Korea approves law backing $350 billion US investment

Mar 13, 2026, 09:06 am

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Lawmakers vote during a plenary session of the National Assembly on March 12, where the Special Act on Strategic Investment Management between Korea and the United States was passed. /Song Eui-ju

South Korea’s National Assembly has passed a special law supporting large-scale investment in the United States after reaching a rare bipartisan agreement.

During a plenary session on March 12, lawmakers approved the Special Act on Strategic Investment Management between Korea and the United States with 226 votes in favor, eight against and eight abstentions out of 242 members present.

The legislation provides the legal framework for implementing about $350 billion in investment in the United States. It also calls for the establishment of a new entity, the Korea–U.S. Strategic Investment Corporation, to manage and support the investment.

The law is considered a follow-up measure to the government’s tariff negotiations with the United States.

The bill was first introduced in November last year, but disagreements between ruling and opposition parties over whether parliamentary ratification was required had delayed its passage. Discussions accelerated recently after U.S. President Donald Trump mentioned the possibility of raising tariffs again.

A special parliamentary committee on U.S.-bound investment was formed last month through bipartisan agreement to handle the legislation. After reviewing the bill, it cleared the National Assembly’s Legislation and Judiciary Committee the previous day before being passed in the plenary session.

Political observers say the ruling and opposition parties joined forces in response to growing uncertainty in the global trade environment.

People Power Party floor leader Song Eon-seok said his party cooperated with the bill’s passage for the sake of national interests and public welfare.

“As the opposition party, we participated in processing the bill with the understanding that it concerns national interests and people’s livelihoods,” Song said.

President Lee Jae-myung also expressed appreciation for the opposition’s cooperation during a senior aides meeting at the presidential office.

“I would like to thank the opposition, including the People Power Party,” Lee said. “Despite various difficulties, they cooperated to ensure that our external relations would not face problems. I sincerely appreciate that support.”

#Korea US strategic investment act #US investment law Korea #National Assembly bipartisan vote