President Donald Trump is preparing to announce a roughly $200 billion investment package from South Korea, which includes $54 billion in funding for a long-stalled Alaska natural gas export project, according to people familiar with the matter. A Republican senator locked in a tough reelection race has been pushing hard for the initiative.

The proposed announcement represents the first projects to receive backing under last year's US-South Korea trade agreement, which included a $350 billion investment commitment to the United States, the people said. Trump is expected to make the announcement on Wednesday in the Oval Office, according to the people.

South Korea's support is critical to advancing the project, which would transport natural gas across Alaska and export the majority of it to Asian buyers. Other energy projects, including nuclear power initiatives, will also attract a portion of South Korea's investment, the people said.

The proposed announcement serves as the latest example of Trump leveraging presidential power and his dealmaking on the international stage to boost Republican candidates. With the November midterm elections approaching, Republican candidates are facing significant headwinds as voters express dissatisfaction with the state of the economy.

South Korea's investment plan was reached with the involvement of US Commerce Secretary Howard Lutnick. Lutnick is expected to attend the announcement event at the White House on Wednesday, along with Interior Secretary Doug Burgum and Jarrod Agen, executive director of Trump's National Energy Dominance Council.