President Lee Jae-myung expressed appreciation after the Special Act on the Operation and Management of Strategic Investment between the Republic of Korea and the United States (hereinafter, the special act on investment in the United States), which centers on establishing the Korea-U.S. Strategic Investment Corporation to carry out $3500 billion (about 518 trillion won) in investment in the United States, passed a plenary session of the National Assembly, saying it was a "meaningful case that showed there is no divide between the ruling and opposition parties before a national task."
On the 12th on X (formerly Twitter), Lee said, "I extend my deep gratitude to the National Assembly for making a grand decision for our economy and security." Lee said, "With the passage of the special act, the institutional and legal foundation has been laid to implement the Korea-U.S. tariff agreement," adding, "Going forward, the two countries will build an even closer and stronger framework of cooperation in strategic industries, including shipbuilding and energy."
Lee added, "Amid the recent Middle East crisis, uncertainty in the international order and the global economic environment is growing," and said, "I hope the passage of this special act will ease the crisis facing our corporations and serve as an opportunity for more active investment and cooperation." Lee also wrote, "To the Commissioners of the Special Committee on Investment in the United States who worked hard to review the bill, thank you for your efforts."
The $3500 billion in investment in the United States for which the government signed a memorandum of understanding (MOU) with the U.S. administration of Donald Trump in Nov. last year is slated to allocate $1500 billion to the Make America Shipbuilding Great Again (MASGA) initiative and $2000 billion to strategic industries such as semiconductors, nuclear power, secondary batteries, and bio. Separately, Korea pledged to purchase U.S.-produced liquefied natural gas (LNG), liquefied petroleum gas (LPG), and more totaling $1000 billion over the next four years.
The special act includes establishing the Korea-U.S. Strategic Investment Corporation to execute investment in the United States. The corporation's capital is 2 trillion won, fully funded by the government. The timing and method of the investment will be set by presidential decree. The CEO's term is three years, limited to those with at least 10 years of experience in finance or strategic industries. If the government pushes an investment for unavoidable reasons without sufficient "commercial rationality," it must obtain prior consent from the competent standing committee of the National Assembly.