Opposition Party Visits Samsung, Promises to Devise 'Semiconductor Measures'... All-Out Effort to Win Public Support (Comprehensive)

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

People Power Party visiting Samsung Electronics Semiconductor Hwaseong Campus
Photo by Yonhap News

[Asia Economy Reporter Park Jun-yi] In response to the global semiconductor supply shortage, the opposition party has taken direct measures 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 visited Samsung Electronics' Hwaseong Campus in Hwaseong, Gyeonggi Province. The People Power Party met with Samsung Electronics executives including Presidents Lee In-yong, Park Hak-gyu, Lee Jeong-bae, and Vice President Choi Wan-woo to discuss support measures for the semiconductor industry and conducted an on-site inspection.

At the site, Acting Representative Kim said, "The fact that Samsung ranks between 1st and 4th among global semiconductor companies itself is a source of national pride." He added, "We have reached an important point where nurturing the semiconductor and electronics industry at the national level is crucial," and stated, "I will listen to the current status of the semiconductor industry and consider what support the National Assembly should provide and what role the opposition party should play."

Policy Committee Chairman Lee Jong-bae also remarked, "Although our government belatedly announced the K-Semiconductor Belt Strategy on the 13th, there are many shortcomings," and explained, "We came today with the thought that practical measures must be devised to support the competitiveness of the semiconductor industry."

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

Yoo Ui-dong, a People Power Party lawmaker appointed as the special committee chairman, told Asia Economy in a phone interview, "I will consult with Acting Representative Kim and complete the appointments as soon as possible," adding, "We will announce the activity plans after the committee is formed."

Ahn Cheol-soo, Leader of the People Party Photo by Yonhap News

The People Party also criticized the government's semiconductor strategy as insufficient and urged active measures. At the party's supreme council meeting, Ahn Cheol-soo, leader of the People Party, said, "The recently announced government's K-Semiconductor Strategy is desirable but still not enough," emphasizing, "Comprehensive and bold support measures that companies truly want and that are necessary for the country's future are needed."

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

Ahn stated, "At the upcoming Korea-US summit, I understand that technological cooperation focusing on semiconductors, secondary batteries, and 5G communications, which are core to 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 now."