South Korean parliament expected to approve $350 bln US investment bill

South Korea’s parliament is expected to pass a special bill on Thursday to implement Seoul’s $350 billion investment commitments in strategic U.S. industries under a trade deal struck last year.
The law is designed to implement a trade agreement signed in November, under which South Korea agreed to invest $200 billion in U.S. strategic industries and $150 billion in shipbuilding-related cooperation in a package linked to Seoul receiving more favourable tariff terms.
The bill has bipartisan support and the National Assembly is expected to pass it in a plenary session on Thursday.
Its passage would create a state-backed investment corporation with 2 trillion won ($1.4 billion) in capital and a strategic investment fund.
The bill names shipbuilding, semiconductors, pharmaceuticals, critical minerals, energy, artificial intelligence and quantum computing as priority investment sectors, while additional sectors can be added by presidential decree.