Industry Minister Kim Jung-kwan speaks to the press upon arrival at Dulles International Airport, near Washington, Wednesday (local time). Yonhap

WASHINGTON -- South Korea's first plans to invest in the United States under a bilateral trade deal can be announced after a relevant law goes into effect in June, Seoul's Industry Minister Kim Jung-kwan said Wednesday.

Kim made the remarks during a press availability upon arrival at an airport near Washington, as the two countries are discussing the investment plans in line with last year's trade agreement that commits Seoul to investing $350 billion -- with an annual cap of $20 billion -- in the U.S.

"As for specific (investment) projects, we may be able to discuss them after the law takes effect in June," Kim said, referring to the investment law set to go into effect June 18.

South Korea's National Assembly passed the investment act in March to facilitate Korea's investment in the U.S.

The minister rejected claims that South Korea is lagging behind Japan in implementing its investment pledge to the U.S., as Tokyo has already announced its first investment projects under a deal with Washington that commits it to invest $550 billion in the U.S.

"Just because specific projects are announced, they don't simply proceed. They should be implemented in detail," he said. "I am not sure we can say that (Korea) is indeed behind Japan (in terms of implementation)."

Asked if Korea is considering designating the construction of a liquefied natural gas export terminal in Louisiana as the first investment project, the minister said it is under consideration, but the two countries are not at a stage to say whether it would actually be the first project.

Commenting on the U.S.' trade investigations under Section 301 of the 1974 Trade Act, Kim noted that they are meant to restore country-specific "reciprocal" tariffs that were struck down by the Supreme Court in February. Before the court ruling, South Korean products were subject to a 15 percent reciprocal tariff.

"(As a result of the investigations, I anticipate) the tariff might be within that (15 percent) range," he said. "We will make our best efforts to ensure that (the tariff) will be within that range."

Source: Korea Times News