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South Korea Finance Minister Launches Steering Committee to Oversee $350 Billion U.S. Investment Pledge
South Korea's finance minister convened the inaugural meeting of a steering committee on July 2 to review projects under the country's $350 billion investment commitment to the United States. The Korea-U.S. Strategic Investment Corp. will manage decisions and funds for the pledge made last year.
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South Korea's finance minister on Thursday convened the inaugural meeting of a steering committee to review potential investment projects in the United States under a $350 billion pledge. Finance Minister Koo Yun-cheol hosted the session with the Korea-U.S. , which will handle decision-making and fund management, Yonhap reported.
The pledge was made last year during trade negotiations with Washington. The National Assembly passed the Special Act on Korea-U.S. Strategic Investment Management in March. Potential projects must first pass review by a project management committee led by the industry minister and by the steering committee before receiving National Assembly approval ahead of consultations with Washington.
Koo proposed three keywords to guide the projects: together, opening and productive. "We will aim to implement a win-win investment that benefits both South Korea and the U.S. together," he said in opening remarks.
"(The projects) will also offer an opening to opportunities to our companies," Koo said. " "The strategic investment in the U.S. is neither unilateral support nor aid. It is an investment intended to secure South Korea's future," he added.
The committee will monitor market conditions and negotiate investment size and timeline to include safety measures.
