US policy on restricting China investment to have limited impact on Korea: gov't
President Joe Biden speaks about the economy at Arcosa Wind Towers factory in Belen, U.S., Aug. 9. AP-Yonhap
Korea said Thursday the latest executive order limiting U.S. investment in some Chinese technology sectors is expected to have only a limited impact on Korean companies.
On Wednesday (U.S. time), the White House vowed to restrict investment in "countries of concern" in certain technology sectors that could pose threats to its national security while adding only China, including Hong Kong and Macau, to the list.
The areas include "sensitive technologies and products in the semiconductors and microelectronics, quantum information technologies, and artificial intelligence sectors," it added.
"The ban will be applied to future investments, and it will only cover U.S. citizens and entities," Korea's Ministry of Trade, Industry and Energy said in a statement.
"Accordingly, it will have only a limited impact on local companies," it added.
The industry ministry said Korea will closely assess its impact on the economy and submit the government's and local companies' opinions to Washington, "if necessary." (Yonhap)