South Korean Industry Minister Says U.S. Investment Will Begin After June Law Takes Effect, Not Later Than Japan's

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[Financial News] South Korea's investment in the United States, agreed upon by the leaders of South Korea and the United States at their summit last October, is expected to begin only after June.
Kim Jung-kwan, Minister of Trade, Industry and Energy, said this after arriving at Washington Dulles International Airport in Virginia on the 6th local time and meeting with South Korean reporters. Asked when South Korea's first investment in the United States would be announced, he said, "Because the Special Act on U.S. Investment will take effect after June, I think we will be able to talk about such matters after the law takes effect." He added, "I cannot comment on specific projects."
The Special Act on U.S. Investment, which passed the National Assembly of the Republic of Korea on March 12, will take effect on June 18. Under the law, the Korea-U.S. Strategic Investment Corporation, which will oversee the implementation of South Korea's $350 billion investment pledge to the United States, will complete its establishment procedures in June and begin full operations.
Kim also addressed reports that South Korea's first investment project in the United States could be a liquefied natural gas (LNG) export terminal project in Louisiana. He said, "It is true that there was a Louisiana project, but at this point I do not think I can say whether it will be the first project or not." He added that during this visit to the United States, "There have been various practical discussions, so I plan to coordinate with Howard William Lutnick, the United States Secretary of Commerce."
Asked whether South Korea could fall behind Japan in its U.S. investment plans, Kim said, "The procedures are now being closely discussed between working-level officials, so I do not think the investment is being delayed." He explained, "A specific project is not something that is done just because it is announced; it has to be carried out in detail," and added, "I am not sure we can even say that South Korea is later than Japan."
\r\nKim also said that the purpose of the Section 301 investigation the United States is conducting against South Korea is, in his understanding, "to restore the 15% reciprocal tariff that was ruled illegal." He added that any U.S. measures resulting from the investigation would likely be "within that range, and I will do my best to keep them within that range."
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pjw@fnnews.com Park Jong-won Reporter