South Korea and U.S. Report Progress on Strategic Investment Projects

SEOUL, Aug. 20 (Yonhap) -- The industry minister said Thursday that Seoul and Washington have made meaningful progress in talks on South Korea's strategic investment projects in the United States, with additional details to be unveiled next month.

Industry Minister Kim Jung-kwan made the remark at Incheon International Airport, west of Seoul, upon returning from a trip to the United States for meetings with U.S. Commerce Secretary Howard Lutnick and others.

"There was significant and meaningful progress," Kim said. "I held meetings with (Lutnick) for two days, and I think we resolved a wide range of issues."

The visit came as the two countries are currently negotiating their first investment project under South Korea's strategic investment initiative in the U.S. after the National Assembly passed the Special Act on Korea-U.S. Strategic Investment Management in March.

Last year, Seoul and Washington reached an agreement on South Korea's US$350 billion investment pledge.

"We plan to hold a virtual meeting next month to reach the final agreement," Kim added, noting the outcome is likely to be announced in September.

Kim added Lutnick made no mention of the semiconductor industry during the meetings, noting the discussions focused on the energy sector.

The industry minister also met U.S. Trade Representative Jamieson Greer, with the two sides reaffirming a 15 percent cap on tariffs.

While negotiations with Greer had previously been mainly led by South Korea's former chief trade negotiator, Yeo Han-koo, Kim took over the role after Yeo was dismissed last week.