Industry Minister Kim Jung-kwan gives a policy briefing to a parliamentary committee on industry, trade and resources in Seoul, Monday. Yonhap
The industry ministry said Monday it will create a team dedicated to managing South Korea's investment projects in the United States as part of a trade deal between the two countries, vowing to develop projects that benefit Korean companies.
The Ministry of Trade, Industry and Resources unveiled the plan in a policy briefing to the National Assembly as the rival parties have agreed to pass a special bill to support Seoul's investment in U.S. through the parliament this week.
The bill was designed to support the implementation of Seoul's $350 billion investment pledge to the U.S. made under its trade deal with Washington finalized late last year in return for tariff cuts.
The envisioned investment will comprise $150 billion for shipbuilding cooperation and $200 billion for projects in strategic sectors.
The ministry said the team will be in charge of identifying potential investment projects with "commercial rationality," where the participation of Korean companies and investment recovery is assured.
For example, for shipbuilding cooperation, the team plans to pursue low-risk projects, including those focused on providing loans and credit guarantees, the ministry explained.
The ministry said it will work to ensure the U.S. side selects projects prioritized by Korea and provide maximum support.
The Seoul government has been conducting a preliminary review into potential investment projects in the U.S. since last month, with the administration of President Donald Trump threatening to raise tariffs on Korea, citing a delay in Seoul's legislative process to implement the bilateral trade deal.
Source: Korea Times News
