Gwak No-jeong, President of SK Hynix, "China is an Important Production Hub"... Semiconductor Cooperation Discussions

Meeting with Chinese Minister of Commerce to Discuss Semiconductor Supply Chain Cooperation
"Will Continuously Promote Business in China"

Kwack No-jeong, CEO of SK Hynix, expressed his commitment to semiconductor supply chain cooperation with China.

China's Ministry of Commerce announced on the 23rd that Kwack met with Wang Wentao, China's Minister of Commerce, after visiting China to attend the China Development High-Level Forum (hereinafter referred to as the Development Forum). According to the Ministry of Commerce, Minister Wang and Kwack met in Beijing the previous day and exchanged views on semiconductor industry supply chain cooperation between Korea and China.

Gwak Nojeong, President of SK Hynix, and Wang Wentao, Chinese Minister of Commerce (from left).
[Photo by Ministry of Commerce of China website]

At the meeting, Minister Wang said, "We are comprehensively promoting Chinese-style modernization and pursuing a high level of openness," adding, "More benefits from open development will emerge in the future."

He also stated, "The Chinese economy continues to rebound and improve, accelerating the development of new quality productive forces," and "The digital economy is developing rapidly, and the consumer market for electronic information products has great potential."

He expressed hope that SK Hynix will continue to increase investment in China, deeply root itself in the country, and share growth opportunities brought by China's high-quality development.

In response, CEO Kwack said, "China has become one of SK Hynix's most important production bases and sales markets," and "We will continue to promote our business in China so that we can take deeper root and achieve greater development."

Bloomberg reported that this meeting took place amid China's continued resistance to the United States' efforts to block China's access to advanced technology. SK Hynix is in a delicate position, having to balance between the US and China to maintain production and sales.

Last year, the US government allowed Samsung Electronics and SK Hynix to import US-made equipment into their semiconductor factories in China without separate permits.

Meanwhile, Apple CEO Tim Cook also met Minister Wang on the same day and promised more investment in China. CEO Cook said, "We continue to invest in China's supply chain, research and development (R&D), and stores."