Reuters: South Korea agrees on which industries the US will invest $350 billion in
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South Korea and the United States have decided to enter into a non-binding agreement (MOU) to determine the modalities and structure of the $350 billion investment package agreed upon as part of the trade agreement concluded in July. About writes Reuters.

Under the trade agreement, the US reduced duties on Korean goods, and Seoul promised to invest in strategic industries in return.

The issue of profit distribution caused disagreements between the parties, but now the parties have agreed on the main provisions.

The investment package will focus on strategic industries: key metals, batteries, chips, pharmaceuticals, artificial intelligence, and quantum computing. Up to $150 billion will be allocated for shipbuilding.

Seoul will set up a working group to develop detailed implementation plans, which will include the Ministry of Finance and state-owned banks.

South Korean officials earlier denied US Secretary of Commerce Howard Luthnick's statement that Washington would receive 90% of the investment's profit.

According to Seoul, only a small portion of the money will come from direct equity investments, and the bulk will be loans and guarantees.

In July Trump said that Korea would invest in projects "controlled by the United States" and chosen by it.

South Korean officials said that to reduce financial risks, a security mechanism will be added, including a commitment by the United States to buy products from the projects and invest in commercially viable projects.