Special Act on Investment in the United States Passes National Assembly Judiciary Committee, to Be Voted on at Plenary Session on the 12th

[Financial News] The Special Act on Investment in the United States, designed to support the implementation of the Korea-U.S. trade agreement, passed the full session of the Legislation and Judiciary Committee of the National Assembly on the 11th. It will be put to a vote at the plenary session on the 12th.
Choo Mi-ae, chair of the Legislation and Judiciary Committee, convened a full committee meeting at the National Assembly on Tuesday morning and passed the Special Act on Investment in the United States with 11 votes in favor and 1 abstention out of 12 members present. The bill sets out how to pursue a total of 350 billion dollars in investment in the United States under the Korea-U.S. trade agreement and how to raise the necessary funds.
At the core of the bill is the establishment of a new Korea-U.S. Strategic Investment Corporation to support strategic investment in the United States, and the creation of a Korea-U.S. Strategic Investment Fund within the corporation. The fund will be financed through capital contributions to the corporation, entrusted assets, and the issuance of Korea-U.S. Strategic Investment Bonds.
The bill also defines a standard of "commercial reasonableness" for investments and requires prior approval from the National Assembly if any investment in the United States is pursued without meeting that standard. It further provides for the establishment of an operations committee under the corporation to deliberate and decide on candidate projects for investment in the United States.
The ruling and opposition parties plan to give priority to passing the Special Act on Investment in the United States at the plenary session on the 12th.
gowell@fnnews.com Reporter Kim Hyeong-gu Reporter