The US Treasury Department said Thursday that it will establish a "fast-track" process to encourage greater investment in US businesses from US allies and partners.
The move came after President Donald Trump signed the "America First Investment Policy" memorandum in February to create the process and restrict China-affiliated people from investing in America's strategic sectors, including critical infrastructure.
"Treasury is committed to maintaining and enhancing the open investment environment that benefits our economy, while making sure that process efficiencies do not diminish our ability to identify and address national security risks that can accompany foreign investment," Treasury Secretary Scott Bessent said.
The fast track process will include the creation of a "Known Investor" portal where the Committee on Foreign Investment in the US can collect information from foreign investors before an official filing is made, according to the department.
CFIUS is an interagency committee tasked with reviewing certain transactions involving foreign investment in the US and certain real estate transactions by foreigners in order to determine the effect of such transactions on America's national security.
The department said it seeks to increase efficiencies in the CFIUS process to facilitate greater investment from US allies and partners where there is "verifiable distance and independence from foreign adversaries or threat actors."
It plans to conduct a pilot of the fast track process initially. (Yonhap)
