Kim Jung-kwan enters US via New York for final coordination with Commerce Secretary Lutnick, other officials

Kim Jung-kwan, minister of trade, industry and energy, answers reporters' questions after arriving at Newark Liberty International Airport near New York on Thursday (local time). (Yonhap)
Kim Jung-kwan, minister of trade, industry and energy, answers reporters' questions after arriving at Newark Liberty International Airport near New York on Thursday (local time). (Yonhap)

Kim Jung-kwan, minister of trade, industry and energy, arrived in the US on Thursday (local time) to continue final-stage negotiations on South Korea's investment pledge to Washington. The two sides are nearing a deal.

Kim landed at Newark Liberty International Airport near New York that afternoon.

Speaking to reporters at the airport, Kim said, "I came to wrap up the investment negotiations with the US that are currently underway. My schedule is to finalize the details as part of the negotiation process."

Asked about the mood surrounding the talks, Kim said, "Is there such a thing as an easy negotiation? I believe negotiations remain ongoing until the final signature is made."

Kim is expected to remain in the US through Saturday, meeting with US Commerce Secretary Howard Lutnick and other officials to continue coordinating the investment plan.

The Wall Street Journal reported that day that South Korea and the US were close to a deal under which Seoul's first investment project would channel more than $100 billion into the energy sector. The plan includes eight nuclear power plants and natural gas projects.

Citing multiple sources, the Journal said the two countries had entered the final stage of an agreement on the plan, which could be announced next week.

Asked about the negotiations, including the WSJ report, Kim said, "I cannot confirm the specific details at this time. I will share the final outcome once it is reached."

Separately, the Financial Times reported Wednesday (local time) that US frustration is mounting over South Korea's failure to disburse concrete funds. The report noted it has been a year since Seoul agreed to a $350 billion investment package with Washington.

A US source told the Financial Times, "The Korean government needs to speed things up," warning that Seoul could otherwise face a backlash from President Donald Trump.

Another source said frustration over the delayed investment also lay behind Trump's recent public criticism of South Korea's lack of support related to the Iran war.

South Korea's investment pledge was part of a trade agreement with the US reached last year. Under the deal, Washington lowered planned tariffs on South Korean products from 25 percent to 15 percent. In exchange, Seoul committed to invest a total of $350 billion in the US.

The Financial Times said, "The issue of South Korea's investment in the US is becoming entangled with other security issues in the bilateral relationship." The paper cited Trump's order to scale back the Ulchi Freedom Shield joint military exercise, among other matters.

After returning home, Kim is expected to report to the National Assembly around Thursday on the first project under the investment plan, before proceeding to sign the memorandum of understanding as early as Sept. 18.


oskymoon@heraldcorp.com