Seoul: 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.

According to Yonhap News Agency, 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 Park studied international economics at Seoul National University and started his career as a civil servant in 1996.