Seoul: The National Assembly is scheduled to convene on Thursday for a plenary session to cast votes on a special bill concerning South Korea's commitment to invest $350 billion in the United States. This move follows a bipartisan agreement reached earlier this week between the ruling Democratic Party (DP) and the main opposition People Power Party (PPP).

According to Yonhap News Agency, the bill received approval on Wednesday during a meeting of the parliamentary legislation and judiciary committee. The legislation outlines the establishment of a state-run corporation, which will be responsible for executing the investment package. This entity will be launched with a paid-in capital of 2 trillion won ($1.36 billion), fully funded by the South Korean government.

The newly formed corporation will employ a workforce of 50 individuals, and it mandates that three board members possess a minimum of 10 years of experience in the financial sector or strategic industries. This requirement aims to prevent cronyism in appointments.

Originally introduced by the DP in November, the bill is designed to fulfill Seoul's investment commitments to the U.S. as part of a trade agreement made by the two nations last year. The legislation specifies the necessary procedures for implementing these investments, including the execution of memorandums of understanding and the creation of a "strategic investment fund" for the $350 billion initiative.

The South Korean government has been keen to expedite the bill's passage, especially after U.S. President Donald Trump signaled the possibility of reinstating higher reciprocal tariffs on Korean goods. The tariffs, which could increase from 15 percent to 25 percent, were threatened due to delays in South Korea's legislative process, which are crucial for advancing the trade deal.