A South Korean opposition lawmaker has called for parliamentary scrutiny of Seoul’s planned $350 billion investment commitment to the United States, warning that the country could face significant financial risks from proposed energy projects.
Kim Sung-won, chairman of the National Assembly’s trade committee, said negotiations with Washington over the investment package raised concerns about how profits, losses and financing would be shared.
The projects under discussion include a major gas-fired power plant in Texas and plans to build up to eight nuclear reactors in the United States.
Kim said South Korea could face losses while the United States receives a larger share of the profits. He also expressed concern that South Korean-designed nuclear reactors could encounter difficulties entering the US market.
The investment commitment was agreed as part of a trade deal that reduced US tariffs on South Korean goods to 15%. However, implementation of the agreement has been delayed, with US President Donald Trump previously threatening higher tariffs on South Korean products.
Kim criticised the government’s plan to provide lawmakers with a briefing from the Industry Ministry instead of seeking formal parliamentary approval.
South Korean President Lee Jae Myung, who is travelling to the United States for the United Nations General Assembly, said the government should carefully consider the country’s national interests and the safety and livelihoods of its people while addressing the negotiations.
The Industry Ministry said the government would proceed with the strategic investments in accordance with South Korean law.
A parliamentary briefing that was postponed last week is now expected to take place on Tuesday as negotiations between Seoul and Washington continue.
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