What did Industry Minister Kim Jung-kwan say about South Korea-US strategic investment talks?

Kim said Seoul and Washington made significant and meaningful progress in talks on strategic investment projects in the United States. He said he and U.S. Commerce Secretary Howard Lutnick resolved a wide range of issues during two days of meetings.

When will the South Korea-US investment deal outcome be announced?

Kim said the two sides plan to hold a virtual meeting next month to reach the final agreement. He added that the outcome is likely to be announced in September.

What issues were discussed in Kim Jung-kwan’s meetings with U.S. officials?

Kim said the discussions with Lutnick focused on the energy sector, and Lutnick made no mention of the semiconductor industry. Kim also met U.S. Trade Representative Jamieson Greer, and the two sides reaffirmed a 15 percent cap on tariffs.

Industry minister says 'meaningful progress' achieved in talks with US

Listen

Summary

Industry Minister Kim Jung-kwan said Thursday that Seoul and Washington made meaningful progress in talks on South Korea’s strategic investment projects in the United States, with more details expected next month. He made the remark at Incheon International Airport after meeting U.S. Commerce Secretary Howard Lutnick in the United States. Kim said the talks covered a wide range of issues and focused on the energy sector. He also said discussions with U.S. Trade Representative Jamieson Greer reaffirmed a 15 percent tariff cap.

Key Facts

South Korea and the United States are 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.
Kim said the outcome is likely to be announced in September after a virtual meeting next month to reach the final agreement.
Kim said Lutnick made no mention of the semiconductor industry during the meetings, and the discussions focused on the energy sector.

By Yonhap

Published Aug 20, 2026 8:32 pm KST

Industry Minister Kim Jung-kwan speaks to reporters at Incheon International Airport, Thursday. 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.

Explore More