Market Update: Gov’t will set up task force to manage $350 billion U.S. investment, review projects – Full Analysis

 

The government will set up a temporary task force to swiftly implement its planned $350 billion investment in the United States and begin a full review of the commercial viability of candidate projects. Meanwhile, working-level officials from Korea and the United States are set to meet in Washington on Wednesday to discuss ways to carry out the investment. 

 

The government will enforce a presidential directive to establish and operate the temporary body, officials said on Tuesday.

 


 

The directive follows a memorandum of understanding on strategic investment signed between Korea and the United States in November last year. 

 

The National Assembly passed a special law on U.S. investment last Thursday, but the law will take effect three months after promulgation. The government introduced the task force to move forward with preparations in the meantime.

 

Under the directive, the Ministry of Trade, Industry and Resources will form the temporary committee to conduct preliminary reviews and consultations. The committee will oversee a $150 billion investment in shipbuilding and an additional $200 billion in other strategic industries.

 

The directive defines strategic industries as sectors important to national security and the economy, including shipbuilding, semiconductors, pharmaceuticals, critical minerals, energy, AI and quantum computing.

 

Workers walk past large-sized liquefied natural gas carriers under construction at the Daewoo Shipbuilding and Marine Engineering facility in Geoje, South Gyeongsang, on Dec. 7, 2018. [AP/YONHAP]

 

The government will also create a separate review team to prepare preliminary reports on each project. The team will review each project’s financial soundness, along with strategic and legal factors. The directive defines financial soundness as whether a project can generate enough returns over time to cover its costs and interest. 

 

Alongside these preparations, working-level officials from Korea and the United States will meet on Wednesday in Washington to discuss implementation plans and select the first project, as reported by Bloomberg on Monday.

 

A Korean delegation led by a senior official from the Trade Ministry has already departed for the United States. 

 

The government has not disclosed details of the first project, but energy-related investments such as liquefied natural gas and nuclear power are reportedly under consideration.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

BY NAM SOO-HYOUN [[email protected]]