[Edaily Reporter Kong Chi-Yu ] On the 20th, during a parliamentary audit by the National Assembly’s Committee on Finance, Economy, and Planning, Rep. Jeong Seong-ho of the Democratic Party of Korea pointed out that the Korea-U.S. Strategic Investment Corporation—which oversees $350 billion in investments in the U.S.—needs to develop its own expertise to manage risks during project implementation.

During the audit held that day at the National Assembly in Yeouido, Yeongdeungpo-gu, Seoul, Rep. Jeong stated, “I believe the investment agreement with the U.S. was concluded due to unavoidable aspects inherent in Korea-U.S. relations,” adding, “Going forward, our national interests must be upheld to the greatest extent possible during the implementation process.”

To this end, he emphasized the need for thorough risk management. Rep. Jeong asked Park Jeong-won, president of the corporation, “Since the corporation’s launch, how many of the 50 authorized positions have been filled?” President Park replied, “Thirty-two people are currently on staff.”

Rep. Jeong emphasized, “As time goes on, there is a high likelihood that numerous legal issues—such as missed deadlines or project delays—will arise,” adding, “We need legal experts in areas like international contract law.”

Representative Jeong stated, “It is highly likely that issues will arise that would be difficult to resolve even with the involvement of a major law firm,” adding, “There is no way to know when the principal and interest will be recovered or when this will all end.” He then asked, “Are there any legal experts on the Risk Management Committee?” In response, President Park replied, “Our Risk Management Committee includes a U.S.-licensed attorney who has been actively involved in corporate management.”

In response, Representative Jeong pointed out, “There are an enormous number of factors that could lead to risks,” and questioned, “Can the risks of a project involving an investment of $350 billion be properly managed with this level of preparation?” Representative Jeong added, “We need to build our own capabilities,” and remarked, “I seriously doubt whether the current system and staffing are sufficient.”

In response, President Park said, “I fully agree,” explaining, “We conducted extensive risk assessments both during the decision-making process for the project itself and within the Project Management Committee and the Operations Committee, and many private-sector committee members also attended to review the decision-making process.”