Bill enables tariff cuts, launches $350 bil. Korea-US investment drive

The introduction of a special act on managing Korea–U.S. strategic investment at the National Assembly on Wednesday has paved the way for launching a state-established investment corporation and fund. These entities will facilitate and oversee a $350 billion investment into the United States, an amount agreed upon during the recent bilateral summit between Seoul and Washington. The bill, proposed earlier in the day by ruling Democratic Party of Korea (DPK)'s floor leader Kim Byung-kee, calls for the establishment of the Korea–U.S. Strategic Investment Fund and a dedicated state-run corporation to manage and operate it. At the beginning of the bill, the purpose is clearly stated: “The purpose of this act is to strengthen cooperation between Korea and the U.S. in strategic industrial sectors by temporarily establishing the Korea–U.S. Strategic Investment Fund and the Korea–U.S. Strategic Investment Corporation to manage it, and by facilitating commercially viable investments. Through these measures, it aims to enhance bilateral economic cooperation and promote the development oWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times