U.S. Department of Commerce building [AP=Yonhap News]

A seasoned expert in the investment sector has been tapped to lead the agency under the U.S. Department of Commerce that plays a pivotal role in facilitating investments into the U.S., including those from South Korea and Japan.

According to the U.S. Department of Commerce on the 2nd (local time), Andrew Silverstein has been selected as the next Director of the Investment Promotion Agency.

The Investment Promotion Agency was established in March of last year in accordance with an executive order by President Donald Trump.

The Department of Commerce explained that beyond maintaining significant investment levels within the U.S. and expediting regulatory reviews, the agency serves a critical role in ensuring that key U.S. partners fulfill the investment commitments made to President Trump to strengthen essential supply chains.

The Department of Commerce added that these commitments total over $1 trillion, including $550 billion from Japan, $350 billion from South Korea, and $250 billion from Taiwan.

The department introduced Silverstein as a professional with over 30 years of experience in real estate, private equity, and investment banking, with a track record of planning and managing numerous large-scale investments.

Secretary of Commerce Howard Lutnick emphasized, "With Andrew’s extensive experience and successful track record in negotiating and executing large-scale transactions, the Investment Promotion Agency will be able to lead strategic investments in the U.S., create opportunities for Americans, and fulfill President Trump’s vision of strengthening our economy and national security."

The inaugural director of the Investment Promotion Agency was Michael Grimes, known as 'Elon Musk’s banker.' He returned to Morgan Stanley earlier this year.