South Korean parliament approved $350B investment in US strategic Industiries

South Korea’s parliament passed a special bill on Thursday to pave the way for Seoul’s $350 billion investment commitments in strategic U.S. industries under a trade deal struck last year.
The law implements ⁠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 return for more favourable tariff terms.
The National Assembly passed it with bipartisan support in a plenary session on Thursday.
Due to come into force after about three months, the legislation will serve as a basis to create a state-backed investment corporation with $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.