Finance chief stresses Seoul's active commitment to U.S. investment plan
By Kim Han-joo
SEOUL, Aug. 19 (Yonhap) -- Finance Minister Koo Yun-cheol on Wednesday emphasized South Korea's commitment to actively engage in dialogue with the United States as Seoul seeks to implement a US$350 billion investment plan agreed upon as part of comprehensive bilateral tariff negotiations.
Koo's remarks came as Seoul faces pressure from Washington amid several unresolved bilateral trade issues after South Korea agreed last year to invest in the U.S. as part of a trade deal that lowered the U.S. tariff rate on South Korean imports to 15 percent from 25 percent.
"We are not deliberately delaying the process," Koo said during a luncheon hosted by the American Chamber of Commerce in Korea (AMCHAM) in Seoul.
Of the $350 billion, $150 billion was allocated to cooperation in the shipbuilding sector, while the two countries have been negotiating details on how to implement the remaining $200 billion in investment.
"We are actively cooperating to select projects that will benefit both the U.S. and South Korea, and I can tell you that we are moving toward the future," Koo said. "I can't provide specific details, but we are moving forward step by step."
Koo also emphasized the importance of the U.S. and South Korean private sectors working together to identify commercially viable and mutually beneficial projects, expressing hope that AMCHAM would serve as a bridge between the two governments throughout the process.
As part of such efforts, Koo noted the official launch of the Korea-U.S. Strategic Investment Corporation in June to establish an institutional foundation for implementing the investment plan.
Koo added that the government would work closely with relevant ministries to review the suggestions made during the luncheon and reflect areas requiring improvement in future policy.
The minister also called on more American companies to invest in South Korea, emphasizing that there would be no "discrimination" against foreign companies.
His remarks came as alleged discrimination against U.S. companies operating in South Korea emerged as one of the issues raised during the tariff negotiations.
Some senior U.S. officials and lawmakers have raised concerns that American technology companies, as well as e-commerce giant Coupang, face regulatory disadvantages while operating in South Korea.
"Companies that invest in South Korea are Korean companies," Koo said. "There is no such thing as discrimination. The government will always stand behind you and provide its full support."
In response, AMCHAM Chairman and CEO James Kim said more than 30 high-level meetings involving the White House, the U.S. administration, Congress and leading policy institutions had been held recently.
"The next phase of the U.S.-Korea economic partnership must be built on tangible investment in strategic sectors, deeper technology cooperation and greater regulatory alignment, particularly in the digital economy," he said.
Kim further emphasized AMCHAM's commitment to helping advance a partnership defined not only by the two countries' security alliance but increasingly by investment, innovation, technology and public-private collaboration.
Earlier this week, Industry Minister Kim Jung-kwan met with U.S. Commerce Secretary Howard Lutnick and other U.S. officials to discuss key issues surrounding potential investment projects and their timelines.
khj@yna.co.kr
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