U.S. Investment Special Committee Reconvenes Today... Aiming for Plenary Approval on the 12th

Special Committee on U.S. Investment Reconvenes Eight Days After Disruption on February 24

Agreement Reached on Formation of Bill Subcommittee; Bill to Be Introduced on March 4

The Special Committee for the U.S. Investment Special Act, established by the National Assembly as follow-up legislation to the Korea-U.S. trade negotiations, was reconvened on March 4. This comes eight days after the committee was disrupted on February 24 due to the Democratic Party's unilateral push for the so-called "Three Judiciary Bills."

Given that the committee's activities are scheduled to end on March 9, both the ruling and opposition parties have set aside political issues and are aiming to finalize the U.S. Investment Special Act at the plenary session on March 12 through bipartisan cooperation.

On the morning of March 4, the special committee held a plenary meeting at the National Assembly, where it began forming the subcommittee for the bill and started deliberations. Alternative debates were also held on the nine bills that have been proposed so far. The bill subcommittee will consist of three members from the Democratic Party, three from the People Power Party, and one from the Innovation Party for the Fatherland.

At the special committee plenary session for handling the Special Act on Investment in the United States held on the 4th at the National Assembly, Kim Sanghoon, chairman of the committee and member of the People Power Party, is conducting an alternative debate. Photo by Yonhap News

The main points of contention include: ▲ whether prior approval from the National Assembly is required; ▲ the establishment of the Korea-U.S. Strategic Investment Corporation; and ▲ the creation of the Korea-U.S. Strategic Investment Fund. It is reported that both sides have reached some consensus on establishing the Korea-U.S. Strategic Investment Corporation as a separate entity with minimal staffing and budget, and handling investment projects through reporting to the National Assembly.

Park Sooyoung, a member of the People Power Party and secretary of the special committee, appeared on KBS1 Radio's "Jeonkyuk Sisa" on March 4 and stated, "Even when the National Assembly was at a standstill, the secretaries from both parties met to organize the key issues. Since this bill will have a significant impact on our economy, we must pass it by March 9 to fulfill our promise to the people."

Beginning with the March 4 meeting, the special committee plans to continue discussions by convening the bill subcommittee on March 5 and 9 as well. However, as the ruling and opposition parties remain at odds over political issues, there is still uncertainty as to whether the committee's operations will proceed smoothly until the end.

This content was produced with the assistance of AI translation services.