Lee Jae-myung, Trump Discuss Plan for $300 Billion Iran Reconstruction Fund

President Lee Jae-myung and U.S. President Donald Trump discussed plans to establish a fund worth $300 billion (approximately 454 trillion won) for Iran's reconstruction during the Group of Seven (G7) summit held in Evian-les-Bains, France. President Lee Jae-myung stated during a roughly 90-minute conversation with U.S. President Donald Trump at the G7 summit's official banquet that South Korea has the will and capacity to make substantial contributions to international efforts aimed at ensuring free and safe passage in the Strait of Hormuz.

Article 6 of the memorandum of understanding (MOU) signed between the United States and Iran stipulates that the U.S. will develop an Iran reconstruction and economic development plan with regional partners worth at least $300 billion. The fund is being discussed as a structure where private companies provide capital for investment in Iranian infrastructure.

A South Korean Ministry of Foreign Affairs official stated that the reconstruction fund is viewed as a matter linked to the final agreement on Iran's nuclear issue that will proceed in the future, and that the ministry is monitoring related discussions and assessing developments. Former Ambassador to Iran Yoon Kang-hyun commented that specific discussions with South Korea do not appear to have begun, suggesting that participation and its form should be decided after a thorough assessment of how the fund will be operated.

The discussion surrounding the establishment of a 453 trillion won Iran reconstruction fund highlights the importance of formulating diplomatic and economic strategies for South Korean companies seeking new business opportunities.