Former Trade Official Tapped to Lead New Korea-U.S. Investment Firm
En resumen
- A former trade official, Park Jong-won, has been appointed as the first head of the Korea-U.S.
- Strategic Investment Corporation, a new state-run company established to manage South Korea's $350 billion investment pledge to the United States.
Resumen generado por IA
By Kang Yoon-seung
SEOUL, June 17 (Yonhap) -- A former trade official has been tapped as the inaugural head of a new state-run company tasked with implementing Seoul's US$350 billion investment pledge to the United States, the finance ministry said Wednesday.
Park Jong-won, who served as deputy trade minister until October last year, was named chief of the Korea-U.S. Strategic Investment Corporation, according to the Ministry of Finance and Economy.
The new company will officially set sail on Thursday after the National Assembly passed the Special Act for Korea-U.S. Strategic Investment Management in March.
In October last year, Seoul and Washington reached an agreement on South Korea's $350 billion investment pledge made in return for lower U.S. tariffs.
The investment will comprise $150 billion for shipbuilding cooperation and $200 billion for projects in various strategic sectors.
Under the law, the new company will operate for 20 years, with the government providing 2 trillion won (US$1.3 billion) in cash as its establishment fund.
The 56-year-old studied international economics at Seoul National University and started his career as a civil servant in 1996.
