U.S. commerce secretary encourages investments of at least US$ 1 bil. from Korean companies

The Trump administration has called for an investment of at least one billion U.S. dollars from Korean companies in return for business support.

Our correspondent Lee Soo-jin reports.

Newly appointed commerce secretary U.S. Howard Lutnick has told South Korea's business leaders that they should invest at least one billion dollars in exchange for incentives from the U.S. government.

The remark was made during a meeting with a South Korean business delegation led by SK Group chairman Chey Tae-won in Washington D.C. on Friday local time.

When a member of the delegation presented a multimillion-dollar investment plan, Lutnick said the U.S. seeks at least one billion dollars in investment, an amount that would qualify for various forms of support from the U.S. government.

This comment aligns with the "America First Investment Policy" memorandum that President Donald Trump signed after Lutnick's swearing-in ceremony.

That memo states that foreign investments of at least one billion dollars may qualify for expedited "fast-track" regulatory approvals, making it easier for investors from allied nations to complete deals quickly.

Lutnick also stressed during the meeting that investments must deliver visible results within Trump's term, such as breaking ground on projects within a year of committing funds, hinting that mere investment pledges without timely action would be unacceptable.

Chey, who met with reporters at the two-day Trans-Pacific Dialogue that began on Friday, said that while the U.S. wants more production facilities to be built in the U.S., incentives must also be provided to Korean companies.

He also added that the delegation achieved what it set out to do and that the U.S. was interested in the six sectors that were discussed, which include shipbuilding, shipbuilding, energy, nuclear power, AI and semiconductors, and mobility, and materials, parts, and equipment.

A White House official who was also present at the meeting echoed this sentiment, saying that while the U.S. has held with over 20 economic delegations, the meeting with the South Korean delegation was the most productive.

Lee Soo-jin, Arirang News.