President Biden: "We Must Work with Allies to Restore Supply Chains" (Update)

President Yoon's 22-Minute Inspection of Samsung Pyeongtaek Plant... "Must Enhance Long-Term Resilience and Recovery to Boost Competitiveness"

[Image source=Yonhap News]

[Asia Economy Reporter Baek Kyunghwan] U.S. President Joe Biden emphasized to President Yoon Suk-yeol that "we must accelerate efforts to address supply chain resilience issues together with allies who share values like South Korea." Choosing South Korea as his first stop on his inaugural Asia tour, President Biden will hold a summit focused on three main agendas: the South Korea-U.S. response strategy to North Korean provocations, economic security cooperation measures, and South Korea's contributions to international issues.

President Biden arrived in South Korea around 5:30 p.m. on the 20th via Osan Air Base in Gyeonggi Province, where he was welcomed by Foreign Minister Park Jin before moving to Samsung Electronics' Pyeongtaek plant. Arriving at the Pyeongtaek plant around 6:10 p.m., President Biden toured the facility with President Yoon for about 22 minutes, then took the stage following President Yoon to express his gratitude to both President Yoon and Samsung Electronics.

At this occasion, President Biden introduced, "The United States offers a highly skilled workforce and an innovative entrepreneurial spirit," adding, "It can be expected in the U.S. that ideas many companies have and investments in them will be protected." He continued, "We must accelerate efforts to solve supply chain resilience issues together with allies who share values like South Korea," emphasizing, "It is important for multiple countries to cooperate beyond borders, and strengthening long-term resilience and competitiveness of each country can be achieved through such strengthened relationships."

He also highly praised South Korea's status in the semiconductor industry. President Biden stated, "South Korea has the world's most advanced semiconductor production complex and holds many advantages in design and manufacturing," adding, "Semiconductors are a key driver of our economy, playing significant roles especially in smartphones and medical diagnostic devices."

President Biden also mentioned Samsung's investment in the U.S. He introduced, "Samsung announced a 20 trillion won investment last May to build its second foundry in the United States," expressing, "We are very grateful for this." He assessed that this will create 3,000 new high-tech jobs and increase the current 20,000 jobs Samsung maintains in the U.S.

References to expanding supply chains, a core agenda of this summit, were also made. President Biden analyzed that the global supply chain has been disrupted due to the Ukraine war and stressed the importance of multiple countries cooperating across borders to restore supply chains.

He added, "With a company like Samsung, technological innovation will actively unfold in South Korea, and when the two countries cooperate through a technological alliance for economic security, greater progress is expected," concluding, "Strengthening the alliance between the two countries is extremely important for stability, peace, and prosperity in the Asia-Pacific region and the world."