Kim Dong-yeon: "Introduction of Special Act on Investment in the U.S. Is Good News for Export Companies... Opposition Must Cooperate"

Gyeonggi Province Governor Kim Dong-yeon on the 27th called the introduction of the Special Act on Investment in the United States good news for export companies and urged the opposition party to actively cooperate.

In a post uploaded to his social networking service (SNS) on this day, Governor Kim stated, "With the introduction of the Special Act on Investment in the United States, we have taken the first step toward implementing the Korea-U.S. tariff agreement," and assessed, "This is good news for companies exporting to the United States that have been waiting for the National Assembly's decision."

He went on to say, "It will truly become a 'Special Act of Hope for Export Companies,'" and added, "I would like to thank the government and the ruling party for their swift response."

Furthermore, he emphasized, "Considering the current economic situation and the difficulties faced by companies, this law must be processed as quickly as possible," and advised, "It should become a 'Special Act for Expedited Bipartisan Processing,' and the opposition party, which insists on National Assembly ratification and thereby risks eliminating any room for practical gains, must also actively cooperate."

Governor Kim Dongyeon of Gyeonggi Province posted a message and photo on his social media on the 27th.

He also pledged, "Gyeonggi Province will convey the voices from the field and work to accelerate the completion of the Special Act of Hope for Export Companies."

Previously, on the 26th, the Special Act on Investment in the United States was introduced in the National Assembly to support follow-up measures to the Korea-U.S. tariff negotiations.

As a result, a foundation has been laid for the retroactive application of the reduction in U.S. tariffs on Korean automobiles and parts (from 25% to 15%) as of November 1.

The bill includes provisions for establishing a fund to support Korean investment in the United States, the creation of a corporation to manage this fund, and the implementation of safeguards related to such investments.