Lee, Trump Hail Progress on US Strategic Investment Projects at UN Meeting

South Korean President Lee Jae Myung and US President Donald Trump welcomed "significant progress" in discussions on strategic investment projects during a 30-minute meeting on the sidelines of the UN General Assembly, Seoul's presidential office said on Wednesday.

The talks followed a briefing by South Korea's Industry Ministry to lawmakers on Tuesday, which set out implementation plans under the two countries' $350 billion investment package. A gas-fired power project in Texas was identified as a potential first investment, alongside possible projects in nuclear energy and an Alaska LNG development.

"The two leaders welcomed the significant progress made in discussions on strategic investment projects between the two countries," National Security Adviser Wi Sung-lac said at a briefing.

Building on the joint statement issued after their summit last November, Lee and Trump also agreed to deepen cooperation and continue discussions on nuclear fuel reprocessing, nuclear-powered submarines, shipbuilding and the transfer of wartime operational control from the United States to South Korea, Wi said.

Trump reaffirmed his willingness to engage in dialogue with North Korea, according to Wi, with the two leaders agreeing to remain in close communication in pursuit of a peace process.

Lee also described the US-China summit scheduled for Thursday as important for regional developments, including South Korea-China relations, and expressed hope for a successful meeting, Wi said.