"Crisis Economy, Semiconductors Must Provide the Answer"…Democratic Party Holds Semiconductor Policy Agreement Ceremony

Democratic Party Semiconductor Forum and Gyeonggi Province Policy Agreement Ceremony
"We Must Pass the Semiconductor Special Act"

The Democratic Party of Korea, Gyeonggi Province, and semiconductor industry-related organizations held a policy agreement ceremony at the National Assembly on the 18th. They agreed on passing the Semiconductor Special Act to establish a semiconductor ecosystem.

Democratic Party lawmakers representing constituencies with semiconductor industries in Seongnam, Yongin, Hwaseong, Pyeongtaek, and Anseong in Gyeonggi Province, along with Governor Kim Dong-yeon of Gyeonggi Province, the Korea Semiconductor Industry Association, and the Korea Fabless Industry Association, promised prompt support for the semiconductor industry on this day.

Gyeonggi Province Governor Kim Dong-yeon and Democratic Party of Korea lawmaker Kim Tae-nyeon, along with other attendees, are posing for a commemorative photo at the policy agreement ceremony for advancing into a comprehensive semiconductor powerhouse held at the National Assembly Library on the 18th. Photo by Kim Hyun-min

The agreement signed on this day pledged ▲ full cooperation to leap forward as a comprehensive semiconductor powerhouse ▲ joint efforts to pass the National Assembly Semiconductor Special Act ▲ mutual efforts to establish a semiconductor belt in Gyeonggi Province.

Kim Tae-nyeon, a lawmaker serving as the forum representative, said in his congratulatory remarks, "The lawmakers from Gyeonggi Province’s semiconductor constituencies have united," adding, "We intend to jointly promote the semiconductor vision of each constituency and work together to complete the Gyeonggi Province semiconductor cluster." He also stated, "We will prepare coexistence plans with the surrounding semiconductor areas and an energy expressway for realizing RE100 semiconductors."

Kim said, "Advanced strategic industries, including semiconductors, determine national power," and added, "A massive complex crisis originating from the U.S. is anticipated, but the Semiconductor Special Act, which the Democratic Party and fabless companies have united to create, is dormant in the National Assembly. The government and ruling party must change." He continued, "I strongly urge the government and ruling party to cooperate with a sense of crisis and urgency to pass the bill."

Governor Kim Dong-yeon of Gyeonggi Province introduced, "During my business trip to the Netherlands, I was asked about the political response to the Korean semiconductor industry amid the current semiconductor hegemony and the changing framework of international political economy, which even includes geopolitical threats, and about what measures are in place since the semiconductor industry cannot develop without power supply from renewable energy." He said, "These two questions highlight the core challenges faced by the semiconductor industry." Governor Kim added, "While the U.S. economy is doing well, our economy is in a very difficult situation and is expected to become even more challenging. We must provide answers about what we are doing in this crisis situation."