South Korea launches a state-run body to implement its US$350 billion investment pledge to the United States. The new Korea-U.S. Strategic Investment Corporation (KUIC) is officially launched to manage and carry out the pledged investments, with the Korea Times and Channel NewsAsia describing the corporation’s role in overseeing the plan. The Korean finance ministry says the KUIC is set up as part of a bilateral agreement reached in October last year between Seoul and Washington, which links the investment pledge with lower U.S. tariffs. The corporation is based in Sejong and is launched after South Korea’s National Assembly passes the Special Act for Korea-U.S. Strategic Investment Management in March. Under the law, the KUIC operates for 20 years. The government provides 2 trillion won (about US$1.3 billion) for the company’s establishment. At the opening ceremony, South Korean Finance Minister Koo Yun-cheol frames the launch as extending the Korea-U.S. alliance beyond economic and security cooperation into strategic industries and global supply chain roles.
South Korea launches Korea-U.S. Strategic Investment Corp to manage $350 billion pledge
South Korea launches a state-run body to implement its US$350 billion investment pledge to the United States. The new Korea-U.S. Strategic Investment Corporation (KUIC) is officially launched to manag...
- South Korea launches the Korea-U.S. Strategic Investment Corporation (KUIC).
- KUIC is tasked with managing and implementing South Korea’s US$350 billion investment pledge to the United States.
- The investment pledge is tied to an agreement aimed at lowering U.S. tariffs.
- The KUIC is based in Sejong and begins operations after passage of the Special Act in March.
- The corporation is set to operate for 20 years, with 2 trillion won provided for its establishment.
The Korea-US Strategic Investment Corporation will manage and implement a US$350 billion investment pledge.
5 hours agoState-run Korea-U.S. Strategic Investment Corp. (KUIC) officially set sail Thursday with the task of implementing Korea's $350 billion investment pledge to the United States in return for lower tariffs, the finance ministry said. "Through the launch of the KUIC, the alliance between Korea and the United States has developed beyond the economy and security to strategic industries, further advancing our solid partnership," Finance Minister Koo Yun-cheol said during the opening ceremony in Sejong. "Korea and the U.S. will combine each other's strengths to leap forward together as an indispensable hub in the global supply chain," Koo added. The new company, based in the central city of Sejong, was launched after the National Assembly passed the Special Act for Korea-U.S. Strategic Investment Management in March. In October last year, Seoul and Washington reached an agreement on Korea's $350 billion investment pledge. Under the law, the new company will operate for 20 years, with the government providing 2 trillion won ($1.3 billion) for its establishment. "The U.S., with the world's most advan
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