Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
Korea wins US support to reprocess spent nuclear fuel, enrich uranium
President Lee Jae Myung speaks during a briefing on the conclusion of the Korea-U.S. joint fact sheet at the presidential office in Seoul, Friday. Yonhap
By Lee Hyo-jin
Seoul's nuclear-powered sub to be built in Korea, not US: top security advisor
President Lee Jae Myung said Friday that Korea has secured U.S. support for expanding Seoul's authority over uranium enrichment and spent nuclear fuel reprocessing.
He described the development as a highly significant step forward as the nation seeks to build its first nuclear-powered submarine.
"Korea and the United States have agreed to move forward with the construction of nuclear-powered submarines, a long-standing goal for Korea and a strategic asset deemed essential for peace and stability on the Korean Peninsula," Lee said during a televised briefing announcing the conclusion of a joint fact sheet between the two countries.
"In addition, the two sides will explore institutional changes that would allow not only U.S. commercial vessels but even U.S. Navy ships to be built in Korea," he added, calling the move a foundation for both nations to strengthen their shipbuilding industries.
While Lee did not immediately clarify whether Korea's nuclear-powered submarine would be built at a Korean shipyard or in the U.S., National Security Advisor Wi Sung-lac confirmed during a follow-up briefing that it would be constructed in Korea.
"Throughout the talks, building our nuclear submarine in the U.S. was not discussed. The precondition of all conversations between the two leaders was that Korea's nuclear submarine would be built in Korea," Wi said. "Our request for U.S. cooperation was focused on gaining access to nuclear fuel."
The top security official added that there may be partial collaboration with Washington during the construction process, but the overall project will be based on the submarine being built locally.
The joint fact sheet, which outlines bilateral agreements on tariffs and security, follows two bilateral summits between Lee and U.S. President Donald Trump, the most recent of which took place on Oct. 29 on the sidelines of the Asia-Pacific Economic Cooperation summit in Korea.
During the summit, Trump granted approval for Korea to build a nuclear-powered submarine, adding that the vessel would be constructed at shipyards in Philadelphia.
Meanwhile, Lee emphasized that the joint document reaffirmed Washington’s commitment to maintaining the presence of U.S. Forces Korea (USFK) and to supporting the transfer of wartime operational control, known as OPCON, back to Seoul.
"Korea emphasized its determination to take the lead in defending the Korean Peninsula through strengthened defense capabilities and the transition of wartime operational control, and Washington expressed strong support for those efforts," the president said.
Talks on regaining OPCON have been at the center of security discussions between the allies, with Lee aiming to complete the full transition within his five-year term.
The fact sheet also outlines other security commitments, including Korea's pledge to raise defense spending to 3.5 percent of GDP "as soon as possible," in accordance with domestic legal requirements, though no specific timeline was provided.
Seoul further committed to spending $25 billion on U.S. military equipment purchases by 2030 and to provide $33 billion in comprehensive support for USFK.
These pledges appear to be part of a broader effort to modernize the security alliance, in line with the U.S.' demand for Seoul to expand its defense posture beyond the Korean Peninsula to the wider region.