The United States is launching a pilot program to limit foreign investments in so called foundational technologies, US Commerce Secretary Wilbur Ross announced in a press release on Friday.
WASHINGTON (Pakistan Point News / Sputnik - 12th October, 2018) The United States is launching a pilot program to limit foreign investments in so called foundational technologies, US Commerce Secretary Wilbur Ross announced in a press release on Friday.
"The Department of Commerce is establishing a parallel rulemaking effort to identify, review and potentially control emerging and foundational technologies [that] are not yet subject to US export controls," Ross stated.
While Ross cited no examples for the pilot program, the term generally refers to an emerging technology with the potential to support a vast array of new industries or applications.
An example could be 3D printing, which can permit quick, on-site manufacturing of products and parts that would otherwise take months to obtain with orders from a distant factory.
The pilot program announced by Ross expands the scope of transactions subject to review by the Committee on Foreign Investment in the United States (CIFUS) to include minority ownership by foreigners of businesses involved in critical technologies, Ross said.
