Synopsis
South Korea is set to underscore the significance of bilateral cooperation in energy and shipbuilding during tariff negotiations with the U.S. Industry Minister Ahn Duk-geun will advocate for South Korea's exemption from proposed tariffs, aiming to protect local businesses and enhance strategic alliances.Key Takeaways
- South Korea prioritizes energy and shipbuilding in U.S. talks.
- Minister Ahn Duk-geun visits Washington for negotiations.
- Focus on exempting South Korea from proposed tariffs.
- Significant investments by South Korean firms in the U.S.
- Collaboration is key for both nations' industrial ecosystems.
Seoul, Feb 26 (NationPress) South Korea will emphasize the significance of bilateral collaboration in various sectors, including energy and shipbuilding, during discussions with the United States regarding its new tariff initiatives, stated the industry minister on Wednesday.
Industry Minister Ahn Duk-geun made these comments as he headed to Washington to engage with Secretary of Commerce Howard Lutnick and other officials from the U.S. government, according to reports from Yonhap news agency.
"We aim to highlight the necessity for the industrial ecosystems of South Korea and the United States to advance together, as cooperation in critical and progressive sectors like shipbuilding and energy is currently vital," Ahn noted.
His three-day visit to Washington is anticipated to prioritize discussions aimed at persuading the U.S. administration to exempt South Korea from the proposed 25 percent tariffs on steel, aluminum, and automotive imports, in addition to a plan to implement reciprocal tariffs on its trading partners.
This marks Ahn's inaugural visit to the U.S. for ministerial discussions since President Donald Trump assumed office.
"The main goal is to establish a platform that enables ongoing negotiations (with the U.S.) as the current situation cannot be settled through a single meeting," Ahn informed reporters, promising to exert his utmost efforts to safeguard the interests of South Korean businesses.
Regarding recent reports that Lutnick suggested $1 billion in investments from Korean firms in exchange for regulatory advantages, Ahn remarked that numerous South Korean companies could fulfill this requirement based on their historical investments in the U.S. and future intentions, while noting that the government is not in a position to reveal corporate investment strategies.
Reports indicate that South Korean enterprises have collectively invested around $150 billion in the United States since the onset of the first Trump administration.
In the meantime, Ahn engaged with leaders from major Korean corporations, including Hyundai Motor Group, earlier this week to strategize about Trump's tariff policies, as per industry sources.
The specifics of this meeting remain undisclosed, but it is reported that Ahn discussed Hyundai Motor's long-term investment objectives, which could serve as leverage for the South Korean government's tariff negotiations with the U.S.
