South Korea: US tech investment restriction in China will not affect our economy

According to Yonhap’s report, the ministry said in a statement, “The ban will apply to future investments and will only cover US citizens and organizations.” statements were included.

In the statement, it was stated that the restrictions and bans will have a limited effect on local companies, and that no negative impact on the economy is expected.

Emphasizing that the impact of the decree on the South Korean economy will be closely evaluated, the statement underlined that the views of the government and local companies will be conveyed to Washington “if necessary”.

US imposes limits on technology investment in China

Biden signed a presidential executive order authorizing the Treasury to regulate “US investments in the semiconductors and microelectronics, quantum information technology and artificial intelligence sectors critical to national security in what are considered ‘countries of concern’.

China, including the Hong Kong Special Administrative Region and Macau Special Administrative Region, was designated as a “country of concern” in the decree.

Under the decree, Americans were required to report certain transactions to the Treasury and were prohibited from undertaking certain other transactions involving companies engaged in activities related to narrow subsets of the 3 identified high-tech areas.

In the statement made by the White House, it was pointed out that the decree will try to prevent foreign countries, which are described as “countries of concern”, from “exploiting” US investments in the military, intelligence, surveillance and cyber technology sector, which “risks” national security.

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