Seoul: The government has introduced a new committee aimed at setting up a state agency to oversee investment projects in the United States. This initiative is part of a bilateral strategic investment agreement, as announced by the finance ministry on Wednesday.
According to Yonhap News Agency, the committee's formation is in response to a special bill linked to Seoul's substantial US$350 billion investment commitment to Washington. The plan involves creating a public corporation tasked with the establishment, management, and operation of the investment fund.
The establishment committee, led by First Vice Finance Minister Lee Hyoung-il, comprises seven members, including four individuals from the private sector, as reported by the Ministry of Finance and Economy. This move follows the recent passage of the special bill by the National Assembly, which is scheduled to take effect three months post-promulgation.
In his statement, Lee emphasized that the committee would work diligently to ensure all necessary preparations and procedures are completed seamlessly. This would allow the agency to be operational in accordance with the law's scheduled implementation on June 18.