What did Kim Jung-kwan say about the progress in Seoul and Washington’s strategic investment talks?

Kim Jung-kwan said the two sides made significant and meaningful progress after two days of meetings with Howard Lutnick. He said they resolved a wide range of issues and planned a virtual meeting next month to finalize the deal.

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

Kim said the meetings with Howard Lutnick focused on the energy sector, and Lutnick did not mention 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

Q: Why are South Korea and the United States negotiating strategic investment projects now?

The talks are tied to South Korea’s strategic investment initiative in the United States and follow the National Assembly’s passage of the Special Act on Korea-U.S. Strategic Investment Management in March. They also build on last year’s agreement on Korea’s $350 billion investment pledge in exchange for a tariff reduction.

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Summary

Industry Minister Kim Jung-kwan said Seoul and Washington made meaningful progress in talks on South Korea’s strategic investment projects in the United States. He made the remark at Incheon International Airport after returning from meetings with U.S. Commerce Secretary Howard Lutnick and others. Kim said a virtual meeting next month is planned to reach a final agreement, with the outcome likely to be announced in September. He also said the discussions focused on the energy sector and that the two sides reaffirmed a 15 percent cap on tariffs.

Key Facts

Kim Jung-kwan said he met Howard Lutnick for two days and that a wide range of issues was resolved.
The talks concerned South Korea’s first investment project under its strategic investment initiative in the United States after the National Assembly passed the Special Act on Korea-U.S. Strategic Investment Management in March.
South Korea and Washington reached an agreement last year on Korea’s $350 billion investment pledge in exchange for a tariff reduction.
Kim said Lutnick did not mention the semiconductor industry during the meetings and that the discussions focused on the energy sector.
Kim said he took over the negotiations with U.S. Trade Representative Jamieson Greer after Yeo Han-koo was dismissed last week.

By Yonhap

Published Aug 20, 2026 8:32 pm KST
Updated Aug 20, 2026 10:29 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 Korea's $350 billion investment pledge, in exchange for a tariff reduction.

"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.

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