Korea, US expected to unveil 1st investment project as early as August: industry minister

WASHINGTON — Korea's first project for investment in the United States under a bilateral trade deal is expected to be announced as early as late next month, with the two countries' relevant discussions centering on the energy sector, Seoul's industry minister said Wednesday.

Industry Minister Kim Jung-kwan made the remarks in a meeting with Korean reporters after arriving at an airport near Washington for a four-day visit during which he plans to meet Commerce Secretary Howard Lutnick and other officials to discuss investment, trade and other issues.

Korea and the U.S. have been in talks to decide investment projects as part of last year's trade deal under which Seoul has committed to investing $350 billion in the U.S. with an annual cap of $20 billion.

"From our standpoint, projects with stable cash flows are more desirable projects.

That said, we believe energy-related projects are more advantageous in that respect (for Korea).

So our discussions with the U.S. are proceeding with a focus on such energy projects," he said.

"Currently, (the talks) are almost in the last phase.

If we co ...