S. Korea's industry chief Kim Jung-kwan meets Lutnick on $350 billion US investment plan
Synopsis
Seoul's top industry official brought a $350 billion investment pledge to Washington and walked away with a Trump endorsement and a shipbuilding MOU. The four-day visit signals South Korea's pivot toward deepening industrial and energy ties with the US, even as Tehran disputes claims of Iranian aggression in the Strait of Hormuz.
Key Takeaways
South Korean Industry Minister Kim Jung-kwan met US Commerce Secretary Howard Lutnick and senior officials in Washington on 10 May .
South Korea is implementing a $350 billion investment plan in the US with an annual cap of $20 billion , approved by the National Assembly in March .
The two countries signed a memorandum of understanding (MOU) on bilateral shipbuilding partnership.
US President Trump publicly expressed support for South Korea during the visit.
Kim held separate meetings with Energy Secretary Chris Wright , Budget Director Russell Vought , and Senator Bill Hagerty to discuss nuclear energy, digital sector, and implementation support.
South Korean Industry Minister Kim Jung-kwan held talks with US Commerce Secretary Howard Lutnick and other senior American officials in Washington to discuss strategic investment projects and bilateral cooperation in energy, shipbuilding, and related sectors, the Ministry of Trade, Industry and Resources said on Sunday, 10 May.
During a four-day visit, Kim explained South Korea's progress in drafting follow-up regulations and establishing an implementation framework following the passage of a special investment law in March. The two countries are operationalising a trade agreement that commits Seoul to investing $350 billion in the US — with an annual cap of $20 billion — over a defined period.
Strategic sectors and MOU signing
The two sides held in-depth discussions on concrete directions for investment projects, focusing on shipbuilding and energy as areas of mutual interest. On the sidelines of the meeting, the two ministries signed a memorandum of understanding (MOU) on a bilateral shipbuilding partnership initiative.
Trump's backing and broader engagement
Shortly after the MOU was signed, US President Donald Trump expressed support for South Korea during a press availability at the White House. When asked about a social media post regarding Iran firing at a South Korean-operated cargo ship in the Strait of Hormuz — a claim Tehran has denied — Trump said, "I love South Korea."
Energy and nuclear cooperation
Kim separately met with US Energy Secretary Chris Wright, and the two sides reviewed progress in discussions on energy ties, including nuclear power, and discussed ways to further strengthen cooperation in this critical sector.
White House budget and congressional engagement
Kim also met with US White House Budget Director Russell Vought and requested active support from his agency for the smooth implementation of Seoul's investment commitments. Additionally, Kim held a video conference with US Senator Bill Hagerty (Republican, Tennessee) to discuss cooperation on nuclear energy, major industry sectors, and pending issues in the digital sector.
Forward momentum
The Ministry of Trade, Industry and Resources said it will continue maintaining close communication with the US on strategic investment projects while striving to strengthen industrial and energy cooperation, and ensure stable management of trade issues. The visit underscores Seoul's commitment to deepening economic ties with Washington amid evolving geopolitical dynamics in the region.
Point of View
North Korea) are rising. Trump's public endorsement matters less than the bureaucratic machinery now in place: follow-up regulations, implementation frameworks, and ministerial-level access. The real test is execution — whether Seoul can deploy capital at the promised pace without domestic pushback or US protectionist moves.
NationPress
10 May 2026
Frequently Asked Questions
What is South Korea's $350 billion investment commitment to the US?
It is a multi-year investment plan agreed between South Korea and the US, with an annual cap of $20 billion. The commitment was codified in a trade agreement and subsequently passed into law by South Korea's National Assembly in March. The funds are earmarked for strategic sectors including semiconductors, energy, and shipbuilding.
Who did South Korean Industry Minister Kim Jung-kwan meet in Washington?
Kim met US Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright, White House Budget Director Russell Vought, and held a video conference with US Senator Bill Hagerty (Republican, Tennessee). The meetings focused on investment implementation, energy cooperation, and bilateral trade issues.
What was the shipbuilding MOU about?
The two countries signed a memorandum of understanding on a bilateral shipbuilding partnership initiative during the visit, signalling deepened cooperation in a sector where South Korea is a global leader and the US is seeking to strengthen domestic capacity.
Why did Trump mention South Korea during the visit?
When asked about Iran firing at a South Korean-operated cargo ship in the Strait of Hormuz — a claim Tehran denied — Trump publicly expressed support for South Korea, saying 'I love South Korea.' The statement underscored US backing for Seoul amid regional security concerns.
