By Joyce Lee
SEOUL, Sept 11 (Reuters) – South Korean Prime Minister Han Seong-sook said on Friday that talks on a $350 billion South Korean investment commitment to the United States were “progressing well” and that the first project could provide a model for broader future cooperation.
“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 at an American Chamber of Commerce in Korea event.
“As this is also an investment, discussions are under way on how to ensure profitability. If the first project produces a good model, I believe subsequent cooperation can move forward more smoothly and in more areas.”
South Korea’s Industry Minister Kim Jung-kwan is currently in the United States to conclude talks on the first project, which Kim has previously said is expected to be announced this month.
Han, a former chief executive of leading South Korean tech firm Naver, also said Seoul did not discriminate against companies based on nationality, addressing concerns raised by U.S. business leaders about regulation of digital firms.
“I can clearly say that we do not discriminate against companies based on nationality,” Han told AMCHAM Korea Chairman James Kim, citing past experience at Naver, which received a “very large” surcharge after U.S.-owned eBay Korea filed a complaint with the Korea Fair Trade Commission.
She said the government needed to balance fair competition with a better understanding of platform businesses.
Concerns among U.S. digital companies over South Korea’s regulatory environment have increasingly become part of the bilateral economic dialogue, at times overshadowing cooperation on technology, investment and economic security, AMCHAM’s Kim said.
Those concerns have been heightened by a dispute over U.S.-listed e-commerce firm Coupang, which has become a flashpoint in bilateral ties after South Korea investigated and fined the company over a major data breach. U.S. lawmakers have alleged discriminatory treatment, a charge Seoul denies.
Han also said the government was reviewing regulations affecting new industries and using AI to identify conflicting rules imposed by different ministries.
Foreign officials had shown interest in investing in South Korean “mega projects,” she said, adding that the government was reviewing how to make such investments easier.
(Reporting by Joyce LeeEditing by Ed Davies)
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