South Korea, Trump Say Major Progress Made on $350B US–South Korea Investment Package

Seoul, Sept 23 — South Korean President Lee Jae Myung and former U.S. President Donald Trump said they welcomed "significant progress" in talks on strategic investment projects during a roughly 30-minute meeting on the sidelines of the UN General Assembly, the South Korean presidential office said on Wednesday.

Seoul's Industry Ministry recently briefed lawmakers on implementation plans tied to a proposed $350 billion US–South Korea investment package. Officials highlighted a Texas gas‑fired power project as a potential first investment and flagged possible follow‑on moves into nuclear energy and an Alaskan LNG project.

Broad Strategic Cooperation

National Security Adviser Wi Sung‑lac told reporters that the leaders "welcomed the significant progress made in discussions on strategic investment projects between the two countries." Referring to a Joint Fact Sheet issued after last November's summit, Wi said Lee and Trump agreed to deepen cooperation and continue talks on sensitive defence and nuclear issues, including nuclear fuel enrichment and reprocessing, nuclear‑powered submarines, shipbuilding, and the transfer of wartime operational control (OPCON) from the United States to South Korea.

"The two leaders welcomed the significant progress made in discussions on strategic investment projects between the two countries." — Wi Sung‑lac, National Security Adviser

North Korea, Regional Diplomacy and Defence

Wi said Trump reaffirmed his willingness to engage in dialogue with North Korea and that both leaders agreed to remain in close communication as they pursue a peace process. A senior South Korean official told local media Lee asked Trump to help advance engagement with Pyongyang; Trump reportedly said he would do so and noted he maintains a good relationship with North Korean leader Kim Jong Un, though there was no indication of concrete contact at this time.

The leaders also discussed OPCON transfer in detail. According to officials, Trump gained a clearer understanding of Seoul's position while the U.S. side emphasised the need to meet required conditions and complete the transfer promptly. Seoul outlined plans to increase defence spending and expressed a desire to accelerate talks on developing nuclear‑powered submarines.

Officials added that progress in investment talks helped pave the way for the summit, which was not initially expected to take place. Both leaders were briefed on the negotiations and welcomed the advancement, although details of the package and its public announcement remain under discussion. "The bigger framework is almost complete," one official said.

Other Notes

Lee noted the upcoming U.S.–China summit would be important for regional dynamics, including South Korea–China relations. The White House did not immediately comment on the meeting. Lee also posted on X that he and Trump had an "in‑depth discussion" on investment progress and reaffirmed their commitment to strengthening the alliance. He added that Trump had reminded him of plans to play golf together and expressed hope they would continue talks at the G20 summit in Miami later this year.

(Reporting by Kyu‑seok Shim and Heejin Kim; Editing by Ed Davies)