Electronic Materials, Parts, and Equipment SMEs Matched with Samsung and LG... Solidarity and Cooperation Agreement

"Increase Localization Rate to Expand Alternative Supply Chains"

Park Jin-gyu, Vice Minister of the Ministry of Trade, Industry and Energy. (Image source=Yonhap News)

[Asia Economy Reporter Moon Chaeseok] Demand companies such as Samsung Electronics and LG Electronics and supply companies have signed a solidarity and cooperation agreement for electronic materials, parts, and equipment.

The Ministry of Trade, Industry and Energy announced that on the 10th, starting from 11 a.m., it will hold the '15th Electronics and IT Day' commemorative event at COEX in Samseong-dong, Seoul, award meritorious persons, and then sign the agreement.

Earlier in September, the Ministry announced through the 'Solidarity and Cooperation Industrial Strategy Promotion Plan' that it would support the commercialization of supply companies.

Companies will connect with each other to verify and improve product performance and actively promote localization. Through localization, they will reduce external dependence and expand alternative supply chains to respond to increased global value chain (GVC) uncertainties.

Among demand companies, Samsung Electronics, LG Electronics, Kyeyang Electric, and TPC Mechatronics will participate in signing, and among supply companies, Samhwa Capacitor, Jahwa Electronics, Amotech, and HTC will participate.

Park Jin-gyu, Vice Minister of the Ministry of Trade, Industry and Energy, emphasized, "We must turn the highly uncertain global crisis into an opportunity," adding, "It is necessary to build an unwavering industrial ecosystem among economic agents through solidarity and cooperation."

Meanwhile, at the Electronics and IT Day ceremony, a total of 43 awards will be presented, including 13 government awards such as the Gold Tower Order of Industrial Service Merit and 33 Minister of Trade, Industry and Energy commendations.

LG Electronics CEO Kwon Bong-seok will receive the Gold Tower Order of Industrial Service Merit for innovative product development, including the world's first 8K OLED TV and rollable TV development.

Park Yeon-soon, Executive Director of Simtek, will receive the Bronze Tower Order of Industrial Service Merit for contributing to achieving the world's number one position in the semiconductor and mobile PCB sectors.

Vice Minister Park said, "The electronics industry has become a pillar of our economy through unprecedented innovation."

He continued, "I express my gratitude for the dedicated efforts of electronics industry workers who have run toward being the world's first and best at every moment, including new technology development and top-level quality innovation."

Electronics Day was established in 2005 to commemorate the achievement of $100 billion in exports in the electronics and IT industry. It was renamed Electronics and IT Day in 2009. The commemorative ceremony has been held since 2006.