Seoul: Industry Minister Kim Jung-kwan stated on Sunday that South Korea's inaugural investment project in the United States under the previous year's bilateral tariff agreement is approaching a deal, although further negotiations are required.

According to Yonhap News Agency, Minister Kim made these remarks upon his arrival at Incheon International Airport following a three-day visit to the U.S. During the trip, he aimed to finalize details of South Korea's first U.S. investment project associated with the tariff agreement, meeting with U.S. officials including Commerce Secretary Howard Lutnick.

In exchange for reducing U.S. reciprocal tariff rates from 25 percent to 15 percent, South Korea committed last year to invest US$350 billion in the U.S., with $150 billion earmarked for the shipbuilding sector.

Minister Kim noted that while significant progress has been made and an agreement is close on many issues, differences remain. "There are still a number of issues remaining ... I plan to discuss (them with the U.S. side) via video again early this week," Kim mentioned to reporters without specifying the unresolved issues.

Kim expressed optimism about finalizing the deal within the week and possibly announcing it publicly. He did not disclose which industrial sectors the initial investment project would focus on, although projects such as a large-scale gas-fired power plant in Texas and a nuclear power plant have been suggested as possible investment targets.