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South Korean President Lee Jae-myung, visiting the U.S. to attend the United Nations General Assembly, holds a summit with U.S. President Donald Trump at a New York hotel on the 22nd (local time). / Joint Press Corps

U.S. President Donald Trump is expected to unveil a $200 billion South Korean investment plan in the U.S. at the White House on the 30th (local time), Bloomberg News and Reuters reported on the 29th. The announcement is expected to include a plan for South Korea to commit roughly $54 billion to the Alaska liquefied natural gas (LNG) project. The South Korean government has categorized the Alaska LNG project as a subject for subsequent discussions.

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Hung Cao, acting U.S. Secretary of the Navy at the Department of Defense (Department of War) (from right); William Kimmitt, Under Secretary of Commerce for International Trade; Michelle Park, U.S. Ambassador to South Korea; Howard Lutnick, U.S. Secretary of Commerce; Kim Jung-kwan, Minister of Trade, Industry and Resource; Kang Kyung-wha, South Korean Ambassador to the U.S.; Park Jung-sung, Deputy Minister for Trade at the Ministry of Trade, Industry and Resource; and Lee Jong-gun, head of the Korea-U.S. Shipbuilding and Marine Industrial Technology Cooperation Center (KUSPC), participate in a ribbon-cutting ceremony at the opening ceremony of the KUSPC held at the Mayflower Hotel in Washington, D.C., U.S., on July 23 (local time). / Washington Correspondent Ha Man-ju

Bloomberg and Reuters report Trump to unveil first project under S. Korea's investment in U.S. on 30th, $54B for Alaska LNG

Citing multiple sources familiar with the matter, Bloomberg reported that President Trump plans to unveil South Korea's investment package in the U.S. at the Oval Office on the 30th. Bloomberg explained that the plan includes committing approximately $54 billion to the long-delayed Alaska LNG project, representing the first batch of targeted projects under South Korea's investment pledges made pursuant to last year's bilateral trade deal.

Citing two sources, Reuters reported that the Trump administration plans to deploy strategic investment funds pledged by South Korea toward Alaska LNG facilities and several major domestic U.S. projects, with an announcement coming as early as the 30th. Bloomberg reported that South Korean investments are also expected to flow into other energy ventures, including nuclear power plants.

Last year, in exchange for lowering U.S. tariff rates from 25% to 15%, South Korea committed to a combined $350 billion in investments in the U.S., which includes $150 billion in shipbuilding cooperation and $200 billion in strategic investments.

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Alaska Governor Mike Dunleavy delivers a welcoming address via video at the AMCHAM Energy Innovation Forum held at the Grand Hyatt Seoul in Yongsan-gu, Seoul, on April 18, 2025. / Yonhap

South Korea prioritizes Texas gas-fired plant, Alaska LNG and eight nuclear reactors slated for further talks

The South Korean government recently reported to the National Assembly that it will pursue the construction of the Encinal combined-cycle natural gas power plant in Texas as the first project under its $200 billion strategic investment package. The construction of eight large nuclear power reactors in the U.S. and the Alaska LNG project were categorized as subjects for subsequent discussions.

As the Alaska LNG venture is not yet a finalized project, keen attention is focused on the specific details President Trump will announce. The U.S. side is understood to have strongly requested the inclusion of the Alaska LNG project during the selection process for South Korea's investment targets in the U.S. Speaking with reporters earlier this month, President Trump mentioned both South Korea and Japan in connection with the project.

U.S. and South Korean officials have held consultations to select candidate ventures for the $350 billion investment package, discussing Alaska LNG, nuclear power generation, and gas-fired power generation in Texas, Reuters reported.

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Republican U.S. Senator Dan Sullivan and former Democratic U.S. Representative Mary Peltola, who will face off in the U.S. midterm elections on November 3 (local time), attend an Alaska Oil and Gas Association (AOGA) annual conference forum held in Anchorage, Alaska, on August 27. / Reuters, Yonhap

Alaska LNG hinges on 1,191-km pipeline and additional 3 million tons in annual contracts for financing

The Alaska LNG venture is a project designed to transport natural gas produced on the North Slope to Alaska's southern coast, where it will be liquefied and exported to Asian markets. Reuters reported that if realized, it would become the first U.S. LNG project with direct access to Asian markets.

