PM stresses profitability of $350 bil. US investment pledge, rejects discrimination claims against Coupang
Summary
Prime Minister Han Seong-sook said Friday in Seoul that Korea’s $350 billion investment pledge to the United States must be commercially viable and benefit both countries. She said the government does not discriminate against companies by nationality and that negotiations are moving smoothly. Han also said the first project could help set a model for wider bilateral cooperation.
Key Facts
- Han said the first project is expected to be a gas-fired power plant in Texas.
- Seoul is considering up to eight nuclear reactors in the United States and participation in a liquefied natural gas project in Alaska.
- Han said the investment plan has reportedly been finalized, with an announcement expected as early as Sept. 17 or 18.
Prime Minister Han Seong-sook, left, speaks as American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim listens during a meeting hosted by AMCHAM in Seoul, Friday. Yonhap
Prime Minister Han Seong-sook said Friday that Korea’s $350 billion investment commitment to the United States must be commercially viable and deliver tangible benefits to both countries.
During a meeting hosted by the American Chamber of Commerce in Korea (AMCHAM) in Seoul, she also said the Korean government does not discriminate against companies based on nationality.
“Rather than benefiting only one side, it must bring substantive benefits to both countries while maintaining commercial viability,” Han said during the meeting at The Shilla Seoul hotel. “As this is an investment, discussions are also taking place on how to ensure profitability.”
The prime minister added that negotiations were progressing smoothly and that establishing a successful model through the first project could pave the way for broader bilateral cooperation.
Her remarks came in response to a question from AMCHAM Chairman James Kim, who said stakeholders he met during a recent visit to Washington repeatedly expressed concern that Korea’s investment pledge had yet to produce concrete results.
Han’s comments appeared aimed at drawing a line against Washington pressing Seoul to finance projects that may serve U.S. policy goals but lack sufficient commercial rationale for Korean investors.
The first project is expected to be a gas-fired power plant in Texas. Seoul is also considering building up to eight nuclear reactors in the United States and participating in a liquefied natural gas project in Alaska, although questions about their feasibility remain.
The investment plan has reportedly been finalized, with an announcement expected as early as Sept. 17 or 18.
The prime minister also denied that the Korean government discriminates against foreign companies, addressing another concern Kim said he heard in Washington, particularly regarding U.S. digital businesses.
“If companies are concerned about discrimination in certain areas, I believe the government should provide sufficient explanations,” Han said. “But I can state very clearly that we absolutely do not discriminate against companies based on their nationality.”
The issue has gained prominence amid friction over Korean regulators’ treatment of Coupang, a U.S.-incorporated e-commerce company.
Coupang reportedly sought support in Washington after facing regulatory action in Korea over a customer data breach, fueling perceptions among some U.S. stakeholders that American companies were being unfairly targeted.
Han invited AMCHAM and its member companies to present specific regulatory difficulties, pledging to convey their concerns to relevant government agencies.
In a separate speech, she also emphasized the need to expand Korea-U.S. cooperation in artificial intelligence and other advanced industries, turn the bilateral strategic partnership into concrete achievements and create a friendly environment in which businesses can invest.
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