Seoul: The National Assembly passed a special bill on Thursday concerning South Korea's US$350 billion investment pledge to the United States, a move that has received bipartisan support from both the ruling Democratic Party (DP) and the main opposition People Power Party (PPP).

According to Yonhap News Agency, the bill's approval comes approximately three months after its introduction by the ruling party in November. The legislation aims to facilitate Seoul's investments in the U.S. by implementing memorandums of understanding and establishing a "strategic investment fund" for the $350 billion package. The investment will be divided into $150 billion for shipbuilding cooperation and $200 billion for projects in strategic sectors.

The bill also outlines the creation of a new state-run corporation to implement the investment package, with a paid-in capital of 2 trillion won (US$1.36 billion) fully financed by the South Korean government. This corporation will employ 50 people, with the board of directors comprising three members who must have at least 10 years of experience in the financial sector or strategic industries, aiming to prevent crony appointments.

The urgency to pass the bill was heightened after U.S. President Donald Trump threatened to increase reciprocal tariffs on Korean goods back to 25 percent from 15 percent in January, citing delays in Seoul's legislative process necessary to advance the trade deal.

In response, the DP and the PPP formed a special committee to expedite the legislation, reaching an agreement to pass the bill earlier this week after extensive discussions.