South Korea Launches Committee for US Investment Projects

SEJONG, June 23 (Yonhap) -- South Korea launched a project management committee led by the industry minister Tuesday to review the viability of potential projects in the United States under Seoul's US$350 billion investment pledge.

The Ministry of Trade, Industry and Resources held the inaugural meeting of the project management committee for potential U.S. investment projects, where participants vowed to conduct a comprehensive review of both commercial viability and strategic interests.

"The committee will serve as the first gateway in the domestic approval process for investments in the U.S.," the industry ministry said, noting it will review the commercial viability of projects, as well as their strategic and legal aspects and detailed terms.

The steering committee under the Korea-U.S. Strategic Investment Corp. (KUIC), which was launched last week, on the other hand, will be responsible for decision-making and fund management.

Projects reviewed by both committees will require additional approval from the National Assembly before consultations with Washington.

The National Assembly passed the Special Act on Korea-U.S. Strategic Investment Management in March. Last year, Seoul and Washington reached an agreement on South Korea's $350 billion investment pledge.

"The project management committee plays a critical role in reviewing the commercial viability of projects, the core principle of South Korea's investments in the U.S., in an objective and transparent manner," Industry Minister Kim Jung-kwan said.