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South Korea Confirms First Project Under $350 Billion U.S. Investment Pact Despite Viability Concerns
The $22.3 billion project would add 6.3 gigawatts of capacity as South Korea weighs two other U.S. investments, officials said.
- On Tuesday, South Korea selected a gas-fired power plant in Encinal, Texas, as its first project under a $350 billion U.S. investment pledge, Industry Minister Kim Jung-kwan briefed the National Assembly.
- The $350 billion package comprises $200 billion for strategic investments and $150 billion for shipbuilding, aimed at securing lower tariffs on South Korean goods under a trade deal agreed last year.
- Valued at about $22.3 billion, the Encinal facility will generate 6.3 gigawatts of power to supply artificial intelligence data centers and chip factories in Texas.
- Seoul is also discussing a 5 to 10% stake in Westinghouse and two South Korean-designed APR1400 nuclear reactors, though President Lee Jae Myung noted on Friday that commercial viability remains a sticking point.
- Opposition lawmakers have demanded parliamentary scrutiny over financial risks, while President Donald Trump previously threatened higher tariffs over implementation pace, creating pressure on Seoul to accelerate project finalization.
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$350B investment pledge in US economy was made after Trump administration imposed tariffs on South Korean imports
·Ankara, Türkiye
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It has been reported that the Ministry of Trade, Industry and Energy reported the construction project for the Encinal gas combined cycle power plant in Texas to the National Assembly on the 22nd as its first investment project in the United States. On that day, at the National Assembly’s Industry, Trade, Energy, SMEs, and Startups Committee, the Ministry stated that the Texas gas power plant is the first project, the construction of eight large…
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Total News Sources12
Leaning Left2Leaning Right4Center1Last UpdatedBias Distribution57% Right
Bias Distribution
- 57% of the sources lean Right
57% Right
L 29%
14%
R 57%
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