Korea's top trade negotiator urged the country to seize a $350 billion US investment opportunity, with Korean companies showing strong interest in American nuclear power projects.
Yeo Han-koo, Minister for Trade at the Ministry of Trade, Industry and Energy, made the remarks at a National Assembly special committee meeting on Wednesday convened to process the US Investment Special Act.
"US nuclear power is an area where our companies are showing significant interest, and we will work to ensure this is reflected," Yeo told lawmakers.
The ruling and opposition parties have agreed to pass the legislation by January 9. The government is identifying investment projects focused on gas, nuclear power, and minerals while preparing follow-up measures to protect the domestic industrial ecosystem.
Responding to a question from Democratic Party lawmaker Chung Jin-wook, Yeo emphasized turning crisis into opportunity. Chung noted that intellectual property agreements between Korea Hydro & Nuclear Power, Korea Electric Power Corporation, and Westinghouse currently bar Korean entry into the US nuclear market.
"If we enter at America's request, a significant market opens up," Yeo said.
On potential collaboration with Japan, which has already finalized its US investment projects, Yeo said the government is "keeping various possibilities open depending on the industry and project."
The government also pledged to prevent domestic industrial hollowing-out. Yeo said his ministry would coordinate with the Ministry of Economy and Finance on tax incentives to maintain Korea's core industrial base, R&D capabilities, advanced technology, and job creation.