[South Korea-US Summit] Yoon: "Semiconductors, the Core of the Korea-US Alliance"

Yoon: "Advanced Industries Impossible Without a Free Democratic System"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] It was reported that President Yoon Suk-yeol told U.S. President Joe Biden, who jointly inspected the Samsung Electronics Pyeongtaek campus on the 20th, "This is the site of the Korea-U.S. industrial and technology alliance. Semiconductors are the core of the Korea-U.S. alliance."

A key official from the presidential office introduced this content of the private conversation between the two leaders on the morning of the 21st at the Yongsan Presidential Office, in response to reporters' questions about "what kind of conversation the two leaders had at the Samsung Electronics Pyeongtaek semiconductor plant."

President Yoon also added, "Advanced industries are only possible through a free atmosphere and creativity, which cannot be achieved without a liberal democratic system." The official also said, "President Biden expressed full agreement."

President Biden, who arrived at Osan Air Base in Gyeonggi Province the previous afternoon, immediately visited the Samsung Electronics semiconductor campus in Pyeongtaek and inspected the manufacturing site with President Yoon.

Following this, the two leaders emphasized in a joint speech that the Korea-U.S. alliance will develop into an economic security alliance based on a technology alliance in the future.

In the joint speech, President Yoon said to President Biden, "I believe semiconductors are a national security asset responsible for our future, and we plan to spare no bold incentives and necessary support," adding, "I also ask President Biden to take great interest not only in providing various incentives for our semiconductor companies' investments in the U.S. but also in the investments of U.S. advanced materials, equipment, and design companies in Korea."

President Yoon continued, "I hope the Korea-U.S. relationship will be reborn as an economic security alliance based on advanced technology and supply chain cooperation."

President Biden responded, "Korea has the world's most advanced semiconductor production complex and holds many advantages in design and production. Semiconductors are an important driving force of our economy, especially playing a significant role in smartphones and medical diagnostic devices. With companies like Samsung, technological innovation will actively unfold in Korea, and when the two countries cooperate through a technology alliance for economic security, greater progress is expected."

He emphasized, "Strengthening the alliance between the two countries is extremely important for stability, peace, and prosperity in the Asia-Pacific region and the world."