U.S. trade chief says Korean investment in U.S. "making progress"...mentions semiconductors and generics

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The Financial News reported that Jamieson Greer of the Office of the United States Trade Representative (USTR) commented on South Korea’s investment plans in the United States that were pledged last year. He assessed that the plans are moving forward and, in that context, mentioned semiconductors and generic drugs.
Greer took part in a discussion hosted on the 7th (local time) in Washington, D.C., by the local think tank Hudson Institute. Asked whether he was satisfied with the pace at which Japan and South Korea are fulfilling their investment pledges in the United States, he replied, "Doesn’t President (Donald Trump) want everything to be done quickly? There is never a situation where the president says, 'Everything is great and exactly on schedule.'"
Greer went on, "There have been some delays in South Korea, but they are taking the steps needed to make progress, and we have also seen movement on specific trade issues related to these investments that we had been working to finalize." He added, "As I understand it, both Japan and South Korea are in discussions with the United States Department of Commerce on how these investments will be carried out."
In last year’s tariff negotiations with the United States, South Korea pledged to invest 350 billion dollars (about 524 trillion won) in the U.S. market. On March 12, the National Assembly of the Republic of Korea passed the Special Act on Investment in the United States to support this commitment. Japan likewise agreed in last year’s talks to invest about 550 billion dollars in the United States.
Greer noted that South Korea and Japan are consulting with the United States Department of Commerce on the sectors for their U.S. investments, saying, "In some cases, the focus is on generic drugs, and in other cases, it is on semiconductors." He added, "When these investments move forward, we are trying to ensure that they are concentrated in critical sectors."
Following the passage of the Special Act on Investment in the United States by the National Assembly of the Republic of Korea, the South Korean government plans to set up an implementation committee and carry out preliminary reviews and consultations. Targeted investment areas include semiconductors, pharmaceuticals, critical minerals, energy, and technologies such as artificial intelligence and quantum computing, although the first specific investment project has not yet been announced.
Greer also argued that "economic and trade relations with China are stable." Regarding the U.S.-China summit scheduled for May, he stressed, "We want to maintain stability, and we want to make sure that we can continue to secure supplies of rare-earth elements from China."
 
pjw@fnnews.com Reporter Park Jong-won Reporter