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

South Korean President Lee Jae Myung and US President Donald Trump welcomed "significant progress" in discussions on ‌strategic investment projects during a 30-minute meeting on the sidelines of the UN General Assembly, Seoul's presidential office said on Wednesday. The meeting came after South Korea's Industry Ministry briefed lawmakers on Tuesday on implementation plans under the countries' $350 billion investment package, including a Texas gas-fired power project identified as a potential first investment, as ‌well as possible investments in nuclear energy and an Alaska LNG project.

"The two leaders welcomed the significant progress made in discussions on strategic ‌investment projects between the two countries," National Security Adviser Wi Sung-lac told a briefing. Based on the joint statement issued after their summit last November, Lee and Trump also agreed to deepen cooperation and continue discussions on issues including nuclear fuel enrichment and reprocessing, nuclear-powered submarines, shipbuilding and the transfer of wartime operational control (OPCON) from the US to South Korea, Wi said.

Trump also reaffirmed ⁠his willingness ​to engage in dialogue with North Korea, ⁠Wi said, with the two leaders agreeing to remain in close communication in pursuit of a peace process. Lee also said the US-China summit scheduled for Thursday would be important ⁠for regional developments, including South Korea-China relations, and expressed hope for a successful meeting, according to Wi.

Earlier on Wednesday, Lee told the UN General Assembly that Seoul would support ​efforts to revive dialogue with North Korea and work toward a durable peace framework while seeking broader international backing for those efforts. A senior ⁠presidential official separately told several South Korean media outlets that Lee had told Trump he hoped the US president would help advance engagement with North Korea, to which Trump replied that ⁠he ​would do so.

The official said Trump also remarked that he maintained a good relationship with North Korean leader Kim Jong Un, though there was no indication of any specific contact currently taking place, the media reports said. The official also said Lee and Trump spent considerable time discussing OPCON transfer, ⁠with Trump gaining a better understanding of Seoul's position. The US side stressed the need to meet the required conditions and complete the process ⁠as soon as possible, the reports said.

The ⁠official was also quoted as saying that progress in talks on South Korean investments in US projects helped pave the way for the summit, which had not initially been expected to take place. Trump is expected to personally ‌announce Seoul's investment plans once ‌an agreement is reached, South Korean media reported.