Industry Minister Kim Jung-kwan, third from left, and U.S. Commerce Secretary Howard Lutnick, second from left, pose at the U.S. Department of Commerce in Washington, Friday (local time), after the two governments signed a memorandum of understanding to expand bilateral shipbuilding cooperation. Courtesy of Ministry of Trade, Industry and Resources

Seoul strengthened partnerships with Washington and Ottawa in the shipbuilding sector following Industry Minister Kim Jung-kwan’s weeklong visit to North America.

While discussing Korea’s plan to invest $350 billion in the United States in exchange for tariff reductions, Kim also appears to have sought to persuade lawmakers there of the need for the ongoing investigation into Coupang.

The Ministry of Trade, Industry and Resources said Sunday that Kim held in-depth discussions with U.S. Commerce Secretary Howard Lutnick on details of strategic investment projects in American industries and explained Korea’s legislation for a special law to support the initiative.

The two governments also signed a memorandum of understanding to expand bilateral shipbuilding cooperation by opening the Korea-U.S. Shipbuilding Partnership Center in Washington later this year to support collaboration among government, industry and research institutions in both countries.

Still, it remains unclear which U.S. project will be Korea’s first investment target.

Before Kim’s departure, reports suggested that construction of a liquefied natural gas export terminal in Louisiana was the leading candidate. After the ministry denied the report, Kim told reporters in Washington that it was too early to disclose the first investment project before the special law takes effect next month.

“The Louisiana project is under consideration, but the two countries are not yet in a position to determine whether it will be the first project,” he said Wednesday.

Industry Minister Kim Jung-kwan talks with U.S. Sen. Bill Hagerty during a teleconference in Washington, Friday (local time). Courtesy of Ministry of Trade, Industry and Resources

Kim also joined a teleconference with Sen. Bill Hagerty, a pro-Coupang lawmaker who has criticized Korea’s probe into the e-commerce company.

Source: Korea Times News