Kim Jung-kwan, South Korea's Minister of Trade, Industry and Energy, said the announcement of Korea's first investment project in the United States will come after June.
Kim met with reporters on Thursday (local time) upon arriving at Dulles International Airport near Washington, D.C. "Specific projects can only be discussed after the Special Act on US Investment takes effect in June," he said. The Special Act on Managing Korea-US Strategic Investment, which passed the National Assembly in March, will take effect on June 18.
Asked whether a liquefied natural gas (LNG) export terminal construction project in Louisiana is being considered as the first investment, Kim said, "It is true that the Louisiana project has been under review," adding, "It is not yet at a stage where I can say whether it will become the first project."
Regarding concerns that Korea's US investment implementation is lagging behind Japan's, Kim said, "Working-level officials are in close consultation, so I do not think the investment is being delayed." He added, "Our starting point was later than Japan's." He also said, "Specific projects cannot be completed simply by being announced; they must be executed. I am not sure whether we can really say we are behind Japan."
The Office of the US Trade Representative (USTR) is conducting Section 301 investigations under the Trade Act against several countries in areas including overcapacity and forced labor, with Korea included among them. On this matter, Kim emphasized, "I understand the objective is to restore the 15% reciprocal tariff that was ruled illegal by the US Supreme Court." He added, "US measures following the investigation results should fall within that range of 15% tariffs. We will do our utmost to keep them within that range."
A day earlier, Kim met with Canadian Industry Minister Mélanie Joly and Energy and Natural Resources Minister Tim Hodgson in Ottawa, requesting the Canadian government's interest and support for Korea's bid to win the Canadian submarine project, before moving to Washington, D.C. Kim plans to meet with US Commerce Secretary Howard Lutnick and various members of the US Congress.
