National Assembly set to vote on bill on US investment pledges

The National Assembly is set to hold a plenary session Thursday to vote on a special bill on South Korea’s $350 billion investment pledge to the United States under a trade deal between the two nations after rival parties reached a bipartisan agreement earlier this week. On Wednesday, the ruling Democratic Party of Korea (DPK) and the main opposition People Power Party (PPP) approved the bill during a meeting of the parliamentary legislation and judiciary committee. Under the bill, a new state-run corporation specialized in implementing the investment package will be set up with a paid-in capital of 2 trillion won ($1.36 billion), fully financed by the South Korean government. The corporation will consist of a total workforce of 50 employees, and three members on the board of directors will be required to have at least 10 years of experience in the financial sector or strategic industries to prevent crony appointments. The bill was introduced by the DPK in November to carry out Seoul’s investment pledges to the U.S. as part of a trade deal reached by the two countries last year. The legis

Read Full Article