S. Korea launches committee for preliminary review of US investment projects
Industry Minister Kim Jung-kwan, second from left, speaks during a Cabinet meeting held at the Government Complex Sejong, Tuesday. Yonhap
The South Korean government said Tuesday it has launched a committee to preliminarily review potential investment projects in the United States under a bilateral strategic investment agreement.
The government published a presidential directive in the official gazette establishing a temporary implementation committee for the Korea-U.S. strategic investment memorandum of understanding (MOU) signed in November.
The move marks a preparatory step toward establishing a new state-run corporation tasked with implementing Seoul's envisioned $350 billion investment in the U.S. after the National Assembly of South Korea passed a special bill to support the initiative last week.
The special legislation will take effect three months after its proclamation.
As part of efforts to speed up procedures to select U.S. investment projects before the law takes effect, Seoul launched the committee to conduct preliminary reviews of potential projects.
The strategic investment MOU implementation committee, headed by the industry minister, will oversee investment consultations with Washington and assess the commercial feasibility and economic value of potential projects, according to the Ministry of Trade, Industry and Resources.
Details of the potential projects currently under review has yet to be disclosed, but they are expected to be in line with the bilateral MOU between Seoul and Washington, which outlines cooperation in advanced industries, including energy, semiconductor, pharmaceuticals, critical minerals and artificial intelligence (AI), as well as shipbuilding.