US-Korea Investment MOU Delayed Amid Disagreements Over Westinghouse Stake, Nuclear Power Talks
Ahead of the Korea-US foreign ministers' meeting scheduled for the 18th, an exclusive report that a National Assembly briefing on the US-bound investment had been canceled the previous day fueled speculation that the Korea-US memorandum of understanding (MOU), originally expected to be signed this week, could be delayed. The broad framework agreed last year called for a total of $200 billion in US-bound investment, an annual cap of $20 billion, a 45-day review period for each project, and a so-called umbrella structure in which profits and losses across multiple projects would be consolidated and handled by a single top-level entity. However, disagreements have reportedly widened as the US side has recently raised a series of additional requests — including gas-fired power plants for data centers, the construction of eight new nuclear reactors, and participation in the Alaska LNG project — pushing the total beyond the cap and prompting the US to demand project-by-project individual settlement.
One of the key points of contention is the Westinghouse equity stake. The Korean side is reportedly seeking a stake and voting rights of around 15% to 20% in order to secure substantive decision-making authority over nuclear power exports, while the US side is offering a financial investment level of around 5%, leaving the two sides without common ground. With last year's agreement effectively constraining independent exports of Korean-model nuclear reactors, securing a Westinghouse stake is being discussed as a practical means of removing that constraint. The two sides are also said to hold differing views on the commercial viability of the Alaska LNG project.
Analysts pointed to President Trump's political calculus ahead of the midterm elections — seeking to highlight a large-scale investment achievement — as the driving force behind the US push to conclude the MOU quickly. From Korea's perspective, by contrast, there is little urgency to rush, and the view offered was that Korea should make full use of the 45-day review period to calmly work through key issues such as the equity stake and profit settlement structure.
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