▲ The Commerce Department building in Washington. (Yonhap)

commerce dept-investment official

Investment expert named to head Commerce Dept. agency overseeing investment commitments by S. Korea, Japan

By Song Sang-ho

WASHINGTON, July 2 (Yonhap) -- The U.S. Commerce Department has named a veteran investment professional to lead a body tasked with executing investment commitments by South Korea, Japan and other partners under bilateral trade deals with Washington.

The department announced Monday that it has named Andrew Silberstein, an expert with decades of experience in real estate, private equity and investment banking, as the next executive director of the U.S. Investment Accelerator. He will succeed Michael Grimes.

In March last year, U.S. President Donald Trump established the Investment Accelerator under the department through an executive order to attract foreign and domestic investment and expedite regulatory review.

The department said that the Investment Accelerator plays a "central" role in executing the investment commitments by key U.S. trading partners, including South Korea.

"These include more than US$1 trillion in landmark commitments -- $550 billion from Japan, $350 billion from South Korea, and $250 billion from Taiwan -- directed toward semiconductors, energy, critical minerals, and other strategic sectors," the department said, explaining the role of the body.

To date, the U.S. Investment Accelerator has overseen negotiations for more than $500 billion in large-scale projects across the country, it said.

Silberstein most recently served as the head of private markets for the real estate investment arm of Neuberger.

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