Koo Yun-cheol, deputy prime minister for the economy and Minister of the Ministry of Economy and Finance, said on the 10th, "The government will establish a system to conduct preliminary reviews of the business feasibility of candidate investments until the National Assembly passes the special act on investment in the United States." With the United States notifying that it will raise the tariff rate on Korean-made automobiles and other goods from 15% to 25% due to delays in handling the special act on investment in the United States, the government plans to begin preparations before the law passes. Earlier, President Lee Jae-myung was said to have ordered a preliminary review.
The government held a meeting of foreign economic Ministers on the day and discussed the "temporary implementation framework for carrying out the Korea-U.S. strategic investment MOU." In opening remarks, Deputy Prime Minister Koo said, "Even if the special act passes, it will take about three more months to implement it after preparations such as enacting subordinate regulations." He added, "Until the special act is legislated and implemented, we seek to establish a system that allows preliminary reviews of candidate projects identified by both sides within the scope administratively possible."
The government said it will operate the "strategic investment MOU implementation committee" on a temporary basis. The committee will include the Minister of the Ministry of Trade and Industry (MOTI), Vice Ministers of related ministries, and related agencies. Under the committee, a "project preliminary review team" composed of external experts will be established. Deputy Prime Minister Koo said, "Final investment decisions and execution will be pursued after the special act passes and takes effect, comprehensively considering the project's commercial rationality and financial conditions, including the foreign exchange market."