Trump, Lee hail progress on $350 billion US-South Korea investment talks

Seoul: South Korean President Lee Jae Myung and US President Donald Trump welcomed "significant progress" in discussions on strategic investment projects during a 30-minute meeting on the sidelines of the UN General Assembly, Seoul's presidential office said on Wednesday.

The meeting came after South Korea's Industry Ministry briefed lawmakers on Tuesday on implementation plans under the countries' $350 billion investment package, including a Texas gas-fired power project identified as a potential first investment, as well as possible investments in nuclear energy and an Alaska LNG project.

Also Read: Trump warns AI race will decide global power, says US leads China ‘by a lot’


"The two leaders welcomed the significant progress made in discussions on strategic investment projects between the two countries," National Security Adviser Wi Sung-lac told a briefing.

Based on the joint statement issued after their summit last November, Lee and Trump also agreed to deepen cooperation and continue discussions on issues including nuclear fuel reprocessing, nuclear-powered submarines, shipbuilding and the transfer of wartime operational control from the US to South Korea, Wi said.

Trump also reaffirmed his willingness to engage in dialogue with North Korea, Wi said, with the two leaders agreeing to remain in close communication in pursuit of a peace process.

Also Read: Trump and South Korea's Lee discuss outcome of US-China summit

Lee also said the US-China summit scheduled for Thursday would be important for regional developments, including South Korea-China relations, and expressed hope for a successful meeting, Wi said.