According to Yonhap News Agency, Koo's comments come amid pressure from Washington over several unresolved trade issues following South Korea's agreement last year to invest in the U.S. This agreement facilitated a reduction in the U.S. tariff rate on South Korean imports from 25 percent to 15 percent. Koo assured during a luncheon hosted by the American Chamber of Commerce in Korea (AMCHAM) in Seoul, "We are not deliberately delaying the process."
Out of the $350 billion, $150 billion has been earmarked for cooperation in the shipbuilding sector, with ongoing negotiations concerning the implementation of the remaining $200 billion. "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 stated. "I can't provide specific details, but we are moving forward step by step."
Koo stressed the significance of U.S. and South Korean private sectors collaborating to identify commercially viable projects, expressing hope that AMCHAM would act as a bridge between the two governments. As a part of these efforts, he highlighted the official launch of the Korea-U.S. Strategic Investment Corporation in June to set a foundation for the investment plan's implementation.
Koo also mentioned that the government would work closely with relevant ministries to review suggestions made during the luncheon and incorporate areas needing improvement into future policies. He urged more American companies to invest in South Korea, assuring that there would be no "discrimination" against foreign firms.
His statements followed concerns about alleged discrimination against U.S. companies in South Korea, an issue raised during the tariff negotiations. Some U.S. officials and lawmakers have expressed worries that American tech firms and e-commerce giant Coupang face regulatory challenges in South Korea. "Companies that invest in South Korea are Korean companies," Koo noted. "There is no such thing as discrimination. The government will always stand behind you and provide its full support."
AMCHAM Chairman and CEO James Kim responded by noting that more than 30 high-level meetings involving U.S. government and policy leaders had recently taken place. "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 stated.
Kim further emphasized AMCHAM's role in fostering a partnership defined 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 officials to discuss key issues related to potential investment projects and timelines.