Business Community Welcomes Special Committee on Special Act on Investment in the United States...Earnestly Requests Passage in February

Joint Statement by Business Community Including FKI and KCCI
"If 25% Tariffs Become Reality, the Damage Will Be Enormous"

The business community welcomed the establishment of a special committee in the National Assembly to handle the Special Act on Investment in the United States and called for the swift passage of the bill.

On the 5th, the six major business organizations, including the Federation of Korean Industries and the Korea Chamber of Commerce and Industry, issued a joint statement saying, "We welcome the National Assembly's decision to form a special committee to handle the Special Act on Investment in the United States at a time when uncertainty in the trade environment is deepening due to the possibility of U.S. tariff hikes."

On the 4th at the National Assembly, the ruling and opposition floor leaders, after negotiations, agreed to form a special committee on the U.S. Investment Special Act and signed an agreement, and Song Eonseok, Floor Leader of the People Power Party, and Han Byungdo, Floor Leader of the Democratic Party, are shaking hands. Yonhap News

The six business organizations stated, "If the previously announced 25% U.S. tariffs become a reality, it could inflict enormous damage on exports to the United States across industries, including automobiles and biotech," and stressed, "We earnestly request that the bill be passed by the National Assembly within this month through a swift agreement in the special committee, so that our companies are not exposed to tariff uncertainty."

They continued, "We hope that this Special Act will enable domestic companies to carry out their investments in the United States without disruption and thereby maintain their global competitiveness," adding, "The business community will also contribute to revitalizing our economy by expanding active investment and exports."

The ruling and opposition parties agreed the previous day to form a special committee in the National Assembly to handle the Special Act on Investment in the United States and to complete the legislative process within one month. The special committee will consist of a total of 16 members: 8 lawmakers from the Democratic Party, 7 from the People Power Party, and 1 from a non-negotiating group. It was also agreed that at least one lawmaker from each of the National Assembly's Political Affairs Committee, Strategy and Finance Committee, and Trade, Industry, Energy, SMEs and Startups Committee will be included. All of these committees are currently chaired by members of the People Power Party.