The Korea-U.S. strategic investment steering committee, which reviews and approves a $350 billion investment in the United States, is being fully launched. The Ministry of Finance and Economy and the Korea-U.S. Strategic Investment Corporation said on the 2nd that they held the first Korea-U.S. strategic investment steering committee meeting.
The Korea-U.S. strategic investment steering committee serves as the control tower overseeing investment in the United States. Projects that pass a vote of the steering committee are reported to the National Assembly and discussed with the United States, after which the U.S. president selects the investment destinations. The steering committee then proceeds to review and decide on the final investment, execution amount, and timing.
Accordingly, of the $350 billion, the $150 billion shipbuilding cooperation investment that has been finalized will proceed in the following order: discovery of public-private partnership projects - review by the project management committee - steering committee resolution - consultations with the United States and approval by the U.S. Investment Committee - steering committee resolution - execution by policy finance institutions. The shipbuilding cooperation investment consists of private foreign direct investment (FDI) and ship financing support.
The steering committee is composed of up to 15 members, including government Commissioners, Commissioners from the corporation, and civilian members. The government Commissioners consist of the Deputy Prime Minister and Minister of Finance and Economy, who is the Chairperson, the Minister of Foreign Affairs, the Minister of Trade, Industry and Resources, the Minister of the Ministry of Planning and Budget, the Chairperson of the Financial Services Commission (FSC), and Ministers of related ministries designated by the Chairperson for each agenda item. As civilian members, six experts in finance, investment, or industry were newly appointed and began two-year terms.