U.S. to Support Introduction of Japan-Version CFIUS: Official

Washington, April 28 (Jiji Press)--The U.S. government is ready to provide maximum support for Japan's planned introduction of its own version of the Committee on Foreign Investment in the United States, or CFIUS, a senior U.S. Treasury Department official said Tuesday.

Chris Pilkerton, assistant secretary for investment security at the department, told reporters that the United States intends to share its most advanced expertise on CFIUS to back Japan's early introduction of its own body.

The Japanese version of CFIUS is a cross-ministerial council that will review foreign investment in Japanese companies, modeled on CFIUS of the United States. To establish it, the Japanese government submitted to parliament in March a bill to amend the foreign exchange and foreign trade law.

Pilkerton said that Japan is a very close ally of the United States and that cooperation in investment screening is one of the priorities. He also indicated that the United States can provide support in areas such as procedures for assessing national security risks in investment cases and the practical aspects of the review process.

Referring to the U.S. government's framework for incorporating specialized expertise on emerging and advanced technologies into investment screening, Pilkerton emphasized that the United States hopes to share the lessons learned from these leading-edge initiatives with allies and partners, including Japan.

[Copyright The Jiji Press, Ltd.]