South Korea says US V-P Vance welcomes Seoul’s investment Bill

SEOUL - South Korean Prime Minister Kim Min-seok met US Vice-President J.D. Vance in Washington on March 12, where the two discussed the passage of a special Bill enabling Seoul to implement a US$350 billion investment pledge in the US, Mr Kim’s office said on March 13.

In a meeting at the White House, Mr Kim told Mr Vance the Bill’s approval in Seoul’s Parliament earlier in the day demonstrated the government’s strong commitment to carrying out the investment agreement reached between the countries’ leaders.

South Korea’s National Assembly passed the legislation on March 12, clearing the way for the country to move ahead with the pledge under a bilateral trade arrangement.

According to a press release from Mr Kim’s office, Mr Vance welcomed the Bill’s passage, saying it established the legal conditions needed to implement the investment deal, and called for continued close communication between the governments on the issue.

In late January, US President Donald Trump threatened to raise tariffs on South Korean goods to 25 per cent, saying Seoul’s legislature had yet to enact the trade framework that had capped US levies at 15 per cent.

Mr Kim said he hoped the law would help South Korean investment contribute to US manufacturing and job creation, while laying the foundation for broader cooperation.

He also said the passage provided momentum to accelerate implementation of agreements in security-related sectors, including nuclear-powered submarines, nuclear energy and shipbuilding.

The pair also discussed cooperation on critical minerals and recent South Korean decisions regarding requests from US companies, with Mr Vance praising Seoul’s “forward-leaning” stance.

Mr Kim and Mr Vance also exchanged views on the Korean Peninsula and reaffirmed that the door to dialogue with North Korea remained open. AFP