Ahead of enacting bill
\n seoul
\nSouth Korea will set up a committee to conduct preliminary reviews of US investment projects as it seeks to speed up the implementation of a $350 billion investment package pledged under a trade deal with Washington, officials said on Tuesday.
\nThe move comes a day after parliament formed a panel to fast-track a bill enabling the investment fund by the end of February, following US President Donald Trump\u2019s threat to hike tariffs on South Korea, citing a delay in implementing the deal.
\n\u201cEven if the special bill is passed, it will take an additional three months for implementation after preparations such as the enactment of subordinate laws,\u201d Finance Minister Koo Yun-cheol told a policy meeting.
\nTo bridge the gap, the government will establish a system to enable a preliminary review of potential projects until the enactment and implementation of the bill, Koo said, adding that any misunderstandings with Washington were undesirable.
\nKoo, who is also deputy prime minister for economic affairs, will lead a temporary team to run the investment fund, while the industry minister will chair the committee conducting preliminary reviews, according to the finance ministry.
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\nFinal decisions on selecting investment projects will still be made after the bill is enacted, based on comprehensive consideration of commercial feasibility and foreign exchange market conditions, the ministry said in a statement.
\nTrump said last month he would hike tariffs on autos and other imports from South Korea, blaming a delay in enacting the bill introduced in November\u2013a social media post that caught South Korean officials by surprise.
\nKoo told Reuters in an interview this month that the $350 billion investment package was unlikely to kick off in the first half of 2026, prompting some opposition lawmakers to link the timeframe to Trump\u2019s sudden tariff threat.
\nPrime Minister Kim Min-seok told a parliamentary session later on Tuesday that South Korea had not breached the deal.
\n\u201cNevertheless, we are taking seriously the new pressure created by dissatisfaction on the U.S. side,\u201d Kim said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ahead of enacting bill seoul South Korea will set up a committee to conduct preliminary reviews of US investment projects as it seeks to speed up the implementation of a $350 billion investment package pledged under a trade deal with Washington, officials said on Tuesday. The move comes a day after parliament formed a panel […]<\/p>\n","protected":false},"author":2,"featured_media":530690,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-530677","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\n