Special Act on U.S. Investment Passes Judiciary Committee; Korea-U.S. Parliamentary Association to Visit U.S. on 23rd to Explain

The "Special Act on Strategic Investment in the United States" and the "Request for a National Assembly Investigation into Alleged Fabricated Indictments by Prosecutors under the Yoon Suk Yeol Administration" are scheduled to be put to a vote at the plenary session of the National Assembly of the Republic of Korea on the 12th.
The Special Act on U.S. Investment first passed the full session of the Legislation and Judiciary Committee on the 11th. It is to be voted on at the plenary session on the 12th. The bill was approved on a bipartisan basis on the 9th by the Special Committee on the Handling of the Special Act on U.S. Investment.
The core of the bill is the establishment of the Korea-U.S. Strategic Investment Corporation, which will execute U.S.-bound investments worth 350 billion dollars under the Korea-U.S. customs agreement. The corporation will have paid-in capital of 2 trillion won, fully funded by the government. It will be run by a three-member board and employ up to 50 staff. To mitigate risks in investment decision-making, a Risk Management Committee will be set up within the corporation, in addition to the existing Project Management Committee under the Ministry of Trade, Industry and Resources (MOTIR) and the Operations Committee under the Ministry of Finance and Economy.
A Korea-U.S. Strategic Investment Fund will also be created to finance investments in the United States. In addition to contributions from the corporation, the fund will be sourced from assets entrusted by outside institutions, issuance of the Korea-U.S. Strategic Investment Bond, loans from the government and financial institutions, and returns from fund operations. U.S.-bound investment projects must be reported to the National Assembly in advance, and investment information will be disclosed, except for matters involving national security or corporate trade secrets.
The bipartisan agreement on the Special Act on U.S. Investment was driven by pressure from the administration of Donald Trump in the United States of America (U.S.) to reimpose and newly impose tariffs. As a follow-up to the legislation, the Korea-U.S. Parliamentary Association will visit the U.S. on the 23rd to directly explain how the Special Act on U.S. Investment will be implemented. The delegation also plans to discuss specific investment projects and to outline legislative measures aimed at addressing what the U.S. side has criticized as unfair treatment of digital companies, in an effort to win support.
In addition, the Democratic Party of Korea (DPK) on the same day submitted a request for a parliamentary investigation into alleged fabricated indictments related to the Daejang-dong development scandal, alleged funds sent to North Korea, and the shooting death of a public official in the Yellow Sea. After the request is reported to the plenary session on the 12th, the ruling and opposition parties are expected to begin talks on forming a special committee for the investigation. Han Byung-do, floor leader of the Democratic Party of Korea, said at a task force meeting that "the ugly face of fabricated indictments by prosecutors is being revealed" and pledged, "We will work to have these unjust indictments withdrawn."
uknow@fnnews.com Kim Yun-ho Reporter