The South Korean government will give parliament a closed-door briefing on the 22nd detailing its $350 billion investment program in the United States. The briefing, delayed once as Seoul and Washington worked through last-minute negotiations, is expected to focus on the first project under the program and plans for funding it.
The Ministry of Trade and Industry will report on the Korea-U.S. talks and the investment program to the National Assembly's Trade, Industry, Energy, SMEs and Startups Committee at 9:30 a.m. on the 22nd, according to political sources on the 20th. The Finance and Economic Planning Committee is in talks to receive its own closed-door briefing the same day, either before or after the industry committee session.
The government had originally planned to brief the two standing committees on the 17th but pushed back the schedule as detailed consultations with Washington remained unfinished. Last-minute coordination at the time centered on the economic viability of the Alaska LNG project and an equity investment in a U.S. nuclear power company, sources said.
The briefing is expected to cover investment sizes and timelines for major energy projects, including the Encinal combined-cycle gas power plant in Texas, large-scale nuclear reactors and Alaska LNG. The Encinal plant in particular has been under strong consideration as the first project under the U.S. investment program.
Lawmakers plan to examine whether the outcome of the negotiations changes the scale of the investment or the burden on South Korea. The trade ministry has said that within the $350 billion package, strategic investment will not exceed $200 billion and annual remittances will be capped at $20 billion.
