South Korea’s National Assembly has approved a special bill related to South Korea’s commitment of USD 350 billion to the United States under a trade agreement. The bill received bipartisan support from the ruling Democratic Party and the main opposition People Power Party. President Lee Jae Myung has pledged to swiftly implement the legislation following its passage.
The investment package includes USD 150 billion for shipbuilding cooperation and USD 200 billion for projects in strategic sectors. A new state-run corporation will be established to oversee the investment, with a paid-in capital of 2 trillion won fully funded by the South Korean government. The corporation will have 50 employees, and board members must have significant experience in finance or strategic industries.
Efforts to expedite the bill’s approval were intensified after US President Donald Trump threatened to increase tariffs on Korean goods. The bill’s passage comes after months of deliberations and the formation of a special committee by the Democratic Party and the People Power Party to accelerate the legislative process.
