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"It's not yet time to say whether the 'Louisiana Project' will be the first investment"
"Tariffs after investigation under US Trade Act Section 301, efforts to keep them within the scope of restoring the old mutual tariff of 15%"
Minister of Trade, Industry and Energy Kim Jung-kwan, who visited the United States, announced on the 6th (local time) that South Korea's first investment in the US, following the Korea-US trade agreement, would be announced after June.
When asked about the timing of the announcement of the 'No. 1 investment in the US' at a meeting with reporters at Dulles International Airport near Washington D.C., Minister Kim replied, "For specific projects, since the law (Special Act on Investment in the US) will be implemented after June, we will be able to talk about such things after the law is implemented."
The Special Act on Investment in the US (Special Act on Korea-US Strategic Investment Management), which passed the National Assembly on March 12, will take effect on the 18th of next month.
When asked whether the liquefied natural gas (LNG) export terminal construction project in Louisiana, USA, was being considered as the first investment, Minister Kim replied, "It is true that the Louisiana project was among the (projects under consideration)," but added, "It is not yet time to say whether it can be the first."
When asked if the implementation of investment in the US was being delayed compared to Japan, Minister Kim said, "I don't think the investment is being delayed because the procedures are currently being closely discussed between working-level officials," and "There is a part where our start itself was later than Japan."
He added, "A specific project is not something that happens just by announcing it; it needs to be specifically executed," and "I'm not even sure if (Korea) can truly be said to be later than Japan."
Regarding the investigation under Section 301 of the US Trade Act, which the US Trade Representative (USTR) is conducting against South Korea and Japan, Minister Kim stated that he understood its purpose to be "restoring the 15% (mutual tariff that was ruled illegal)," and that the US measures following the investigation results "will likely be within that scope. We will do our best to ensure they remain within that scope."
He anticipated that "there may be an opportunity to discuss Section 301 investigation appropriately" with the Donald Trump administration during his visit to the US.
Minister Kim visited Ottawa, Canada, the previous day and met with Mélanie Joly, Minister of Industry, and Tim Hodgson, Minister of Energy and Natural Resources, to request the Canadian government's interest and support for winning a Canadian submarine project before moving to Washington.
In Washington, Minister Kim is scheduled to hold preliminary consultations on Korea-US strategic investment with key government officials of the Trump administration, including Secretary of Commerce Howard Lutnick, and to contact federal congressional officials regarding investment in the US and trade issues.
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