emirates7 - The Republic of Korea will "temporarily" establish a strategic investment corporation that will operate a special fund for the country's US$350 billion investment in the United States as agreed under a bilateral tariff deal finalised last month, Yonhap News Agency reported Wednesday.

The envisioned corporation, tentatively named Korea-US Strategic Investment Corp., will be created for a maximum 20-year operation under a special bill submitted by the ruling Democratic Party to support Seoul's investment plans in the US, the finance and industry ministries said in a joint press release.

The government had aimed to submit the bill within this month after President Lee Jae Myung and US President Donald Trump finalised the details of Seoul's $350 billion investment pledge, made in exchange for lower US tariffs, during their summit in Gyeongju on 29th October.

Under the final terms, the investment will consist of $200 billion in cash installments, with an annual cap set at $20 billion and an additional $150 billion for bilateral shipbuilding cooperation.

In return, the US administration agreed to reduce the 25 percent tariffs on Korean automobiles to 15 percent, with the reduction to be applied retroactively from the start of the month the bill is submitted.