As South Korea and the USA have agreed to create a $200 billion funding program within the U.S., Minister of Commerce, Trade and Sources Kim Jung-kwan stated on Nov. 3 that this system is structured to provide precedence to South Korean corporations working in the USA.
Talking on the “one hundred and ninetieth Mid-Sized Enterprise CEO Luncheon” held on the Grand Hyatt Lodge in Yongsan-gu, Seoul, on Nov. 3, Minister Kim stated, “It isn’t that we’re merely giving $200 billion to the USA.”
He additionally elaborated on the construction of the $200 billion U.S. funding program, saying, “There’s an funding committee chaired by U.S. Secretary of Commerce Howard Lutnick and a cooperation committee chaired on my own as Minister of Commerce, Trade and Vitality.” He emphasised, “Using the $200 billion will proceed solely with the consent of each committees,” including, “The usual for executing the $200 billion will probably be industrial rationality – that’s, tasks able to producing money circulation.”
Minister Kim additional defined, “Previously, when South Korean corporations entered the U.S. market, they relied solely on their very own funds and self-financing. Going ahead, there will probably be one other technique obtainable,” and urged, “Don’t suppose this cash has nothing to do with you as mid-sized corporations. Corporations wishing to enter the U.S. market ought to actively discover methods to put it to use.”
Concerning the documentation of the outcomes of the Korea-U.S. tariff negotiations, he stated the drafting of the memorandum of understanding (MOU) or the accompanying reality sheet is nearing completion. Minister Kim famous, “I can’t say it will likely be right now or tomorrow, however it received’t be lengthy,” including, “We’ll quickly clarify the detailed contents to every affiliation and firm.”
In the meantime, Minister Kim additionally shared his impressions of assembly U.S. President Donald Trump. Referring to President Trump’s remark calling him a “powerful negotiator,” he stated, “In my life, to be known as powerful by the hardest particular person on the earth — it was the primary time anybody had ever stated that to me, and I think about it a terrific honor for my household.”
