US and S. Korea Ink Deal on $350 Billion Investment Pledge
US and South Korea have made significant progress on implementing their long-stalled investment deal, worth $350 billion. The breakthrough comes after nearly a year of negotiations between the two countries to head off steep US tariffs.
The first project under this agreement is a $22.3 billion gas-fired power development in Texas, set to begin commercial operations in 2029. The Related Companies, NextEra Energy, and Lewis Energy Group will participate in the project.
Two other projects are still under review: building up to eight nuclear reactors and constructing an Alaska liquefied natural gas pipeline. However, these plans require South Korean lawmakers' approval and must be commercially viable.
The $350 billion pledge from South Korea includes earmarking $150 billion for shipbuilding projects, with a cooperation hub set up in Washington last July.