The Ministry of Trade, Industry and Energy announced that Minister Kim Jeong-gwan visited Washington D.C., United States, from May 6 to 9 (U.S. local time) to meet with key U.S. figures and discuss measures for strengthening bilateral cooperation in the industrial and trade sectors.

First, Minister Kim met with U.S. Secretary of Commerce Howard Lutnick to explain the Korean side’s progress in enacting follow-up legislation and establishing an implementation system following the passage of the Special Act on Investment in the United States. Based on project concepts previously discussed by both sides, they held in-depth consultations on a more concrete direction for promoting strategic investment projects in the U.S., centering on areas of mutual interest such as shipbuilding and energy.

Furthermore, on the occasion of this meeting, MOTIE and the U.S. Department of Commerce signed an MOU on the ‘ROK-U.S. Shipbuilding Partnership Initiative,’ agreeing to establish a ‘ROK-U.S. Shipbuilding Cooperation Center’ to promote cooperation projects between companies, such as joint R&D and direct investment, and to collaborate on human resource development and information sharing.

Meanwhile, Minister Kim met with Director Russell Vought of the U.S. White House Office of Management and Budget (OMB) and requested the active support of the OMB, which oversees the U.S. government budget, to ensure the smooth implementation of the MASGA project being prepared by Korea. With U.S. Secretary of Energy Chris Wright, he assessed the progress of discussions between the ROK and the U.S. in the energy sector, including nuclear power, and discussed ways to strengthen future cooperation.

In addition, he held a virtual meeting with U.S. Senator Bill Hagerty of Tennessee, known as a prominent pro-Korea lawmaker in the U.S. Congress, to discuss cooperation measures in areas of mutual interest such as nuclear power, and conducted active outreach activities to enhance mutual understanding on digital and other issues.

Going forward, MOTIE plans to continue to communicate closely with the U.S. side on strategic investment projects, while also making its utmost effort to further strengthen ROK-U.S. cooperation in the industrial and energy sectors and ensure stable management of trade issues.

Source:Business Korea