we will not proceed if it is not viable,” he said. “That is clearly stated in the joint fact sheet agreed by South Korea and the US.”
Seoul transferred its first payment of $2.4 billion under the investment program Thursday following Trump’s announcement, according to a senior government official.
Source: The Korea Herald