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South Korea Denies Report on US Demand to Raise Investment Pledge

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The South Korean government has denied a report saying the U.S. has demanded an increase in an agreed investment originally set at $350 billion, according to a Wednesday statement.

The US is reportedly urging South Korea to raise a promised investment related to their bilateral tariff negotiations, according to Yonhap News Agency, citing an unnamed lawmaker.

The pledge includes a $200 billion investment in strategic industries and $150 billion in the U.S. shipbuilding industry, the report said.

In the statement, the South Korean government said it cannot verify the details of its investment as the two countries are still negotiating the deal.

However, it clarified that there was no demand from the U.S. to increase the investment.

According to a memorandum of understanding, the investment should not exceed $200 billion and the annual remittance limit should not extend beyond $20 billion.

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