Hanwha Philly Shipyard in Philadelphia / Yonhap

After the United States revealed Japan’s first set of investment plans under its $550 billion commitment, calls are growing for Korea to take faster action on its U.S. investment plans to allay tariff pressures and secure its position in profitable sectors.

Experts say shipbuilding can be a good start, as the U.S. has been actively seeking Korea's participation in reviving its shipbuilding industry. Its Maritime Action Plan, announced last week, seemed to reaffirm that commitment.

These calls came after Japan announced Wednesday that it will invest in three projects worth $36 billion: constructing an artificial diamond manufacturing facility in Georgia, a natural gas power plant in Ohio and a deepwater crude oil export facility off the Texas coast.

“The scale of these projects is so large, and could not be done without one very special word, TARIFFS,” U.S. President Donald Trump wrote on his social media account.

The progress made between Washington and Tokyo is creating pressure for Korea. Trump threatened on Jan. 26 to raise tariffs on Korean goods to 25 percent, the level prior to settling on 15 percent in a bilateral agreement reached last November, citing delays in relevant legislation at Seoul’s National Assembly.

In response, the Assembly set up a special committee to expedite the processing of bills that provide legal grounds for Korea’s investment in the U.S., while the government also sent a negotiation team to the U.S. on Wednesday to accelerate feasibility studies for various projects.

Ruling Democratic Party of Korea floor leader Rep. Han Byung-do, right, poses with main opposition People Power Party floor leader Rep. Song Eon-seog after the two parties agreed on the establishment of a special committee to expedite bills providing legal grounds for Korea's investment into the U.S. at the National Assembly in Yeouido, Seoul, Feb. 4. Yonhap

“With Japan having already presented tangible plans, we may need to move at a similar pace and consider stepping up our current efforts in terms of preventing further tariff impacts,” said Jang Sang-sik, head of trade trend analysis at the Korea International Trade Association.

“Given that there will be only a limited number of commercially viable projects (in U.S. investment), if Japan actively secures the more attractive ones first, Korea may be left with less profitable opportunities.”

Source: Korea Times News