The South Korean Parliament approves $35 billion investment law for the United States.

The South Korean parliament passed a special law on Thursday to pave the way for the country to fulfill its commitment to invest $350 billion in strategic industries in the United States based on a trade agreement reached last year. The law aims to implement the trade agreement signed in November last year, under which South Korea promised to invest $200 billion in strategic industries in the United States and $150 billion in the shipbuilding sector in exchange for more favorable tariff treatment. The special law was passed at a full session of the parliament on Thursday with bipartisan support. The law will take effect in about three months and will serve as the legal basis for the establishment of a state-supported investment company and a strategic investment fund, with a registered capital of 20 trillion Korean won. The law prioritizes shipbuilding, semiconductors, pharmaceuticals, critical minerals, energy, artificial intelligence, and quantum computing as areas for investment, with other sectors to be added by presidential decree.