SEOUL, March 18 (AJP) - A committee tasked with setting up a fund to implement massive investment pledges to the U.S. was launched with its first meeting in Seoul, the Ministry of Finance and Economy said on Wednesday.
The committee, consisting of seven officials from government agencies and financial institutions, was formed as a follow-up step just a day after a special bill outlining bilateral agreements with the U.S. including investment pledges of US$350 billion under a broader trade deal reached last fall, was approved at a cabinet meeting the previous day.
The committee, led by First Vice Finance Minister Lee Hyoung-il, will oversee overall preparations including establishing and managing the fund, as well as fundraising.
Lee said the committee will thoroughly prepare all necessary procedures to launch the fund by June, when the bill takes effect three months after its promulgation.
He added that the committee will ensure investment projects are carried out in ways that serve both countries' economic and security interests, emphasizing the need for professional staff with strategic expertise.
The committee, consisting of seven officials from government agencies and financial institutions, was formed as a follow-up step just a day after a special bill outlining bilateral agreements with the U.S. including investment pledges of US$350 billion under a broader trade deal reached last fall, was approved at a cabinet meeting the previous day.
The committee, led by First Vice Finance Minister Lee Hyoung-il, will oversee overall preparations including establishing and managing the fund, as well as fundraising.
Lee said the committee will thoroughly prepare all necessary procedures to launch the fund by June, when the bill takes effect three months after its promulgation.
He added that the committee will ensure investment projects are carried out in ways that serve both countries' economic and security interests, emphasizing the need for professional staff with strategic expertise.
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