Seoul, March 12 (IANS) South Korea’s National Assembly on Thursday passed a special bill on South Korea’s USD350 billion investment pledge to the United States under a trade deal between the two nations, around three months after it was first introduced by the ruling party.
The bill was approved during a plenary session of the Assembly with support from both the ruling Democratic Party (DP) and the main opposition People Power Party (PPP).
Shortly after the bill was passed, South Korean President Lee Jae Myung said he will proceed with follow-up measures for the implementation of the legislation without delay, Yonhap News Agency reported.
“I will do my best to ensure that the strategic investment contributes not only to the economic development of both South Korea and the US but also to stability of supply chains and the promotion of national security interests,” Lee wrote on his social media account on X.
The bill’s passage comes around three months after the DP introduced the bill in November to carry out Seoul’s investments in the US, including implementing a set of memorandums of understanding and the establishment of a “strategic investment fund” for the USD 350 billion package.
The investment will comprise USD 150 billion for shipbuilding cooperation and USD 200 billion for projects in strategic sectors.
Under the bill, a new state-run corporation specialized in implementing the investment package will be set up with a paid-in capital of 2 trillion won (US$1.36 billion), fully financed by the South Korean government.
The corporation will consist of a total workforce of 50 employees, and three members on the board of directors will be required to have at least 10 years of experience in the financial sector or strategic industries to prevent crony appointments.
The government has been seeking to accelerate the passage of the bill after US President Donald Trump threatened to raise reciprocal tariffs on Korean goods back to 25 per cent from 15 per cent in January, citing a delay in Seoul’s legislative process needed to move the trade deal forward.
The DP and the PPP set up a special committee to fast-track the legislation and reached an agreement to pass the bill earlier this week after months of discussions.
–IANS
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