Korea launches public-private committee to set up US investment management agency
The National Assembly holds a plenary session to vote on a special bill on Korea's $350 billion investment pledge to the U.S. in Seoul, Thursday. Yonhap
The government on Wednesday launched a committee tasked with establishing a state agency to manage investment projects in the United States under a bilateral strategic investment agreement, the finance ministry said.
As a follow-up to a special bill tied to Seoul's $350 billion investment pledge to Washington, the government plans to establish a public corporation responsible for the creation, management and operation of the investment fund.
The establishment committee, chaired by First Vice Finance Minister Lee Hyoung-il, consists of seven members, including four from the private sector, the Ministry of Finance and Economy said.
The initiative comes as the special law is set to take effect three months after its promulgation. The National Assembly passed the bill last week.
Lee said the committee will ensure that all necessary preparations and procedures are carried out without disruption so the agency can be launched in line with the law's implementation on June 18.