Korea's KIC Approved to Expand Into Domestic Strategic Investments on July 14

According to South Korea's government announcement on July 14, the Korea Investment Corporation (KIC) was approved to expand into domestic strategic industry investments for the first time since its establishment 21 years ago. The sovereign wealth fund will shift from managing only foreign currency assets to establishing a separate "strategic investment account" for domestic investments in strategic and infrastructure sectors. The move requires amendments to the KIC Act, which currently mandates asset management exclusively in foreign currencies.
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