Industry Minister Kim Jung-kwan speaks at the inaugural Korea-U.S. strategic investment memorandum of understanding implementation committee meeting in Seoul, Friday. Yonhap
Korea launched a government committee Friday to begin a preliminary review of potential investment projects in the United States as part of a trade deal between the two countries, the industry ministry said.
The Korea-U.S. strategic investment memorandum of understanding (MOU) implementation committee held its inaugural meeting to explore potential projects, as the National Assembly also seeks to legislate a special bill to support possible investments, according to the Ministry of Trade, Industry and Resources.
The committee will serve as the "single window" overseeing investment consultations with the U.S. and assessing the commercial rationality and economic value of potential projects, the ministry explained.
"Through investment projects in the U.S., the government will create opportunities for Korean companies to secure strong references in the U.S. market and expand exports of equipment and materials," Industry Minister Kim Jung-kwan said in his opening remarks.
"We will also work to secure advanced strategic assets overseas and generate opportunities to combine Korea's manufacturing capabilities with the U.S.' cutting-edge technologies," he added, stressing that all projects will be reviewed under a priority of national interest.
Kim also said Seoul will strengthen communications with Washington to prevent "unnecessary misunderstanding" regarding the countries' trade agreement.
The launch of the MOU implementation committee comes after U.S. President Donald Trump threatened to raise "reciprocal" tariffs and auto duties on Korea back to 25 percent last month, citing a delay in Seoul's legislative process to implement the bilateral trade deal finalized late last year.
The MOU on strategic investment between the two countries was made as part of the deal, with Korea committing a $350 billion investment in the U.S. in exchange for tariff cuts.
Earlier this week, the National Assembly also formed a special committee to expedite the legislation of the special bill on investment to the U.S.
Source: Korea Times News
