Ex-trade official tapped to lead new S. Korea-U.S. investment firm

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.

This photo provided by the Ministry of Finance and Economy on June 17, 2026, shows Park Jong-won, the newly named chief of the Korea-U.S. Strategic Investment Corporation. (PHOTO NOT FOR SALE) (Yonhap)