On December 12, the South Korean National Assembly approved the Special Law for Investment in the U.S., which facilitates a strategic investment of $350 billion across various sectors including shipbuilding and semiconductors. During the session, 226 out of 242 present lawmakers supported the bill while only 8 opposed it and another 8 abstained. This legislation aims to implement the memorandum of understanding (MOU) concerning strategic investments between South Korea and the United States, establishing a Korean-American Strategic Investment Corporation and a risk management committee to oversee the investments.

The new law will also include the establishment of a strategic investment fund dedicated to managing and executing the significant investments in the U.S. The South Korean government is required to present annual reports on the management and operation of this fund to the relevant National Assembly committee and must report on potential investment projects in advance. Moreover, if any investments lack commercial viability due to unavoidable circumstances, prior consent must be obtained from the relevant committee, ensuring oversight and accountability for the investments being made.

This legislative development marks a significant step in strengthening economic ties between South Korea and the United States, particularly in the face of growing global competition in key industries. The establishment of dedicated corporations and committees aims to ensure that the large-scale investments are managed effectively and strategically, ultimately benefitting both nations and fostering deeper cooperation in technological development and industrial growth.