Business Community Welcomes Passage of Special Act on Investment in the US by Special Committee, Hopes for Plenary Approval

The business community welcomed the passage of the Special Act on Investment in the United States by the National Assembly's special committee, evaluating it as a strategic move that could mitigate external trade risks for Korean companies.

Six major business organizations—the Federation of Korean Industries, the Korea Chamber of Commerce and Industry, the Korea Employers Federation, the Korea International Trade Association, the Korea Federation of SMEs, and the Korea Federation of Middle Market Enterprises—issued a joint statement on March 9, making this announcement.

On March 9, during the 4th plenary session of the Special Committee for the enactment of the Special Act on Investment in the United States held at the National Assembly, Committee Chairman Sanghoon Kim presented the special bill for strategic investment management between Korea and the United States (Special Act on Investment in the United States). Photo by Hyunmin Kim

The six organizations stated, "We welcome the bipartisan agreement that led to the passage of the Special Act on Investment in the United States by the National Assembly's special committee in a time of growing uncertainty in the global trade environment." They emphasized, "The special act provides an institutional foundation for alleviating tariffs and trade risks, marking significant progress in enhancing predictability for our companies' external trade activities."

They added, "We expect this to have a positive effect in helping companies secure stable global supply chains and in expanding Korea-U.S. economic cooperation. We hope the special act will pass the plenary session without delay, and the business community will also actively contribute to restoring vitality to the Korean economy by strengthening global competitiveness and expanding exports."

Previously, the National Assembly Special Committee for the Legislation of the Special Act on Investment in the United States held a full meeting on the same day and unanimously approved the "Special Act on Strategic Investment Management between Korea and the United States" (Special Act on Investment in the United States) with bipartisan support.

The Special Act on Investment in the United States was established to implement the Korea-U.S. Memorandum of Understanding (MOU) on strategic investment, under which Korea plans to pursue investments in the United States totaling USD 350 billion (approximately KRW 520 trillion). The act calls for the establishment of the (tentatively named) Korea-U.S. Strategic Investment Corporation to oversee investment projects, as well as the creation and operation of a Risk Management Committee.

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