This is a scene from the March extraordinary session of the National Assembly on March 12. (Yonhap News)

By Hong Angie

The National Assembly on March 12 in a plenary session passed a bill on the Special Act on the Operation and Management of Strategic Investments between Korea and the U.S.

Strategic investment projects between both sides are expected to enter the implementation stage.

The bill passed with 226 votes in favor, eight against and eight abstaining among 242 attending members.

As a follow-up measures to bilateral tariff negotiations, the law provides the legal backing for a memorandum of understanding signed by both sides in November last year.

The law also stipulates the launch of a joint corporation for strategic investment with a government contribution of KRW 2 trillion for systematic investment execution. The body will also set up a separate bilateral fund for strategic investment to manage Korea's pledged investment of USD 350 billion.

Of the amount, USD 200 billion will go toward cutting-edge sectors directly linked to the economic and security interests of both countries such as semiconductors, core minerals and artificial intelligence.

The remaining USD 150 billion will be invested in Make American Shipbuilding Great Again, a joint initiative to revive U.S. shipbuilding with the expectation of helping the Korean industry enter the North American market.

President Lee Jae Myung hailed the passage of the law.

"This meaningful example indicates no distinction between the ruling and opposition parties in the face of national challenges," he said. "I express my deep gratitude to the National Assembly for making a magnanimous decision for our economy and security."

"The passage of the special act on investment in the U.S. has set the institutional and legal basis for the effectuation of the Korea-U.S. tariff agreement."

President Lee also pledged to use the law as a stepping stone to respond to global economic uncertainty and simultaneously strengthen the economy and national security by building a closer and stronger cooperative framework in strategic sectors between both countries.

shong9412@korea.kr