Seoul, Feb 15 (IANS) South Korea is preparing to form a team of working-level specialists to back a newly launched government committee tasked with the preliminary review of potential investment projects in the United States as part of a trade deal between the two countries, trade authorities said on Sunday.
The move comes shortly after the Korea-US strategic investment memorandum of understanding (MOU) implementation committee held its inaugural meeting on Friday to explore potential projects, as the National Assembly also seeks to legislate a special bill to support possible investments, according to the authorities.
Led by Industry Minister Kim Jung-kwan and comprising vice ministerial officials from relevant ministries and chiefs of state-run financial institutions, the committee will serve as the “single window” overseeing investment consultations with the US and assessing the commercial rationality and economic value of potential projects, according to the ministry.
The government reportedly plans to dispatch officials from relevant ministries, as well as include financial, legal and market experts on US investments to support the committee, reports Yonhap news agency.
The launch of the MOU implementation committee came after US President Donald Trump threatened to raise “reciprocal” tariffs and auto duties on Korea back to 25 per cent last month, citing a delay in Seoul’s legislative process to implement the bilateral trade deal finalised late last year.
The MOU on strategic investment between the two countries was made as part of the deal, with Korea committing a US$350 billion investment in the US in exchange for tariff cuts.
Earlier this month, the National Assembly also formed a special committee to expedite the legislation of the special bill on investment in the US.
–IANS
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