Industry Minister Kim Jung-kwan said specific investment projects in the United States can be discussed after a new law takes effect on June 18. The move aligns with last year's trade agreement committing South Korea to invest $350 billion in the US.
Industry Minister Kim Jung-kwan made the remarks to reporters upon arrival at Dulles International Airport near Washington on Wednesday. "As for specific investment projects, we may be able to discuss them after the law takes effect in June," he said, referring to the investment act set for June 18.
South Korea's National Assembly passed the act in March to support investment commitments under last year's bilateral trade deal. The agreement sets an annual cap of $20 billion on the total $350 billion pledge.
Kim rejected suggestions that South Korea is behind Japan, which has already announced its first projects under a similar $550 billion deal with the US. "Just because specific projects are announced, they don't simply proceed. They should be implemented in detail," he said.
The minister added that construction of a liquefied natural gas export terminal in Louisiana remains under consideration but is not yet confirmed as the first project. He also addressed ongoing US Section 301 trade investigations, expecting any resulting tariffs on Korean goods to stay within the previous 15 percent range.
