Trump inks memo to facilitate allies' investment, restrict China from investing in strategic sectors
U.S. President Donald Trump speaks after swearing-in Commerce Secretary Howard Lutnick in the Oval Office at the White House in Washington, D.C., Feb. 21. UPI-Yonhap
U.S. President Donald Trump signed a memorandum Friday to create a "fast-track" process to facilitate investment from U.S. allies and partners, and restrict China-affiliated people from investing in America's strategic sectors.
Trump inked the "America First Investment Policy" memo, accusing China and other foreign adversaries of systematically directing and facilitating investment in U.S. companies and assets to obtain cutting-edge technologies, intellectual property and leverage in strategic industries.
"The United States will create an expedited fast-track process, based on objective standards, to facilitate greater investment from specified allied and partner sources in U.S. businesses involved with U.S. advanced technology and other important areas," the memo read.
"This process will allow for increased foreign investment subject to appropriate security provisions, including requirements that the specified foreign investors avoid partnering with U.S. foreign adversaries," it added.
The memo also said that the U.S. will use all necessary legal instruments, including the Committee on Foreign Investment in the United States, an interagency government body, to restrict China-affiliated persons from investing in U.S. technology, critical infrastructure, health care, agriculture, energy and raw materials, among other sectors.
"My Administration will protect United States farmland and real estate near sensitive facilities," it said.
The document includes a directive to reduce the exploitation of public and private sector capital, technology, and technical knowledge by foreign adversaries, including China.
"The United States will establish new rules to stop U.S. companies and investors from investing in industries that advance the PRC's national Military-Civil Fusion strategy and stop PRC-affiliated persons from buying up critical American businesses and assets, allowing only those investments that serve American interests," it said.
PRC is short for China's official name, the People's Republic of China.
The memo underscored that America's investment policy is critical to the U.S.' national and economic security.
"Welcoming foreign investment and strengthening the U.S.' world-leading private and public capital markets will be a key part of America's Golden Age," it said. (Yonhap)