Incheon: The industry minister stated on Thursday that Seoul and Washington have achieved significant progress in discussions regarding South Korea's strategic investment projects in the United States, with further details expected to be revealed next month.

According to Yonhap News Agency, Industry Minister Kim Jung-kwan made these comments at Incheon International Airport, west of Seoul, upon his return from a U.S. trip where he held meetings with U.S. Commerce Secretary Howard Lutnick and others. Kim highlighted the success of the discussions, saying, "There was significant and meaningful progress. I held meetings with (Lutnick) for two days, and I think we resolved a wide range of issues."

The visit was part of ongoing negotiations for the first investment project under South Korea's strategic investment initiative in the U.S., following the National Assembly's passage of the Special Act on Korea-U.S. Strategic Investment Management in March. Last year, the two countries reached an understanding on South Korea's commitment to a US$350 billion investment pledge.

Kim also mentioned plans for a virtual meeting next month aimed at finalizing the agreement, with the outcome likely to be announced in September. He noted that the discussions primarily focused on the energy sector, with no mention of the semiconductor industry from Lutnick during the meetings.

Additionally, Kim met with U.S. Trade Representative Jamieson Greer, where both parties reaffirmed a 15 percent cap on tariffs. This meeting marked a shift in leadership for South Korea, as Kim assumed the role of chief trade negotiator after the dismissal of his predecessor, Yeo Han-koo, last week.