Seoul, Washington pick Texas power plant as 1st project under strategic investment
South Korea and the United States have formally selected a gas-fired power plant project in Texas as the first project under Seoul's US$350 billion investment commitment to the U.S., the industry ministry said Thursday. The Ministry of Trade, Industry and Resources announced the three projects, including the Texas plant, after the two sides signed a memorandum of understanding in November last year, under which South Korea pledged to invest in the U.S. in return for lower U.S. tariffs on Korean imports. The formal announcement comes after U.S. President Donald Trump on Wednesday (U.S. time) announced South Korea's investment plans at the White House. The investment will comprise $150 billion for shipbuilding cooperation and $200 billion for projects in various strategic sectors. "As taxpayers' money will be injected into the initiative, we have placed top priority on the commercial viability of the projects and the national interest to ensure that not a penny goes to waste," Industry Minister Kim Jung-kwan told reporters during a briefing. "We held consultations with the U.S. side while c
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