South Korea Says $350 Billion US Investment Talks Progressing

South Korean Prime Minister Han Seong-sook said Friday that negotiations over Seoul’s $350 billion investment commitment to the United States are making solid progress, with the first planned project expected to establish a framework for wider economic cooperation.

Speaking at an American Chamber of Commerce in Korea event, Han emphasized that projects under the investment package should benefit both South Korea and the United States while remaining commercially viable.

“The projects should not be limited to the interests of one side, but should deliver tangible benefits to both countries while maintaining commercial rationale,” Han said. She added that discussions are focused on ensuring profitability, with a successful initial project potentially paving the way for cooperation across additional sectors.

South Korean Industry Minister Kim Jung-kwan is currently visiting the United States to finalize negotiations on the first project. Kim previously said an announcement is expected this month.

Han, a former chief executive of South Korean technology company Naver, also addressed concerns from U.S. businesses about the country’s regulation of digital platforms. She stressed that Seoul does not discriminate against companies based on nationality and said the government must balance fair competition with a better understanding of platform businesses.

Regulatory concerns involving U.S. digital companies have become an increasingly important part of South Korea-US economic relations. Tensions have intensified over U.S.-listed e-commerce company Coupang after South Korean authorities investigated and fined the company following a major data breach. Some U.S. lawmakers have accused Seoul of discriminatory treatment, allegations the South Korean government rejects.

Han said Seoul is reviewing regulations affecting emerging industries and using artificial intelligence to identify potentially conflicting rules imposed by different government ministries.

She also noted growing foreign interest in investing in South Korea’s large-scale “mega projects,” adding that the government is examining ways to make such investments easier as it seeks to strengthen international economic and technology partnerships.