South Korea and the United States signed a memorandum of understanding to realise $350 billion in strategic investments in various industries in the US, South Korea's Industry Minister Kim Jung-kwan said at a briefing on Friday.

The two countries will complete the selection of investment plans by January 2029, Kim said.

Previously, both the allies released details of a trade agreement on Friday that includes a $150 billion Korean investment in the American shipbuilding sector and an additional $200 billion earmarked for industrial sectors, the two countries said.

The joint announcement followed a meeting in October between South Korean President Lee Jae Myung and US President Donald Trump, where they agreed to a deal that would cut American import duties on South Korea's products to 15%

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