South Korean authorities announced investments in the United States worth $150 billion (around €130 billion) during the first official meeting held this Monday in Washington between South Korean President Lee Jae Myung and his American counterpart, Donald Trump.
The two sides have closed a total of eleven new commercial contracts in shipbuilding, nuclear energy, critical minerals, liquefied natural gas, and aviation, the area benefiting most from Korean Airlines' purchase of more than 100 Boeing aircraft worth $36.2 billion (more than €31 billion) and a $13.7 billion (close to €12 billion) deal with GE Aerospace for engine and maintenance services.
South Korea will also buy 3.3 million tons of liquefied natural gas (LNG) annually from the United States for a decade starting in 2028, Korea Gas Corp. announced last month, after Seoul pledged last month to buy $100 billion (about €86.04 billion) worth of U.S. energy products over the next four years in exchange for a reduction in tariffs imposed by Washington.
Meanwhile, Hyundai Motor Group will increase its investments in the United States to $26 billion (approximately €22.37 billion) by 2028, $5 billion (approximately €4.3 billion) more than the agreement unveiled in March of this year.
Trump stressed that he "believes there's a done deal" and revealed that South Korean officials "had some issues (with the agreement)," although the U.S. side "remained firm on its position." "They're going to make the deal they agreed to make," he asserted during an appearance at the White House.
He also described Lee as "a great guy" and "a very good representative for South Korea," while emphasizing that the agreement "is very big." "It's by far the biggest deal they've ever reached (by the Asian country's authorities) and one of the biggest deals ever reached," Trump said, emphasizing that "the biggest deal ever reached is the one reached with the European countries."
Lee's National Security Advisor, Wi Sung Lac, specified after the meeting that the two presidents agreed to work together in the shipbuilding industry, adding that they held "meaningful" talks on cooperation in nuclear energy, according to the South Korean news agency Yonhap.
In this regard, he noted that both leaders "share a consensus on a significant expansion of cooperation in shipbuilding" and added that "there will be additional consultations related to nuclear energy cooperation between the two nations," without providing further details in light of the tensions with North Korea.
South Korea has advocated revising its bilateral nuclear deal with the United States , which prohibits the Asian country from reprocessing and enriching uranium, saying these capabilities are critical to achieving energy security and addressing environmental concerns, while also boosting its export prospects.
The meeting between Lee and Trump took place during the South Korean president's first official visit to Washington since taking office in early June. The visit was intended to finalize details of tariff negotiations between the two countries after the White House resident imposed a 15% tariff on South Korean imports in late July.