Industry minister says first US project to come after June

May 07, 2026, 09:50 am

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Industry Minister Kim Jung-kwan shakes hands with Mélanie Joly during their meeting in Canada on May 5. / Ministry of Trade, Industry and Energy

Kim Jung-kwan, South Korea’s Minister of Trade, Industry and Energy, said Korea plans to announce its first investment project in the United States after June, while remaining cautious about whether a proposed LNG export terminal project in Louisiana would become the inaugural case.

Speaking to reporters at Dallas Airport near Washington, D.C. on May 6, Kim said detailed investment projects could only be discussed after the Korea-US Special Investment Act takes effect in June.

“The special investment law for the United States will be implemented after June, so specific projects can be discussed after the law takes effect,” Kim said.

Under the legislation, the Korea-US Strategic Investment Corporation, which will oversee the implementation of Korea’s pledged $350 billion investment in the United States, is expected to complete its establishment process in June before beginning full operations.

Asked whether the LNG export terminal construction project in Louisiana was being considered as the first investment project, Kim acknowledged it had been under review but added, “It is still too early to say whether it will become the first project.”

Kim also commented on the ongoing Section 301 investigation by the Office of the United States Trade Representative (USTR) targeting countries including South Korea and Japan. He said the purpose of the probe appeared to be restoring the previously invalidated 15% reciprocal tariff.

“I understand the purpose is to restore the 15% reciprocal tariff,” Kim said. “We will make every effort to ensure any U.S. measures remain within that scope.”

Prior to visiting the United States, Kim traveled to Canada, where he met with Joly and Tim Hodgson to support Korea’s bid for the Canadian Patrol Submarine Project (CPSP), valued at around 60 trillion won ($43 billion).

The CPSP aims to build up to 12 diesel-powered submarines to replace Canada’s aging Victoria-class fleet, which is expected to retire in the mid-2030s.

A consortium formed by Hanwha Ocean and HD Hyundai Heavy Industries, along with Germany’s TKMS, has been shortlisted for the project, with a final decision expected next month.

Kim said he and Joly shared updates regarding the submarine deal and discussed support for Korean companies investing in Canada.

He also met Senator Hassan Yussuff to discuss strategic cooperation related to the submarine project.

In addition, Kim met Flavio Volpe and discussed defense industry cooperation following the signing of an MOU between Hanwha Aerospace, Hanwha Ocean and the APMA.

During talks with Hodgson, the two sides agreed to deepen bilateral cooperation on critical minerals through a joint working group.

South Korea and Canada also signed two MOUs on international joint research for icebreakers and industrial technology cooperation, laying the groundwork for practical collaboration in shipbuilding and R&D sectors.

#Kim Jung-kwan #Mélanie Joly #US investment #LNG export terminal #Louisiana