United States and South Korea to Further Cooperate in Infrastructure Field

The Ministry of Economy and Finance announced on Feb. 3 that the South Korean and U.S. governments and public and financial institutions of both countries held their first working group meeting on mutual cooperation in the infrastructure field.

Earlier, U.S. Treasury Secretary Steven Mnuchin and Economy and Finance Minister Hong Nam-ki signed a memorandum of understanding for the purpose in October last year. The meeting was the first official meeting after the conclusion of the MOU. There, the participants discussed joint infrastructure project opportunities, mutual investment and financial cooperation in the field and project consortium formation for joint projects in third countries.

The meeting was followed by the Korea-U.S. Private Sector Roundtable Meeting on Infrastructure Cooperation. South Korean and U.S. financial and construction companies were invited, and they discussed specific plans based on the outcome of the working group meeting.

“Mutual infrastructure investment will help both the United States and South Korea strategically diversify their overseas markets,” the ministry explained, adding, “For example, South Korean companies will be able to have investment opportunities in shale gas pipeline and plant construction and renewable energy development in the United States and U.S. companies will be able to fine opportunities in the shale gas-based energy industries of South Korea and its soft infrastructure field utilizing information and communications technology.”