SOUTH KOREA TO BEGIN PRELIMINARY REVIEW OF US INVESTMENT PROJECTS AMID LEGISLATIVE PROCESS

SEOUL, Feb 10 (Bernama-Yonhap) -- South Korea will begin preliminary reviews of potential investment projects in the United States (US) as the National Assembly prepares to handle legislation implementing Seoul's investment pledges to the US under a trade deal, Yonhap News Agency reported.

South Korean Finance Minister Koo Yun-cheol made the remarks during an economy-related ministers' meeting on Tuesday, following the National Assembly's bipartisan approval of a resolution to form a committee that will oversee the legislation of a special bill on investments to the US amid heightened tariff threats.

"While the legislation is proceeding through the normal domestic law-making process, it is not in the national interest for unnecessary misunderstandings or damage to trust to arise between South Korea and the US during the implementation of the MOU," Koo said.

Even after the law is passed, additional preparations, such as drafting subordinate regulations, could take around three months before implementation.

In accordance, in the meantime, the government plans to establish a framework for conducting preliminary reviews of candidate projects identified by both sides, within the scope of what is administratively possible, Koo said.

To manage the process, the government will temporarily designate the regular economy-related ministers' meeting as a control tower, according to the minister.

In addition, a pre-review team composed of experts with a high level of experience and specialisation will be set up to carefully evaluate the commercial viability and other aspects of candidate projects identified by both countries.

Last month, US President Donald Trump threatened to raise "reciprocal" tariffs and auto, lumber and pharmaceutical duties on South Korea to 25 per cent from 15 per cent, citing a delay in the parliamentary process to pass a special investment bill facilitating the implementation of the trade deal reached by the two countries.

The minister also said the government will continue to strengthen communication with Washington, including fully explaining efforts of both the government and the National Assembly to implement the agreement.

Later in the day, Koo again thanked the bipartisan process in a post on X, formerly known as Twitter, saying that the government will carefully review candidate projects so that Seoul and Washington can achieve "win-win" results.

-- BERNAMA-YONHAP