South Korea's National Assembly passes special law on US investment

Yonhap News Agency reported that on the 12th, the South Korean National Assembly held a plenary session and passed the “Special Act on Managing Strategic Investments Between South Korea and the U.S.” (abbreviated as the “Special Act on Investments for the U.S.”). In response, South Korean President Lee Jae-myung said this is a “case of great significance,” showing that there is no distinction between ruling and opposition parties in the face of national issues. Yonhap News Agency said the bill is intended to implement South Korea’s U.S. investment projects on a scale of $350 billion, and its core contents include: the South Korean government will contribute 2 trillion won to establish the “South Korea-U.S. Strategic Investment Corporation,” with 1,000 won roughly equal to 4.65 yuan. The specific timing and method of the contributions will be determined by a presidential decree. The term of the corporation’s president will be 3 years and the president must have at least 10 years of work experience in the financial sector or the strategic industries. The corporation will also set up a “South Korea-U.S. Strategic Investment Fund” to invest in investment institutions designated by the U.S. government, and provide loans and guarantees for shipbuilding cooperation investment projects, among other things. (Global Times)