South Korea's Lee, Trump welcome progress in US strategic investment projects

Business Recorder reported that South Korean President Lee Jae Myung and US President Donald Trump praised clear headway in talks over strategic investment projects. Their half-hour encounter took place on the margins of the UN General Assembly, and Seoul's presidential office announced the details on Wednesday. The timing followed a briefing in which South Korea's Industry Ministry outlined how the $350 billion investment package would be carried out.

Lawmakers were told that a gas-fired power plant in Texas is a candidate for the first project under the package, with nuclear energy and an Alaska LNG venture also under consideration. National Security Adviser Wi Sung-lac added that the leaders agreed to keep working on nuclear fuel enrichment and reprocessing, nuclear-powered submarines, shipbuilding and the shift of wartime operational control from Washington to Seoul.

Trump also restated his readiness to talk with North Korea, and both leaders agreed to stay in close contact on a peace process. Seoul's presidential office said progress on investment talks had cleared the path for the summit, and Trump is expected to announce the investment plans himself once an agreement is finalized.