Opposition Takes Direct Action to 'Resolve Semiconductor Crisis'... Visits Samsung and Urges Enactment of Special Law

People Power Party "Prepare Semiconductor Development Strategy"
People Party "Bold Support Measures Needed"

Kim Ki-hyun, Acting Party Leader and Floor Leader of the People Power Party Photo by Yonhap News

[Asia Economy Reporter Park Jun-yi] In response to the global semiconductor supply shortage, the opposition party has taken direct steps to devise a semiconductor strategy. Since their strong performance in the April 7 by-elections, they appear to be focusing all efforts on winning public support on issues such as COVID-19 vaccine supply and real estate.

On the afternoon of the 17th, the leadership of the People Power Party and members of the Industry, Trade, and Small and Medium Enterprises Committee will visit Samsung Electronics' Hwaseong Campus in Hwaseong City, Gyeonggi Province. On this day, the People Power Party plans to meet with Samsung Electronics executives including Presidents Lee In-yong and Park Hak-gyu to discuss support measures for the semiconductor industry and tour the site.

The day before, Kim Ki-hyun, acting party leader and floor leader of the People Power Party, stated at a press briefing held at the National Assembly, "The semiconductor industry is delivering a significant shock to our country's overall industry," and added, "We plan to review semiconductor production plans and identify issues," revealing the plan for the site visit. At the emergency committee meeting that day, Acting Leader Kim emphasized, "We will prepare a semiconductor development strategy at the party level that can lead the global economy."

Currently, the People Power Party is discussing the formation of a 'Special Committee on Semiconductors.' Following the ruling party's official launch of the Special Committee on Semiconductor Technology, the opposition is also moving to establish measures to foster the semiconductor industry.

Yu Ui-dong, a People Power Party lawmaker appointed as the special committee chair, told Asia Economy in a phone interview, "After consulting with Acting Leader Kim, we will finalize appointments as soon as possible," and added, "We will announce the activity plans after forming the special committee."

Ahn Cheol-soo, Leader of the People Party

The People’s Party also criticized the government’s semiconductor strategy as insufficient and urged proactive measures. Ahn Cheol-soo, leader of the People’s Party, stated at the party’s supreme council meeting, "The recently announced government K-semiconductor strategy is desirable but still insufficient," emphasizing, "Comprehensive and bold support measures that companies truly want and that are necessary for the country's future are needed."

He called on the government to enact the 'Special Act on Strengthening Semiconductor Competitiveness' and to establish strategies to respond to the US-China technological hegemony conflict. Furthermore, he urged active participation even in expert group meetings under the Quad, a four-party consultative body led by the US including Japan, Australia, and India.

Ahn said, "At the upcoming Korea-US summit in a few days, I understand that technology cooperation focusing on semiconductors, secondary batteries, and 5G communication?core elements of the Fourth Industrial Revolution?will be intensively discussed," and stressed, "To avoid exclusion from the global supply chain and falling behind in international technology standards, the government’s swift decision is absolutely necessary even at this stage."