South Korea’s PM Kim, U.S. official Vance discuss investment law and security pacts

In Washington, D.C., on March 12 local time, South Korea’s Prime Minister Kim Min-seok met at the White House with JD Vance, described by Korean officials as a U.S. official, and they exchanged a handshake in front of reporters. The encounter followed Kim’s ongoing visit to the United States.

Kim told Vance that South Korea’s U.S. Investment Special Act had passed through the Korean National Assembly’s plenary session that day, a move his office framed as evidencing the government’s strong commitment to implementing the investment agreement with the United States. He said the law would help ensure that future U.S.–Korea investments contribute to American manufacturing revival and job creation, and would form a basis for broader development of the bilateral relationship.

The prime minister also said the act would act as a catalyst for implementing the joint materials that accompanied the Korea–U.S. summit, including security-related pacts on nuclear-powered submarines, nuclear power, and shipbuilding, and that these items should be carried out promptly.

Vance, for his part, welcomed the passage of the investment law, saying it creates a legal environment conducive to meeting investment commitments, and urged close, ongoing communication on U.S.–investment matters between the two sides.

The meeting marked the second between Kim and Vance since their January 23 discussions during Kim’s U.S. visit, roughly a month and a half earlier. The two leaders also touched on cooperation in critical minerals and Kim’s briefing about a government decision regarding requests from U.S. companies concerning leadership transfers, which Vance praised as a positive development.

Korean officials said Kim and Vance also reviewed issues the U.S. side flagged in January, including Coupang and religious matters, which were described as now being managed steadily. Vance thanked Korea for respecting its domestic laws and pledged to keep engaging on U.S. concerns.

The talks also covered inter-Korean matters. Both sides reiterated that dialogue with North Korea remains possible and urged continued close communication between Seoul and Washington on regional security issues. The Korean government noted that the meeting deepened personal trust between Kim and Vance and would bolster bilateral dialogue on a wide range of issues.

In a broader U.S. context, Washington eyes how Seoul’s investment framework and security commitments could shape supply chains, manufacturing, and technology collaboration, particularly in sectors such as critical minerals, defense, and advanced manufacturing. The absence of discussion in the official release about a recent USTR Section 301 investigation—from China, Japan, and Korea—was noted, alongside the emphasis on addressing non-tariff barriers as a continued priority for the bilateral agenda.