Washington, D.C. – On the 16th (local time), Trade and Industry Minister Kim Jeong-kwan held a press conference at the Dulles International Airport in Washington. He emphasized that contentious points regarding the $200 billion U.S.–Korea investment project are emerging, and that they need to be resolved.
Kim said: “We want to resolve the issues through discussions and practical cooperation; an overall adjustment is required.”
He explained that while he had aimed for a project launch in late August and early September, the situation has changed and various specific points have surfaced. He added that as the issue became contentious, many new matters have arisen, and resolving them requires dialogue and cooperation from all sides.
Korea reduced its tax rate to 15 % following last year’s agreement of a $350 billion U.S.–Korea investment plan. Of this, $150 billion was allocated for joint projects, while the remaining $200 billion is still under negotiation between the two countries on how to proceed with the investment. Kim answered that he “does not know well” when asked if the government had been pressured by the U.S. to raise taxes; he replied that the Trump administration has said it would do so since early this year.
Finally, Kim expressed that even after the announcement of the U.S.’s economic survey results, the 15 % tax level remains a topic of discussion between the two countries. He stated that while there is an overall sense of cooperation, no concrete measures have been decided yet and that he will continue to cooperate so that the investment project can proceed smoothly.