Meaning of Global Comprehensive Strategic Alliance... "We Plan to Spare No Incentives and Necessary Support"
[Asia Economy Reporter Baek Kyunghwan] On the 20th, President Yoon Suk-yeol expressed to U.S. President Joe Biden, who visited Samsung Electronics' Pyeongtaek semiconductor plant, that he hopes "the Korea-U.S. relationship will be reborn as an economic security alliance based on advanced technology and supply chain cooperation." President Yoon evaluated President Biden's visit to the Pyeongtaek campus as a good opportunity to reflect not only on its economic and security significance but also on the meaning of a global comprehensive strategic alliance.
On that day, President Yoon toured the semiconductor plant with President Biden for about 22 minutes starting at 6:56 p.m., and in his speech afterward, he expressed his intention to boldly invest in the semiconductor industry while also requesting President Biden to encourage American companies to invest in Korean industries.
President Yoon repeatedly emphasized the importance of the semiconductor industry in Korea-U.S. relations. He explained, "Semiconductors are essential components of all advanced industries such as autonomous vehicles, AI (artificial intelligence), and robotics, and are key elements that determine future technological competitiveness. South Korea supplies 70% of the world's memory semiconductors and plays a pivotal role in the global semiconductor supply chain."
He continued, "We consider semiconductors a national security asset responsible for our future and plan to provide bold incentives and necessary support without hesitation. I also ask President Biden to take great interest not only in providing various incentives for American investments in our semiconductor companies but also in encouraging investments by American advanced materials, equipment, and design companies in Korea."
President Yoon also mentioned President Biden's achievements. According to President Yoon, Biden has emphasized the importance of semiconductors as a core of the global supply chain since taking office. "I understand that he is making great efforts to pass the Semiconductor Chips Act in Congress. He is personally chairing supply chain summits and leading international cooperation to stabilize the global supply chain," he evaluated.
President Yoon also referred to examples of Korea-U.S. semiconductor cooperation, such as the establishment of Korea Semiconductor in 1974 as a Korea-U.S. joint venture and Samsung Electronics' plan to build a foundry (semiconductor contract manufacturing) plant in Taylor City, U.S. He said, "Just as the Korea-U.S. alliance has a long history, the history of Korea-U.S. semiconductor cooperation is also very deep," adding, "American semiconductor materials and equipment companies such as Lam Research and DuPont are strengthening collaboration with Korean semiconductor companies through investments in Korea. At the same time, semiconductor cooperation between the Korean and U.S. governments is also actively progressing."
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