South Korea Says First US Investment Project Could Set Cooperation Model

South Korean Prime Minister Han Seong-sook said on Friday that negotiations over a $350 billion investment commitment to the United States were moving forward smoothly, and that the first project under the arrangement could serve as a template for wider bilateral cooperation.

Speaking at an event hosted by the American Chamber of Commerce in Korea, Han said the projects should serve the interests of both countries rather than one side alone, and must remain commercially sound. She noted that because the commitment is an investment, talks are also focused on ensuring it generates profit. A successful first project, she added, would allow subsequent cooperation to advance more smoothly and across more areas.

South Korea's Industry Minister Kim Jung-kwan is in the United States to finalise discussions on the first project, which he has previously indicated is expected to be announced this month.

Han, a former chief executive of the technology firm Naver, also addressed concerns raised by US business leaders about South Korea's regulation of digital companies. She said Seoul does not discriminate against firms on the basis of nationality, drawing on her experience at Naver, which faced a substantial surcharge after a complaint by US-owned eBay Korea to the Korea Fair Trade Commission. She said the government must balance fair competition with a fuller understanding of platform businesses.

According to AMCHAM Korea Chairman James Kim, worries among US digital companies about South Korea's regulatory environment have increasingly featured in bilateral economic discussions, at times overshadowing cooperation on technology, investment and economic security. Those concerns have been sharpened by a dispute involving the US-listed e-commerce firm Coupang, which became a flashpoint after South Korea investigated and fined the company over a major data breach. US lawmakers have alleged discriminatory treatment, a charge Seoul rejects.

Han further said the government is reviewing regulations affecting new industries and using artificial intelligence to identify conflicting rules issued by different ministries. Foreign officials have expressed interest in investing in South Korean mega projects, she said, and the government is examining ways to make such investment easier.