The Korea Chamber of Commerce and Industry building in Seoul (Image courtesy of Yonhap)
SEOUL, Aug. 16 (Korea Bizwire) — South Korea’s business community has submitted formal concerns to the U.S. Treasury Department regarding Washington’s policy to restrict American investments in China’s advanced technology sector, sources said Friday.
According to the sources, the Korea Chamber of Commerce and Industry (KCCI) sent a letter to the department on Aug. 4 expressing concerns about potential penalties for non-Americans who might inadvertently violate Washington’s planned investment restrictions in China’s advanced technology sectors.
In the letter, Lee Sung-woo, the head of the KCCI’s international trade division, emphasized that the regulations as of now inherently carry potential extraterritorial impacts and the scope must be clarified while requesting clear compliance guidelines for foreign companies.
The KCCI also suggested limiting the scope of the regulations to companies where U.S. persons or entities hold more than 50 percent of the equity or board voting rights.
(Yonhap)
