Seoul: The South Korean government announced the formation of a committee to conduct preliminary reviews of prospective investment projects in the United States, as part of a bilateral strategic investment agreement. This initiative is a step towards creating a state-run corporation that will manage Seoul's planned $350 billion investment in the U.S., following the recent passage of a special bill by South Korea's National Assembly.

According to Yonhap News Agency, the government issued a presidential directive in the official gazette to establish a temporary implementation committee for the Korea-U.S. strategic investment memorandum of understanding (MOU), which was signed in November. This action is intended to expedite the selection of U.S. investment projects ahead of the special legislation, which will become effective three months from its proclamation.

The strategic investment MOU implementation committee, led by the industry minister, will be responsible for overseeing investment consultations with the U.S. and evaluating the commercial feasibility and economic potential of proposed projects. The Ministry of Trade, Industry and Resources has not yet disclosed specifics about the projects under consideration. However, they are anticipated to align with the bilateral MOU's focus areas, such as cooperation in advanced industries like energy, semiconductor, pharmaceuticals, critical minerals, artificial intelligence (AI), and shipbuilding.