Minister Kim Jung-kwan of the Ministry of Trade, Industry and Resources said the timing of Korea's first investment in the United States under the Korea-U.S. tariff agreement "will be after next month."
The Minister told reporters at Washington Dulles International Airport on the 6th local time, "For specific projects, because the law (the Special Act on Investment in the United States) takes effect after June, we will be able to discuss such matters after it takes effect." The Special Act on Investment in the United States passed the National Assembly in March and will take effect on the 18th of next month.
Regarding talk that a liquefied natural gas (LNG) export terminal construction project in Louisiana would be the first investment target, he said, "It is true the Louisiana project was among those (under review)," but added, "It is not yet at a stage where we can say whether it will be the first."
Addressing criticism that the investment rollout may be slower than Japan's, the Minister said, "Working-level consultations are proceeding closely, so I do not think the investment has been delayed," adding, "We did start later than Japan in some respects." He continued, "For specific projects, actual execution matters more than the announcement itself," and added, "It is hard to conclude we are slower than Japan."
On the U.S. Trade Representative (USTR)'s ongoing Section 301 investigation, the Minister said the purpose of the probe is understood as "restoring the 15% (reciprocal tariff) that was ruled unlawful," and added, "We will do our best to remain within that scope." He also mentioned the possibility of discussing related issues with the Trump administration during this trip to the United States.
Earlier, the Minister visited Canada to discuss cooperation on a submarine program with local government officials, then traveled to Washington, where he is scheduled to meet U.S. government officials, including Commerce Secretary Howard Lutnick, to discuss Korea-U.S. strategic investment and trade issues.