On October 10, South Korea's Deputy Prime Minister and Minister of Finance Koo Yun-cheol addressed the need for a preliminary review of candidate investment projects in the U.S. prior to the enactment of the 'Special Law for Strategic Investment Management between South Korea and the U.S.' He emphasized this proactive approach is essential to mitigate misunderstandings coming from the U.S. regarding the speed of South Korean investments, particularly as the legislative process for the special law may take time. Koo held a meeting at the Seoul Government Complex to establish a temporary system for implementing a Memorandum of Understanding (MOU) between the countries related to strategic investments.

During the meeting, Koo proposed the creation of an administrative framework to conduct preliminary reviews of candidate projects identified by both countries before the special law is enacted. He explained that even after the law passes, it could take an additional three months for the implementation phase, which includes establishing subordinate regulations. This delay could unnecessarily damage trust between South Korea and the U.S., which is why the temporary measures are being put in place.

The temporary system will be directed by the Minister of Trade, Industry and Energy, replacing the Fund Operation Committee indicated in the special law. A 'Strategic Investment Implementation Committee,' which will include members from various ministries and agencies, will operate on a limited-term basis. To ensure thorough evaluations of the commercial viability of the candidate projects, a Business Preliminary Review Committee composed of experts will be established under the implementation committee. Final investment decisions will be made after considering the outcomes of the special law’s implementation and evaluating factors such as financial conditions in the foreign exchange market.