Kim Yong-beom, Deputy Minister for Policy at the Blue House, said about the status of the $350 billion (about 521 trillion won) investment in the United States, "Soon, within a month or two, we expect the first investment in the United States to materialize and are preparing accordingly." In Nov. last year, the government released a joint fact sheet pledging large-scale investments in strategic industries including U.S. shipbuilding, and it means full-fledged investments will begin in Aug.–Sep. this year.
Kim said on KBS Sunday Diagnosis that morning, "The Korea-U.S. Strategic Investment Corporation has been established, and the United States sent us the target projects for investment. We are analyzing the list in detail," and added this. Kim also said, "Regarding investment in the United States, Minister Kim Jung-kwan of the Ministry of Trade and Industry (MOTI) goes to the United States frequently, and will likely visit the United States again soon to continue those discussions," adding, "Shouldn't we proceed in Aug.–Sep."
Earlier, in the joint fact sheet (JFS), the two countries announced that ▲Korea would invest $350 billion (about 525 trillion won) in the United States, of which ▲$200 billion would go to strategic industries such as energy, semiconductors, critical minerals, artificial intelligence, and bio, and ▲$150 billion would go to shipbuilding projects (MASGA, Make American Shipbuilding Great Again). Strategic industry investments will be executed with an annual cap of $20 billion according to progress (percentage of completion).
Regarding criticism that progress on investment in the United States is slower than Japan's, Kim said, "That's not the case. Japan reached an agreement to invest in the United States ahead of us without enacting a law, and we had to make a law," adding, "We have now made the law, established the Investment Corporation for the United States, are hiring people, and are proceeding on an appropriate schedule, which the United States also understands."
◇"To stabilize the foreign exchange market," investment cap specified
Under the joint fact sheet, in return for Korea investing $350 billion in shipbuilding and strategic industries, the United States agreed to grant most-favored-nation (MFN) treatment when applying tariffs to Korean products. It will apply the applicable rate among that under the Korea-U.S. FTA or the U.S. MFN tariff rate, or 15%, whichever is higher. For Korean automobiles and parts, and logs, lumber and wood products, a 15% tariff will apply, and tariffs imposed on pharmaceuticals will not exceed 15%. For semiconductors and semiconductor equipment, it specified, "We intend to provide terms no less favorable than those to be provided in a future agreement."
To stabilize Korea's foreign exchange market, the government also set an investment cap. The joint fact sheet stated, "The two countries reached a mutual understanding that the commitments under the MOU should not cause market instability. The two countries agree that Korea will not be required to raise an amount exceeding $20 billion in any given year." It also included a provision that if market instability is expected, the Korean government may adjust the amount and timing of funding.