South Korea's investment will support a pipeline carrying North Slope gas to Nikiski in southern Alaska as well as LNG export facilities, Bloomberg reported. The project involves constructing a 740-mile (1,191-kilometer) pipeline across Alaska. Bloomberg explained that the venture has struggled for decades due to enormous costs and massive construction scale.

Project developer Glenfarne Group has signed preliminary agreements with LNG importers, but has yet to reach a final investment decision (FID). Glenfarne stated that it secured commitments for 13 million metric tons per year in March, adding that it needs to secure contracts for an additional 3 million metric tons annually and convert all existing commitments into binding agreements to secure project financing.

Major Japanese LNG importers JERA and Tokyo Gas signed preliminary agreements to purchase a combined 2 million metric tons per year should the facility be built. As the Alaska LNG project continues to face uncertainties regarding costs, financing, and commercial viability, South Korean investment could serve as a potential funding source for the project, Reuters analyzed.

Middle East LNG supply disruptions spotlight Asian demand, Alaska project to take up to four years

With the Middle East conflict virtually cutting off LNG volumes from Qatar and the United Arab Emirates (UAE), major Asian buyers have been left exposed to volatile spot prices, Bloomberg analyzed. Supply from the two nations accounted for roughly one-fifth of global LNG supply prior to the Iran war.

While operationalizing Alaska LNG could ease some Asian supply concerns, it does not offer an immediate solution. Bloomberg reported that constructing the facilities is expected to take up to four years.

Trump approval hits political-career low of 32%, investment unveiled amid tight Alaska Senate race

Reuters evaluated the upcoming announcement as part of a series of moves by President Trump to spotlight economic and investment achievements ahead of the midterm elections on November 3. In this month's Reuters/Ipsos poll, President Trump's approval rating fell to a career low of 32%. Reuters reported that voters expressed deep concern over the war with Iran and high gasoline prices.

On the 28th, President Trump also unveiled a plan by an Indian conglomerate to build a $15 billion steel mill in Iowa. Bloomberg noted that Iowa is likewise a fiercely contested state in the midterms.

In Alaska, incumbent Republican Senator Dan Sullivan is locked in a tight race with former Democratic Representative Mary Peltola. Senator Sullivan has long championed the Alaska LNG project.

Senator Sullivan is scheduled to attend the White House announcement on the 30th alongside Republican Representative Nick Begich and Alaska Governor Mike Dunleavy, Bloomberg reported. Commerce Secretary Howard Lutnick, Interior Secretary Doug Burgum, and Jared Egan, executive director of the U.S. National Energy Dominance Council, are also expected to attend. President Trump is additionally pursuing a visit to Alaska to campaign for Republicans, with discussions underway for a trip in October, Bloomberg reported.

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U.S. President Donald Trump (right) shakes hands with North Korean leader Kim Jong-un ahead of their summit in Singapore on June 12, 2018. / AP, Yonhap

Trump says nuclear-capable Kim Jong-un is his friend, adds things will be fine as long as he is around

Meanwhile, meeting with reporters at the White House on the 29th, President Trump reiterated his personal rapport with North Korean leader Kim Jong-un. When asked why Iran cannot possess nuclear weapons while North Korea can, he replied, "You know why, because we had different presidents."

President Trump said, "Kim Jong-un is a friend of mine. He likes Trump. I'm the only one in the world he likes, and I like him, too." Referring to Kim, he continued, "He has nuclear capability, very substantial nuclear," adding, "Not like ours, but he's got nuclear capability."

Claiming that previous administrations failed to stop North Korea from acquiring nuclear weapons, President Trump remarked, "As long as I'm around, he's going to be fine." On the 19th of last month, President Trump stated that Kim possesses "57 very powerful nuclear weapons," while indicating that he plans to meet with Kim before the end of the year.

                                                                                                                Ha Man-ju