Evaluating CFIUS in 2021
08.09.22
The Committee on Foreign Investment in the United States (CFIUS) released its unclassified Annual Report to Congress, shedding light on the evolving role that inbound investment screening plays in US economic security.
Source: CSIS
The Committee on Foreign Investment in the United States (CFIUS) released its unclassified Annual Report to Congress for 2021 on August 2, 2022. The first comprehensive review of expanded CFIUS activities authorized by the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), this new report sheds light on the evolving role that inbound investment screening plays in the U.S. economic security toolkit. Significant growth in the number of CFIUS notice filings, covered notice reviews, and investigations suggest a future where U.S. economic security concerns will continue to intersect with cross-border financial and technological flows, particularly with China.
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The Era Of ‘Tech Diplomacy’ Is Here
Technology is the new frontier of international relations. The interaction is bi-directional: technology is defining diplomatic matters while diplomacy is also influencing the development and deployment of technology. Take semiconductors as an example. This is a technology that forms the foundation of digital economy, national security, and productivity in almost all industries. Global supply chain in the semiconductor industry is shaping U.S. foreign policy. Conversely, America’s diplomatic effort has been redefining the supply chain. Tech diplomacy is different from science diplomacy, which became a key pillar for the U.S. and other countries since World War II. Scientists participated in treaty negotiations, engaged in bilateral summits and served as attachés at embassies. Primary topics included nuclear proliferation, super-collider construction, human space exploration and environmental science.