South Korean lawmaker: Trump to announce US investments details on Friday
During a Tuesday questioning of the nominee for finance minister, a South Korean legislator said that "U.S. Donald Trump is due to reveal details about Seoul's planned investment in the United States this Friday.
Yoon Huduk, a member of the ruling?Democratic Party(DP), made this?assertion while questioning Lee?Hyoungil for hours. He also inquired about the details of the projects that were being discussed as part of Seoul's proposed commitment of $350 billion U.S.
Yoon said that Trump is expected to announce South Korea’s investment in the U.S. by the 18th.
Lee responded that the matter is still being discussed and that he will comment after discussions are concluded.
Yoon said that during the hearing, he was also informed of projects reported in the media. These included a Texas gas project, the construction eight nuclear reactors as well as a scheme for liquefied gas in Alaska.
He said that a fourth project involved the U.S. reprocessing approximately 4,000 tons of nuclear material. A fifth project concerned carbon capture. Lee replied that he couldn't disclose the details of bilateral discussions.
Yoon did not reveal how he obtained the information. South Korea hasn't confirmed any details - about the negotiations. However, a source 'with direct knowledge' said that the Industry Ministry briefed DP legislators last week. Local media has also reported on the scope of certain projects.
Kim Jung-kwan, South Korean Minister of Industry, said that the two sides are close to reaching an agreement in many areas. However, he cautioned about several issues still unresolved.
When asked about Yoon's remarks, the office of the lawmaker said that because the government hadn't?confirmed' the details Yoon had raised, it couldn't verify them.
The South Korean Industry Ministry refused to comment. The U.S. Embassy in Seoul and White House did not respond immediately to requests for comments.
Trump and South Korean president Lee Jae Myung signed a trade agreement?last year in which South Korea agreed to invest $350 billion into U.S. manufacturing, in exchange for Washington capping tariffs of?15% on Korean imports. 150 billion of that was allocated for shipbuilding.
The implementation of the trade agreement has been delayed, prompting Trump earlier this year to threaten South Korea higher tariffs.
Lee, the nominee for finance minister, was asked if?the size of various projects could?exceed Seoul’s $200 billion agreed investment ceiling. He replied that the government was working to stay within this limit.
Bae June-young of the opposition party said at the same hearing that the parliament committees would be briefed about the planned U.S. investment on Thursday.
(source: Reuters)
