SEOUL, March 12 (Xinhua) -- South Korea's parliament on Thursday passed a special act on strategic investment in the United States as a follow-up measure of the tariff deal with Washington.
The passage came after Seoul and Washington signed a memorandum of understanding (MOU) last November for South Korea's strategic investment in the United States worth 350 billion U.S. dollars.
A strategic investment corporation will be established to implement the investment, composed of 150 billion dollars dedicated to the shipbuilding industry and 200 billion dollars allocated to sectors that will enhance the economic and national security interests of both nations.
The corporation's capital base will be 2 trillion won (1.4 billion U.S. dollars), fully funded by the government.
Seoul and Washington finalized the tariff and security agreement in November last year, with South Korea's strategic investment in the United States in exchange for lower U.S. tariffs. ■
