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(Seoul=Yonhap Infomax) Nam Kyoung Hwang – Kim Byung-ki, Floor Leader of the Democratic Party of Korea, stated on the 26th that the Special Act on US Investment is, in essence, a law for the national interest, and pledged to meticulously refine the legislation after listening to on-site demands to ensure it delivers tangible benefits to the South Korean economy.
Speaking at the party’s Supreme Council meeting at the National Assembly on Wednesday morning, Kim said, “This morning, I personally introduced the Special Act on Strategic Investment with the United States as the lead sponsor.”
Kim emphasized, “Even the act of submitting this bill immediately serves the national interest. The automobile tariff, previously set at 25%, will be retroactively reduced to 15% as of November 1.”
He added, “This legislation provides the legal foundation to implement the strategic investment memorandum of understanding signed between South Korea and the United States on November 14. It encompasses $200 billion in cooperation for strategic sectors such as shipbuilding, semiconductors, pharmaceuticals, critical minerals, energy, artificial intelligence, and quantum computing, including $150 billion specifically for shipbuilding.”
Kim further explained, “The bill establishes the Korea-US Strategic Investment Corporation and a Strategic Investment Fund to systematically secure financial resources. Investment decisions are designed to be made based on commercial viability and strategic considerations.”
“While speed is important, prudence and thoroughness will remain our guiding principles,” Kim said. “We will ensure that opportunities created through diplomacy are translated into investment and job creation. I will take full responsibility to see that South Korea rises as a hub for strategic industries.”
Earlier in the day, Kim Byung-ki officially submitted the “Special Act for the Management of Korea-US Strategic Investment” as the lead sponsor.
The bill centers on establishing the Korea-US Strategic Investment Fund and creating the Korea-US Strategic Investment Corporation to manage the fund and facilitate US-bound investments.
nkhwang@yna.co.kr
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