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South Korea’s parliament on Thursday passed a special bill to establish a state-run investment corporation to manage Seoul’s planned $350 billion investment into the U.S.
The new corporation will specialize in implementing the investment package, according to South Korean media outlet Yonhap, and will be fully financed by the government.
The passage of the legislation will mean that Seoul will have the legal framework it needs to carry out its investment commitment made to Washington in exchange for more favorable “reciprocal” tariff rates.
The investment comprises $150 billion toward shipbuilding and $200 billion for projects in strategic sectors that will be capped at $20 billion a year.
