On the 17th, Park Jong-won (photo, 56), former assistant minister for trade at the Ministry of Trade, Industry and Resources, was named as the inaugural president of the Korea-U.S. Strategic Investment Corporation, which will oversee up to $350 billion in investment in the United States.
Park, the nominee, passed the 40th civil service exam and served at the former Ministry of Trade, Industry and Energy as director of the Semiconductor and Display Division, director of the Automobile and Aviation Division, director-general for mid-sized enterprise policy, and director-general for regional economy policy, before serving as assistant minister for trade starting in 2024. Park also worked as an administrator in the presidential office's industry, trade and energy secretary's office, commercial counselor at the Embassy of Korea in the United Kingdom, and, during the tenure of former South Gyeongsang Gov. Kim Kyeong-soo, as South Gyeongsang Province's vice governor for economy.
Lee Jae-myung, the president, is expected to make the final appointment on the 18th to coincide with the launch of the Korea-U.S. Investment Corporation. The term is three years, and Park is expected to oversee large-scale investment projects in the United States.
The Korea-U.S. Strategic Investment Corporation will carry out U.S.-bound investments of $200 billion in strategic industries and $150 billion in shipbuilding over the next 10 to 20 years. When the project management committee within the Ministry of Trade, Industry and Resources identifies investment projects, the corporation will deliberate and decide on them. The government earlier set out in an enforcement decree the principle that it will select individual projects based on whether the "total expected revenue to be repatriated to Korea in the future can fully cover the 'principal and interest of the investment.'" The first investment destination has not yet been disclosed.
▲ Born in Busan ▲ 40th civil service exam ▲ International economics, Seoul National University ▲ Graduated from Indiana University School of Law, U.S. (master of laws) ▲ Assistant minister for trade, Ministry of Trade, Industry and Energy ▲ Director-general for regional economy policy, Ministry of Trade and Industry (MOTI) ▲ Vice governor for economy, South Gyeongsang Province ▲ Director-general for mid-sized enterprise policy, Ministry of Trade and Industry (MOTI) ▲ Director, Semiconductor and Display Division, Ministry of Trade and Industry (MOTI) ▲ Director, Automobile and Aviation Division ▲ Administrator, presidential office's industry, trade and energy secretary's office ▲ Commercial counselor, Embassy of Korea in the United Kingdom